What's My Mason Ohio Condo Worth? August 2014 Market Update
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 August 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: 18 (2 Bank/Government Owned, 0 Short Sale) DOWN 14
Average Price: $160,683 UP $45k
Median Price: $152,500 UP $23k
Days on Market Average for SOLD: 27 DOWN 34
Condos Active 9/7/14: 44 DOWN 7
Condos Pending 9/7/14: 19 DOWN 4
Average Sales/List %: 97.6% UP 1.8%
Most Expensive Condo Sold: $295,000
Least Expensive Condo Sold: $61,000
So what do the stats indicate about Mason Ohio condo sales?
Key takeaways this month:
- First off, don't get depressed by the HUGE drop in sales volume versus July. July was the BEST single month for Mason condos in years! On the other hand when you look at past Augusts, you'll see 18 is a pretty typical sales total for the month.
- Condo inventory is getting scarce! Down to 44 total condos that are not already under contract, and that's from the "economy" condos to the luxury condos. Not really much to pick from! There ARE some new construction opportunities not reflected in that 44, but they're going to cost you around $300,000 or more.
- Prices returned to June levels despite some bargain shopping in the 18 condos sold. 3 condos sold below $100k, but 4 sold above 200k to help the average up.
- Distressed condos (foreclosures and short sales) continue to be VERY light, with 2 foreclosures and no short sales of the 18 condos sold. Of the 44 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 again this month, this time to 19. Next month might match this month, but that number is consistent with the time of year.
- There's a little room for negotiation, but don't expect a huge discount, with just a little over 2% difference from asking price to final sales price.
- Time to get under contract was less than 4 weeks and even beat the single family home time on market.
So what does this mean to you as a Mason Ohio condo owner? You've got a significant advantage with inventory WAY down. And while we don't expect to repeat the July sales numbers, we're still in a steady sales volume range for at least a couple of more months. If you want to sell and head to someplace warm before the snow season arrives, there's still time! Keys continue to be pricing right and marketing strong with a listing team that understands the Mason condo market (and we do!).
Mason condos will remain 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.
For an evaluation of your home's marketability, please contact us at 513-520-5305.
So what does this mean to you as a potential Mason condo buyer?
The advice for Mason condo buyers hasn't changed. With inventory pretty restricted, it won't take long to determine if there's a Mason condo that will work for you. 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, but they don't come cheap. 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