What's My Mason Ohio Condo Worth? July 2014 Market Update
Hard to believe, but summer is already winding down! And looking at July's Mason Ohio condo real estate market stats, we think we can safely call PEAK OF SEASON has been reached. While sales will still be decent next month, we don't anticipate matching July's sales volume. Now don't think this means a negative for the Mason condo market or that your condo is losing value, far from it! It just means we seem to be matching the annual bell curve pattern. Fact is July was the best single month for condo sales in YEARS!!!
So stay with us for the whats, whys and hows! And a bonus at the end, easy to use Search For Mason Ohio Condos For Sale links!
If you're interested in the Mason single family home July market report update just click the link for their story.
All data is derived from the Cincinnati MLS system. If any Mason condos traded hands without a REALTOR® involved, then it won't be reflected in this report. 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 Town Places To Live list for 2013, Mason received recognition that area residents already knew was well deserved! With top notch public schools, extensive entertainment and dining options, and a premier community center combined with superb accessibility to downtown Cincinnati, Mason has become one of the most desired living areas in the region!
Mason offers a full range of price points, with some entry level condos below 100k and luxury/golf course community condos well into the $300k price point. So whether you want an economy condo, or the luxury version, we can help you find the right Mason condo for you!
Oakwood Lakes, a popular Mason condo community.
In general, you can expect to pay a premium for Mason condos when compared to communities further away from Cincinnati, although there is diminished opportunity for condos as you head away from Cincinnati.
So, on to the data!
First up is the number of Mason condos sold on a month by month basis for 2010 to present:
Next is the Mason condo median price summary chart.
Mason Condominium Data Summary:
Condos Sold: 32 (2 Bank/Government Owned, 0 Short Sale) UP 3
Average Price: $115,919 DOWN $9.5k
Median Price: $129,450 DOWN $29k
Days on Market Average for SOLD: 61 DOWN 41
Condos Active 8/8/14: 51 UP 5
Condos Pending 8/8/14: 23 DOWN 18
Average Sales/List %: 95.8% DOWN .9%
Most Expensive Condo Sold: $320,000
Least Expensive Condo Sold: $62,900
So what do the stats indicate about Mason Ohio condo sales?
Key takeaways this month:
- First off, BEST SINGLE MONTH OF SALES since we started tracking monthly in 2010. Outstanding!!
- Frankly inventory is still pretty skimpy! 51 condos isn't much, but there are some not reflected here (e.g. some new construction opportunities, but those are pushing $300k).
- The bargain shopping continued from June, so average price dropped slightly and median price more extensively. 5 condos sold below $100k and only 2 above $300k.
- Distressed condos (foreclosures and short sales) continue to be VERY light, with 2 foreclosures and no short sales of the 32 condos sold and of the 51 condos not under contract, 2 are foreclosed and 1 is a short sale. Overall, a VERY small percentage of the Mason condo market.
- Condos under contract dropped to 23, so again, we don't expect next month to match this month, but more in line of a typical August with sub-20 sales. We MIGHT beat that 20 number though.
- There's a little room for negotiation, but don't expect a huge discount, with just a little over 4% difference from asking price to final sales price.
So what does this mean to you as a Mason Ohio condo owner? While maybe not at the extreme peak of the market, the stats tell us the leverage is still yours. Inventory is relatively slight. Days on market is dropping. Mason condos are in demand because they're an affordable entry point into Mason living versus the average Mason single family home selling well into the $300ks. The only niche that is a bit slower are the luxury Mason condos, as that segment is competing against new construction in places like Beacon Hill, The Woods on Wilkens and the latest addition: Lakeside Cove at Hunter's Green.
Prepare your condo for sale, price well and hire a team like us that knows how to market AND sell Mason condos and you can make that move you want to make. For an evaluation of your home's marketability, please contact us.
So what does this mean to you as a potential Mason condo buyer?
The advice for Mason condo buyers hasn't changed. It won't take long to determine if there's a Mason condo that will work for you. The bad news? It's a VERY limited selection that makes it so quick to determine. This is the lowest number of Mason condos for sale that we've seen. However, new construction is still a possibility and not all of them make it into MLS. We can help with those too, even if they're not in Cincinnati MLS. We can represent YOU and not the builder, and it costs you nothing extra to hire us to help you!
If you HAVE to have a Mason home, but can't afford the pricing premium for a regular single family home, Mason condos make a great alternative (but don't forget to factor in the HOA fees). Use our links below to check availability for your price range.
And if you need an FHA loan to finance, quite a few of the condo communities are NOT eligible for FHA certification. Check with us to verify the condo that interests you can be FHA financed.
Check the search links below to view Mason condos currently for sale (the results include ACTIVE and PENDING, so look under the left photo in the results to distinguish).
For new construction Mason condos, don't assume you get a price break by going directly to the builder without an agent. Your reputable builders have the cost of our services built into their price and they don't give you a discount for going unrepresented.
If you're interested in buying a Mason condo, please contact us 513-520-5305 with your needs and we'll help you find the right Mason community for you!
Serving Mason's condo buyers and sellers,
Liz and Bill aka BLiz