Mason Ohio 45040 Single Family Home Residential Market Report February 2014
February continues January's polar vortex blasts. More snow, more chills, more reason to get next to a warm fireplace and stay home! 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 February 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: 32 (2 Bank/Government Owned, 0 Short Sale) UP 9
Average Price: $295,928 UP $17k
Median Price: $215,000 DOWN $118k
Days on Market Average: 87 UP 14
Homes Active 3/8/14: 157 UP 22
Homes Pending 3/8/14: 74 UP 16
Average Sales/List %: 96.6% DOWN .1%
Most Expensive Home Sold: $1,380,000
Least Expensive Home Sold: $69,000
So what does this all mean? Basically, it was an average February, and don't read much into the median price drop. This month there was a shift in the mix, with bargain shoppers snapping up four homes below $100k, and with only 4 homes sold above $500k (including that $1.38 million home). The next result of that mix is a drag down on the median price, but that huge $1.38 million dollar home helped keep the average price up consistent with last month's sales.
There are more Mason home sellers entering the market AND based on the increase in the number of Pending sales, you can tell the buyers are out in force too. The rest of the stats are normal for this time of year. Slower time to get under contract is on par for the chilly months, but that time typically shortens as the weather gets warmer.
The fact that only two of the 32 homes sold was in the distressed category, and only 7 of the 157 for sale are in the distressed category should give you a clear picture that Mason home owners are good at financial stability. Distressed properties are rare.
The luxury market continues to lag, but that makes sense too. Fewer buyers have the ability to make those purchases, and there 'sm ore going on than the MLS story tells, with non-MLS new construction doing well.
So what does this mean to you as a Mason Single family home owner? NO CHANGE IN PAST ADVICE: It continues to be great to be a Mason home seller PROVIDING you price it right, have a listing agent that markets your home to appeal to the buying public 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.
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? Not much to change here either. 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 there 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.
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