Mason Ohio 45040 Single Family Home Residential Market Report May 2014
Summer is ALMOST here! It's hotter for sure! Festivals are starting, the local amusement parks are in full swing and the kids are out of school (or about to be!). So has the Mason real estate market heated up as Spring comes to a close? 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 May 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: 61 (3 Bank/Government Owned, 0 Short Sale) UP 19
Average Price: $364,389 UP $45.5k
Median Price: $295,000 UP $6k
Days on Market Average: 59 UP 1
Homes Active 6/7/14: 193 UP 17
Homes Pending 6/7/14: 104 DOWN 7
Average Sales/List %: 96.4% UP .6%
Most Expensive Home Sold: $1,404,620
Least Expensive Home Sold: $60,001
So what does this all mean? What are the key takeaways this month?
- Sales volume was up significantly vs. April, but still in the "normal" range for May sales when compared to past years.. Almost the same sales volume, same average price, same median price.
- Median price was consistent with most of 2014 months.
- Average price moved up and it was a good month for luxury sales. 11 homes sold for more than $500,000 and that includes two homes sold above $1 million.
- The $200-350,000 price range is still VERY hot. Homes in that price range with no obvious defects (think heavy smells, bad lots, etc.) seel FAST. We're seeing prices shift up for that segment as multiple offers push the envelope.
- Pending sales are still REALLY strong, even if slightly below last months numbers. When over a 1/3 of the available homes are under contract, you know it's market in favor of the sellers.
The fact that only 3 of the 61 homes sold was in the distressed category, and only 9 of the 193 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.
So what does this mean to you as a Mason Single family home owner? STILL 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 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