What's My Mason Ohio Home Worth? June 2014 Market Update
Summer is officially here, the fireworks season in full bang and boom as the July 4th weekend winds down! If you want to know if the Mason Ohio real estate market is hot, in one word: YES! And the overall market for Mason homes influences the worth of YOUR home too! 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 June 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: 79 (1 Bank/Government Owned, 2 Short Sale) UP 18
Average Price: $335,985 DOWN $30k
Median Price: $335,000 UP $40k
Days on Market Average: 46 DOWN 13
Homes Active 7/6/14: 207 UP 14
Homes Pending 7/6/14: 104 UP 8
Average Sales/List %: 97.2% UP .8%
Most Expensive Home Sold: $1,073,000
Least Expensive Home Sold: $92,000
So what does this all mean? What are the key takeaways this month?
- Similar to last month, up significantly versus the previous month, but in line with year to year comparison of June months. June has typically been the best selling month for Mason. School is out, time for families to make their moves. a
- Don't read too much into the Average selling price dropping, as the previous month there was a corresponding rise. It's a matter of mix, and the previous month titled more heavily to luxury homes. this month is more consistent in the spread, thus the median price is almost the same as the average price for Mason homes sold.
- 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.) sell FAST. We're seeing prices shift up for that segment as multiple offers push the envelope.
- Homes are selling FAST! Average of 46 days, and even more impressive? The median for June as 15 days. Basically 1/2 of all homes sold went under contract in slightly over two weeks. Basically, buyers can't delay on the prime homes are they're gone!
- Pending sales are still REALLY strong. When over a 1/3 of the available homes are under contract, you know it's market in favor of the sellers. And lastly, distressed properties (foreclosures and short sales) are SCARCE! Only 3 of the 79 homes sold were distressed, and only 9 of the 207 not under contract are distressed. Under 5%, not bad at all!!
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 and worth, 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. Just call 513-520-5305 to get started.
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