What's My Mason Ohio Condo Worth? July 2014 Market Update

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

What's My Mason Ohio Condo Worth?  July 2014 Market Update

7609E Mansion Circle Mason OH 45040 condo we listed and sold in July 2012.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 condo community of Mason Ohio 45040

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:
Mason Ohio Condominium Market Report
Next is the Mason condo median price summary chart.
Mason Single Family Home Market Report
Mason Condominium Data Summary:

Condos Sold:  32 (2 Bank/Government Owned, 0 Short Sale) UP 3

Average Price:  $115,919 DOWN $9.5kA Mason Condo in Oakwood Lakes

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. 

 

4261 Eastlake Dr Mason OH 45040  condo soldSo 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).

Search Mason Ohio Condos For Sale Under $150000 

Search Mason Ohio Condos For Sale $150000 to $300000

Search Luxury Mason Ohio Condos For Sale $300,000 And Up

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 

 

June 2014 Mason Condo Market Report

May 2014 Mason Condo Market Report

April 2014 Mason Condo Market Report

March 2014 Mason Condo Market Report

February 2014 Mason Condo Market Report

January 2014 Mason Condo Market Report

December 2013 Mason Condo Market Report

November 2013 Mason Condo Market Report

October 2013 Mason Condo Market Report

September 2013 Mason Condo Market Report

August 2013 Mason Condo Market Report

July 2013 Mason Condo Market Report

June 2013 Mason Condo Market Report

May 2013 Mason Condo Market Report

April 2013 Mason Condo Market Report

March 2013 Mason Condo Market Report

February 2013 Mason Condo Market Report

January 2013 Mason Condo Market Report

December 2012 Mason Condo Market Report

November 2012 Mason Condo Market Report

October 2012 Mason Condo Market Report

September 2012 Mason Condo Market Report

August 2012 Mason Condo Market Report 

July 2012 Mason Condo Market Report

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Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

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Rainmaker
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Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning BLIZ,

Another fantastic market report for Mason Condos! I'm sure residents wait to read your analysis of the market..it is the voice of reason!!

Aug 07, 2014 11:00 PM #1
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Dorie, We try to keep an even keel:  the stats and what they mean in context for buyers and sellers individually.

Aug 07, 2014 11:16 PM #2
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Very nice report Bliz - loved the call to action, and the plan for both buyers and sellers. You are the team to call in Mason, Ohio. D 

Aug 08, 2014 12:22 AM #3
Rainer
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Tom White
Franklin Homes Realty LLC (615) 495-0752 or www.FranklinHomesRealty.com - Franklin, TN
Franklin Homes Realty LLC, Franklin TN

Wow, June and July quantity of sales numbers are fabulous! Nice job on your charts--I think it's really important that anyone should be able to follow the data!

Aug 08, 2014 12:23 AM #4
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Debb, Thanks!  We're dual purposing since either buyers or sellers may be looking for the information they need to start making decisions.

Tom, The Mason condo market did quite well the last two months!

Aug 08, 2014 01:10 AM #5
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