Lebanon Ohio 45036 Single Family Home Residential Market Report February 2014
So it's official, we've had the fourth most snowy winter in Cincinnati recorded history. Has all of the white stuff from the sky put the Lebanon Ohio real estate market into Deep Freeze?? Stay with us for the full Lebanon real estate market report and some Search Lebanon Ohio homes for sales links towards the end.
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: 19 (4 Bank/Government Owned, 1 Short Sale) DOWN 10
Average Price: $201,361 DOWN $10k
Median Price: $169,000 DOWN $15.5k
Days on Market Average: 82 DOWN 49
Homes Active 3/5/14: 149 DOWN 5
Homes Pending 3/8/14: 54 UP 13
Sales/List %: 98.4% UP 2.5%
Most Expensive Home Sold: $375,000
Least Expensive Home Sold: $69,500
So what can we determine from the latest statistics?
The first take??? Meh.....but take a closer look! January was an outstanding month, totally defied the typical January. MUCH greater sales volume, prices up, so what did we get this month? More of a return to "normal" for a February. We'd venture more sales than normal closing in January meant some of February's transactions were "robbing Peter to pay Paul". An arbitrary calendar shuffling of sorts. And this month's median price is still good compared to most months over the last 4 years.
And one really positive indicator? Take a look at the Pending (homes under contract) number! 54 homes under contract means a LOT of buyers were out in February and staked their claims to a new home, so we've got a great foundation for the SOLD data next month. Also a real positive is the VERY high sold price to list price percentage. Over 98% means the buyers DO NOT have the leverage they did in the past. Sellers are priced right and they KNOW it. A little giveback, but not too much.
Sales prices were fairly consistent, with only 3 homes sold below $100k and four homes sold above $300k.
Distressed (foreclosures and short sales) were a higher percentage than normal, with 5 of 19 sales 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? We're going broken record again from previous months: 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?
Not much change here either. Buyers don't have the leverage that they used to have. The Lebanon real estate market is more balanced. Sellers are getting almost 98% of list price. The number of homes to pick from went down last month. 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