What's My Mason Ohio Home Worth? July 2014 Market Update
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.
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: 66 (1 Bank/Government Owned, 0 Short Sale) DOWN 13
Average Price: $368,205 UP $32k
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 $600,000 and higher
Serving Mason's home buyers and sellers,
Liz and Bill aka BLiz