What's My Lebanon Ohio Home Worth? August 2014 Real Estate Update
We're past the peak of the summer. Labor Day weekend has come and gone, and while the August real estate market in Lebanon was still VERY strong, the stats point to the following of our typical annual slowdown in sales volume as summer passes. Stay with us for the full Lebanon real estate market report and Search Lebanon Ohio homes for sale links towards the end.
All data is derived from the Cincinnati MLS system. If any Lebanon single family homes homes traded hands without a REALTOR® involved, then it won't be reflected in this report. All data is for the Lebanon School District area, so is not limited solely to Lebanon city limits.
With Lebanon being named one of Ohio magazine's Top 5 Hometowns for 2012, Lebanon has some strong reasons to call it home! With a HUGE YMCA, ready access to Cincinnati and Dayton, and a cool historic downtown area that is host to an abundance of festivals throughout the year, it's easy to understand why many people pick the Lebanon area over surrounding communities! Furthermore, the cost of living in Lebanon is more affordable than some other Warren County communities. Don't let a few extra miles of driving scare you off from saving big money on your housing costs! Get to know www.GasBuddy.com and save some money on your fuel!
Lebanon offers a full range of price points, from below 100k to some estate homes under a million dollars. There is still new construction available, so you can pick any age from historic to brand new.
Countryside, a pool community of Lebanon Ohio
So on to the review!
Next is the Lebanon median price summary chart.
Lebanon 45036 Single Family Home Category Data Summary:
Homes Sold: 39 (2 Bank/Government Owned, 1 Short Sale) DOWN 9
Average Price: $197,748 DOWN 16k
Median Price: $189,000 UP $3k
Days on Market Average: 81 UP 17
Homes Active 9/6/14: 179 DOWN 4
Homes Pending 9/6/14: 68 SAME
Sales/List %: 96.7% UP .1%
Most Expensive Home Sold: $432,500
Least Expensive Home Sold: $28,000
So what are the key takeaways from this month's numbers?
- Yes, sales volume dropped from last month to this month. That's an expected result as we pass the peak summer month. However, August was still the 2nd best month in 2014 and still Top 10 since January 2010.
- Average price did drop, but median price increased slightly. The consistency in the home market tightened. Basically, a $189,000 home in Lebanon is typically a newer subdivision 3-4 bedroom home with a full basement.
- Time to get under contract (days on market) rose, but that doesn't mean a home will take 3 months to sell. A Poplar Hill listing of ours went under contract in 19 days and will close next week. Right home, right marketing, right price and you can shorten that time on market.
- Still not too many homes sold on the cheap, with only 2 homes sold below $100k. This month only 4 homes sold at $300k or above, and only one of those 4 was above $400k.
- The number of homes for sale was essentially the same, and the number of Pending homes was exactly the same.
- Still not much being given away in negotiations, with only 3.3% discounted from asking price to sold price.
- The distressed homes sales decreased from 7 total in July to only 3 in August. Of the 179 homes for sale, only 13 are foreclosed or short sales.
- No change in the Lebanon luxury market, STILL a tough segment of the market. Only one home sold above $400k. The competition from Mason and Springboro make it tough to be a Lebanon luxury home seller.
So what does this mean to you as a Lebanon single family home owner?
There is no reason to change our past advice:
It's a good time to be you! The Lebanon market continues to perform well! Solid pricing, relatively short time on market, and depending on the segment of the market, not a tremendous amount of competition. If you want to sell, we see no solid reason to discourage you. Foreclosures and short sales are a minimal impact, and you're not going up against significant new construction in MOST communities, but places like Shaker Run and Trails of Shaker Run it's still a major influence on your ability to sell.
And if you're not quite ready to enter the market, it's the PERFECT time to meet with us and get your To Do list ready to have your home optimally ready for when you ARE ready to sell your home!
For an evaluation of your specific home's marketability, please contact us 513-265-3004 or 513-520-5305.
So what does this mean to you as a potential Lebanon home buyer?
No real change here either! The high number of Pending sales tells us you have plenty of competition for the best homes. Don't assume you can "low ball" a seller and walk away with the keys.
The selection of foreclosed/short sale homes is shrinking, and 13 total foreclosed or short sale homes listed as Active in Cincinnati MLS severely limits your choices if that category is ALL you're interested in.
When you're considering buying a Lebanon home, please contact us with your needs and we'll help you find the right community for you! You can use the links below to review Cincinnati MLS homes listed in Lebanon for each of three price bands.
Search Lebanon Ohio 45036 Homes For Sale $400,000 and Up
Serving Lebanon's home buyers and sellers,
Liz and Bill aka BLiz