Lebanon Ohio 45036 Single Family Home Residential Market Report March 2014
Flowers are blooming, Spring is here, the temperatures are warmer (FINALLY!!). So did the Lebanon Ohio real estate market thaw out of that deep freeze of winter? 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: 33 (5 Bank/Government Owned, 1 Short Sale) UP 14
Average Price: $179,445 DOWN $22k
Median Price: $151,000 DOWN $18k
Days on Market Average: 99 UP 17
Homes Active 4/5/14: 153 UP 4
Homes Pending 4/5/14: 55 UP 1
Sales/List %: 96.1% DOWN 2.3%
Most Expensive Home Sold: $475,000
Least Expensive Home Sold: $16,000
So what can we determine from the latest statistics?
Kind of a mixed bag this month! Sales up well from last month, but compare to past March data and you'll see this was pretty much a typical March. Sales in the 30s, median price in the same range as past months. Basically just a typical coming out of the winter blahs kind of month! There was quite a bit of shopping in the typical starter home subdivisions, thus the median price of $151,000.
The number of Pendings point to another solid month of sales in April, and we know we're seeing a pick up in activity in some of the local markets.
Sales prices were fairly consistent, with only 1 home sold below $100k and two homes sold above $300k.
Distressed (foreclosures and short sales) were back closer to normal, with only 6 of 33 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? One of every four homes offered for sale right now is under contract. Obviously homes ARE selling, although not at a super fast clip when you look at the 99 days on market average, and that only applies to the homes that SOLD. We're heading into the peak months where MORE buyers will be shopping for homes. If you're considering selling, acting promptly is your best opportunity before inventory increases significantly. 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 when you ARE ready to sell your home!
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 reason to change our past advice. The market is more balanced than it used to be, and you have more competition for the REALLY prime homes. While low offers may work in some cases, don't be disappointed when they don't work on the best of the best homes.
The selection of foreclosed/short sale homes is shrinking, and 7 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