Mason Ohio 45040 Single Family Home Residential Market Report January 2014
Jack Frost brought his polar vortexes down to Mason Ohio in January, and the bitter cold was definitely making all of us wish for an early Spring! So did the cold weather put a chill on the Mason housing market? Stay with us for all the details and even Search Mason Ohio Homes For Sale links at the end!
There is no change in why Mason continues to outperform the majority of the Warren County real estate market, especially for Mason single family homes. There's a host of reasons why Mason stays in high demand*, and inventory seems to be tightening up in the prime communities!
Mason is home to many professionals and upper management, is culturally diverse and as such is more resistant to market changes than other market segments.
We'll cover Mason condos in our Mason Ohio 45040 Condo Market Report January 2014.
All data is derived from the Cincinnati MLS system and involves only Mason homes sold with REALTOR® involvement and entered in MLS. All data is for the Mason School District area, so is not limited solely to Mason city limits.
*With Mason being named #7 on the Money Magazine Top 50 Best Small Towns To Live list for 2013 & #100 Safest Place to Live by NeighborhoodScout, Mason has received recognition confirming it as a great place to call home! With top notch public schools, extensive entertainment and dining options, and a premier community center combined with superb accessibility to downtown Cincinnati, Mason continues to be THE hot area to live in Warren County.
Simpson Creek Farm, another Mason community to call home!
Mason offers a full range of price points and new construction is becoming more readily available. There are a number of older developments featuring 1950s and 1960s vintage brick ranch homes to the other end of the spectrum with golf course community homes in excess of $1 million dollars! In general, you can expect to pay a premium for Mason homes when compared to communities further away from Cincinnati.
So, on to the data!
First up is the number of Mason single family homes sold on a month by month basis for 2010 through present:
Next is the Mason median price summary chart.
Mason Single Family Home Category Data Summary:
Homes Sold: 23 (0 Bank/Government Owned, 1 Short Sale) DOWN 15
Average Price: $278,410 UP $105k** we'll talk about this in the summary
Median Price: $333,000 UP $50.5k
Days on Market Average: 73 DOWN 5
Homes Active 2/7/14: 135 DOWN 7
Homes Pending 2/7/14: 58 UP 14
Average Sales/List %: 96.7% DOWN .7%
Most Expensive Home Sold: $851,700
Least Expensive Home Sold: $73,000
So what does this all mean? There's a couple of very notable stats in this month's summary. First of all, no real worries about the drop in sales volume when compared to December. Frankly December was a much better than typical December, and 23 homes sold in January 2014 compares favorably with 2010-13, with 2013 being the only January that 2014 didn't top.
Secondly, that big average price swing? Well last month it DROPPED $123k on serious bargain hunting, so this month it's back to a more normal number. Fact is only one Mason home sold below $100k and only 2 total below $200k. On the other hand, 4 homes sold above $500k. Put that all together and you get the idea that Mason is primarily an affluent area with good price stability. Add the fact that only one of the 23 homes sold was in the distressed category, and only 6 of the 135 for sale are in the distressed category (3 foreclosures and 3 short sales) and it's clear, Mason is an area with financial stability. That stability comes with a price premium when compared to other area communities.
The 58 pending point to a better sales volume in February. First off, before the panic about the $123,000 in lost money for the average sales price, there's a couple of things to consider: last month was UP $59k on lower volume, so the numbers were more easily influenced. Additionally, the luxury market for Mason went missing last month (November's high sale last month was $1.65 MILLION, this month's high is $760k, HUGE difference. Factor in only 3 completed sales above $500k and you can easily see why this month's average price moved so radically. DON'T PANIC, THIS IS MASON AND DEMAND IS STILL THERE!!!
Other than that, January was a pretty solid month for the Mason single family home market. Also keep in mind the report does NOT include all Mason new construction, only that offered or recorded in Cincinnati MLS. Take a drive around Mason you'll easily see that new construction is back, BUT it will cost you! Finding anything new sub-$300k is VERY unlikely unless you're looking at condos, and even then you may not find what you want.
So what does this mean to you as a Mason Single family home owner? It continues to be great to be a Mason home seller PROVIDING you price it right, having a listing agent that markets it right and you don't have condition/location issues. There's VERY limited inventory so you've got some leverage when it comes to offers and negotiations. Some homes priced at/slightly below market value are getting swamped with buyers almost as soon as they're in MLS.
But again, this ONLY happens if you don't overprice your home. Time and again we see Mason home sellers overestimate the value and demand for their home. The market will quickly tell you if you went too high. Push comes to shove buyers will look for a better deal if you don't negotiate closer to fair value.
Along the same lines, we'll repeat our advice from last month:
"If you're already on the market more than 60+ days and haven't sold, it's time to reevaluate. How's our online presence? Have you looked at it? You'd better, because you just may find out why you haven't sold. And if nothing wrong with the way your home is presented to the public, then take a hard look at your price, it just may be time to turn that dial and increase buyer response to your offer to sell."
For an evaluation of your home's marketability, please contact us. And of course your personal circumstances will have impact. We'll give you the best best advice, whether to start now, or delay until the market better suits your needs.
So what does this mean to you as a potential Mason home buyer? Low inventory. High demand communities. Bottom line, don't mess around if you find a home you just have to have. Sellers aren't in the mood for lowball offers, so start closer to fair value and your odds of success are better, BUT don't forget their might be other buyers with interest in the same home. Thinking about it, or spending excessive time negotiating may be just the ticket for another buyer to step in and win the home you wanted.
Also, don't expect a huge selection of distressed properties. There are only 6 foreclosure/short sale homes on the Mason market and not under contract as of 2/7/14.
The longer you wait to purchase a Mason home the more likely it's going to cost you more to buy later. When you're interested in buying a Mason home, please contact us with your needs and we'll help you find the right Mason community for you!
And get yourself a dedicated buyer's agent, whether for resale OR new construction!! The listing agent works for the seller, and when you hire us we work for YOU. We have incentive to get you the best possible price!
Search for Mason Ohio Homes For Sale $600,000 and higher
Serving Mason's home buyers and sellers,
Liz and Bill aka BLiz