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

Mason single family homes You can almost hear the school bells ringing.  Summer is ALREADY winding down.  And typically as summer winds down so does the Mason Ohio real estate market.  Is that holding true this year?  And is it impacting your home's worth?  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 July 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.

Medinah at Heritage Club community of Mason Ohio 45040Luxury custom built homes in Medinah at Heritage Club!

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:

Mason Single Family Home Market Report

Next is the Mason median price summary chart.

Mason Single Family Home Market Report

 

Mason Single Family Home Category Data Summary:

Homes Sold: 66 (1 Bank/Government Owned, 0 Short Sale)  DOWN 13

Average Price:  $368,205 UP $32kMason Ohio Home

Median Price:  $330,500 UP $4.5k

Days on Market Average:  50 UP 4

Homes Active 8/8/14:  219 UP  12

Homes Pending 8/8/14:  95 DOWN 9

Average Sales/List %:  96.3% DOWN .9%

Most Expensive Home Sold:  $1,825,000

Least Expensive Home Sold:  $55,600

 

So what does this all mean?   What are the key takeaways this month?

  • Mason is following it's typical bell curve for sale volume.  June is the peak month, but July isn't bad!  But obviously, the rush was on as soon as school let out to get the kids in new homes and settled quickly.  Sales volume will continue to be solid, 95 under contract certainly points to that, but don't expect to beat June's peak.
  • Don't read too much into the Average selling price rising $30k.  That doesn't mean homes became worth lots more in July.  Most months we're lucky to see ONE home sell above a million, but July didn't see ONE, not even TWO, but THREE homes sell above one million!  That drives up average significantly.  Take a look at the median price and that's more indicative of the mix that sold last month.  2 homes sold below 100k, and counting the 3 million dollar sales, 7 homes sold in the Mason luxury home category ($500,000 or more).  
  • No change in the Mason sweet spot:  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 still selling FAST!  Average of 50 days and not at all unusual to see low single digits.  Basically, buyers can't delay on the prime homes are they're gone!
  • Pending sales are still strong.  When almost 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 1 of the 66 homes sold were distressed, and only 10 of the 219 not under contract are distressed. 

 

So what does this mean to you as a Mason Single family home owner?  Only a slight change in our past advice:  the market is undergoing the typical season slowdown.  You'll still most likely sell quickly if you price right and hire us to market your home.  Luxury home sellers can expect a bit longer to sell, but the luxury segment is returning to higher activity.  Despite the 219 homes for sale, there's actually VERY limited inventory when you break them down into the various price points.  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?  We're STILL not changing our advice:  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 Under $200,000

Search for Mason Ohio Homes For Sale $200,000 to $400,000

Search for Mason Ohio Homes For Sale $400,000 to $600,000

Search for Mason Ohio Homes For Sale $600,000 and higher

Serving Mason's home buyers and sellers,
Liz and Bill aka BLiz 

June 2014 Mason single family home report

May 2014 Mason single family home report

April 2014 Mason single family home report

March 2014 Mason single family home report

February 2014 Mason single family home report

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December 2013 Mason single family home report

November 2013 Mason single family home report

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August 2013 Mason single family home report

July 2013 Mason single family home report

June 2013 Mason single family home report

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April 2013 Mason single family home report

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December 2012 Mason single family home report

November 2012 Mason single family home report

October 2012 Mason single family home report

September 2012 Mason single family home report

August 2012 Mason single family home report

July 2012 Mason single family home 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

Our Website:  www.LizTour.com

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Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

A GREAT question and great way to attract area home owners who may be ready to sell. have a good day

Aug 07, 2014 11:16 PM #1
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Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-755-2905

Bill and Liz, boy do you both have an incredibly beautiful niche! Eyecandy, actually and upper management types wanting to buy--how fabulous.

 

Aug 08, 2014 12:28 PM #2
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Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Liz and Bill

Thanks for sharing a very comprehensive report for Mason Ohio.

Good luck and success.

Lou Ludwig

Aug 08, 2014 02:25 PM #3
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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)

Scott, We know it's one of the two primary questions asked by home sellers:  What's my home worth & how long will it take to sell?

Gayle, Mason has no shortage of executive style housing and new construction has made a comeback too.

Lou, Thanks!  Hope you're having a great weekend!

Aug 08, 2014 11:22 PM #4
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Great graphs and market data and it clearly shows you know what is happening in your market. Buyers and sellers will be able to see the difference.

Aug 08, 2014 11:36 PM #5
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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)

Debbie, We keep up on our market conditions, these reports give us the opportunity to do so.

Aug 09, 2014 12:07 AM #6
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