Lebanon Ohio 45036 Single Family Home Residential Market Report May 2014
The thermometer continues to rise. All those summer is coming warning signs are here: Kings Island open, Lebanon festivals coming, school graduations and plenty more. Has the Lebanon real estate market warmed with the weather? Stay with us for the full Lebanon real estate market report and Search Lebanon Ohio homes for sale links towards the end.
All data is derived from the Cincinnati MLS system. If any Lebanon single family homes 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!
Next is the Lebanon median price summary chart.
Lebanon 45036 Single Family Home Category Data Summary:
Homes Sold: 29 (1 Bank/Government Owned, 0 Short Sale) DOWN 2
Average Price: $208,398 UP $45k
Median Price: $195,000 UP $29k
Days on Market Average: 139 UP 59
Homes Active 6/5/14: 161 DOWN 6
Homes Pending 6/5/14: 76 UP 15
Sales/List %: 95./% DOWN 1.3%
Most Expensive Home Sold: $450,000
Least Expensive Home Sold: $80,000
So what can we determine from the latest statistics?
May was a solid month! Now sales volume, not so much. Just a typical May around 30 homes sold, but there are some real highlights there. Prices moved up well, and part of that is from the scarcity of foreclosed and short sale homes sold in the month. Without that drag of frequently below $100k homes, the overall price floated substantially upwards. And that was without mass sales above $300k or any homes sold above $500k. The median price was actually the 2nd best single month on our chart!
Days on market went up, but there were a few homes with REALLY long days on market pulling the rest of the averages up, so we wouldn't put too much meaning into this month's stat.
Overall inventory is down slightly and Pending homes up significantly. Expect the June data for SOLD to be very positive!
As we mentioned, foreclosures and short sales aren't having a huge impact on the market, only accounting for 1 of the 29 completed sales and 8 of the 161 homes currently not under contract.
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. With the highest sale in May at $450,000, you can see 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?
If you want to sell, we see no solid reason to discourage you. Prices are solid, foreclosures and short sales are now a minimal impact, and you're not going up against significant new construction (yet....we keep hearing about future developments coming, but we'll see how that goes). The primary negative is sales still aren't super fast, expect a few months (or more) for the right buyer to come along.
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!
For an evaluation of your specific home's marketability, please contact us 513-265-3004 or 513-520-5305.
So what does this mean to you as a potential Lebanon home buyer?
Not much has changed here, but you do have fewer homes to choose from. The high number of Pending sales tells us you have plenty of competition for the best homes. Don't assume you can "low ball" a seller and walk away with the keys.
The selection of foreclosed/short sale homes is shrinking, and 8 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