Mason Ohio 45040 Single Family Home Residential Market Report April 2014
Fire up the lawnmowers! Spring is here and you can't miss the signs! And we're seeing some real sizzling heat in some segments of the Mason real estate market (more on that later!). So how's the Mason real estate 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 April 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.
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: 42 (1 Bank/Government Owned, 2 Short Sale) DOWN 2
Average Price: $318,725 UP $1k
Median Price: $289,000 DOWN $7k
Days on Market Average: 58 DOWN 9
Homes Active 5/9/14: 176 UP 9
Homes Pending 5/9/14: 111 UP 20
Average Sales/List %: 95.8% DOWN .4%
Most Expensive Home Sold: $830,000
Least Expensive Home Sold: $72,500
So what does this all mean? What are the key takeaways this month?
- April was flat compared to March. Almost the same sales volume, same average price, same median price.
- April was also consistent with past Aprils for sales volume and median price.
- There's an absolutely sizzling section of the market, and that's newer homes in the $200-350,000 price range. You won't detect it in the stats above, but the best of theses homes are going under contract in single digit days. HIGH DEMAND! And we're seeing prices shift up for that segment as multiple offers push the envelope.
- Luxury resale homes are still lagging, but new construction luxury is still doing well.
- Pending sales went up significantly, and the percentage of homes for sale under contract is the highest we've seen for any of our Warren County market reports.
- And the biggest takeaway of all? The pendulum has shifted from the buyers to Mason home sellers!
The fact that only 3 of the 42 homes sold was in the distressed category, and only 11 of the 176 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 with only 4 of the 42 homes sold above $500k, but that makes sense too. Fewer buyers have the ability to make those purchases, and there's more 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 flooded with buyers almost as soon as they're in MLS. Some communities are pushing prices UP past recent historical sales prices.
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? No change here either. Low inventory. High demand communities. For homes in the hot segment of the market, you better get there quickly and come with a strong offer. We're seeing VERY little negotiation and some homes selling at or above full list! If you're looking for a buyer's market, you missed it! Thinking about making an offer, 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 at 513-520-5305 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