What's My Lebanon Ohio Home Worth? September 2014 Real Estate Update
If you had any doubt Summer was over this weekend should have removed that skepticism! The weather was chilly and based on the leaves falling, it seems like we're skipping the whole yellow gold red leaf turning and just going straight to "on the ground"!. As far as the real estate market, we were already seeing signs of Fall prior to September, so there aren't any real shockers in the past month's data. 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: 34 (0 Bank/Government Owned, 0 Short Sale) DOWN 5
Average Price: $220,936 UP 23k
Median Price: $178,000 DOWN $11k
Days on Market Average: 40 DOWN 41
Homes Active 10/6/14: 189 UP 10
Homes Pending 10/6/14: 63 DOWN 5
Sales/List %: 97.9% UP 1.2%
Most Expensive Home Sold: $502,675
Least Expensive Home Sold: $121,000
So what are the key takeaways from this month's numbers?
- Sales volume declined a bit more from August to September, but compare September with 2012 and 2013 and we're consistent with recent years.
- Average prices rose sharply, but median price decreased. Last month there were NO homes sold below $100,000, but there were a good many in the $100's. Seven homes sold above $300k and one of those was above $500k. From that mix of homes sold you had more higher end homes, so the average price picks up, but the large collection of homes below $178,000 brought down the median. Not a bad thing at all, just a reflection of the mix.
- Time to get under contract dropped significantly to 40 days. The homes that sold sold FAST, and the median was only 19 days! VERY good for the Lebanon market, especially considering the slower time of year for demand.
The number of homes for sale was increased slightly and the number of homes under contract decreased slightly, but that's still almost 1 of 4 homes on the market under contract.
- Negotiating room tightened up even more, with just a bit over 2% being given to buyers.
- The distressed homes sales continued to decrease, from 7 total in July to 3 in August to NONE in September! Of the 189 homes for sale, only 16 are foreclosed or short sales.
- No change in the Lebanon luxury market, STILL a tough segment of the market. Only one home sold above $500k. 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?
STILL NO CHANGE FROM 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?
NOT MUCH REASON TO CHANGE HERE EITHER: A high number of Pending sales and fairly quick time to contract indicates buyers 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 16 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