Lebanon Ohio 45036 Single Family Home Residential Market Report January 2014
To say we've had a chilly Winter is putting it mildly. Polar vortexes and plenty of days with below zero temps in January, but did The Big Chill put the Lebanon Ohio real estate market into deep freeze?? NO, it did not!! Stay with us for the full Lebanon real estate market report and some Search Lebanon Ohio homes for sales links towards the end! We think you're going to like what we have to tell you!
All data is derived from the Cincinnati MLS system. If any Lebanon homes traded hands without a REALTOR® involved, then it won't be reflected in this report. All data is for the Lebanon School District area, so is not limited solely to Lebanon city limits.
With Lebanon being named one of Ohio magazine's Top 5 Hometowns for 2012, Lebanon has some strong reasons to call it home! With the world's largest YMCA, ready access to Cincinnati and Dayton, and a cool historic downtown area that is host to an abundance of festivals throughout the year, it's easy to understand why many people pick the Lebanon area over surrounding communities! Furthermore, the cost of living in Lebanon is more affordable than some other Warren County communities. Don't let a few extra miles of driving scare you off from saving big money on your housing costs! Get to know www.GasBuddy.com and save some money on your fuel!
Lebanon offers a full range of price points, from below 100k to some estate homes under a million dollars. There is still new construction available, so you can pick any age from historic to brand new.
Shaker Run, a pool/golf development of Lebanon Ohio
So on to the review!
We've now added 2014 to the charts, so even more history to compare to!
Next is the Lebanon median price summary chart.
Lebanon 45036 Single Family Home Category Data Summary:
Homes Sold: 29 (4 Bank/Government Owned, 2 Short Sale) DOWN 2
Average Price: $211,434 UP $21k
Median Price: $184,500 UP $14.5k
Days on Market Average: 131 UP 49
Homes Active 2/6/14: 154 UP 7
Homes Pending 2/6/14: 41 DOWN 6
Sales/List %: 95.9% UP .4%
Most Expensive Home Sold: $805,000
Least Expensive Home Sold: $72,000
So what can we determine from the latest statistics?
The weather may have been freezing, but January's real estate market was HOT....well at least for a January! Compare the number of homes sold in January 2014 to January 2010/11/12/13 and you'll see last month absolutely smoked them! And other than days on market, every other stat was positive. One of the best median prices in months, and that's mostly due to a more uniform selling price, with only 3 homes sold below $100k (ALL foreclosures) and only two homes sold above $300k, and that $805k sale was a working horse farm with 31 acres, so not the the typical home sale.
Days on market did go up, but that's normal for this time of year. And while the Pending homes under contract dropped from December, 41 is still a healthy number pointing to a good February for Sold homes.
Distressed (foreclosures and short sales) were low also, with only 6 of the 29 sold being either lender owned or short sales.
We're going to continue to do the broken record routine for the luxury market in Lebanon. Luxury homes continue to be the weakest segment of sales for Lebanon. Selling a $500,000 or more home is just tough. Most buyers wanting that segment head to Mason or Springboro.
So what does this mean to you as a Lebanon single family home owner? No real change from last month: while buyer activity is lower this time of year, the limited inventory works in your favor since there's less for the SERIOUS buyers shopping this time of year to pick from. And if you're not quite ready to enter the market, it's the PERFECT time to meet with us and get your To Do list ready to have your home optimally ready for the spring market!
Be aware you're competing with some distressed properties (but less than 10% of the market is a good thing) AND some new construction. And while the market has been improving, buyers still have no qualms with offering low. But the good news is no matter their starting price, an offer is needed to get them to a good FINAL price that works for you.
For an evaluation of your specific home's marketability, please contact us.
So what does this mean to you as a potential Lebanon home buyer?
The signs have been there for awhile, buyers don't have the leverage that they used to have. The Lebanon real estate market is more balanced. Sellers are getting almost 96% of list price. The number of homes to pick from is not huge. It's time for both sides to "play nice" with each other and work to get the deal done instead of one side or the other having the leverage to totally hammer the other side. We don't consider that to be a bad thing, just something buyers need to consider as they shop and ultimately offer on a home.
The selection of foreclosed/short sale homes has been steady since last month, and 11 total foreclosed or short sale homes listed as Active in Cincinnati MLS severely limits your choices if that category is ALL you're interested in.
When you're considering buying a Lebanon home, please contact us with your needs and we'll help you find the right community for you! You can use the links below to review Cincinnati MLS homes listed in Lebanon for each of three price bands.
Search Lebanon Ohio 45036 Homes For Sale $400,000 and Up
Serving Lebanon's home buyers and sellers,
Liz and Bill aka BLiz