What's My Mason Ohio Condo Worth? October 2014 Market Update
Fall has arrived, and it's the time of year that it's really good to be a condo owner because YOU don't have to rake leaves!! But often this time of year the condo owners are heading south to warmer temps and some serious golf time! Did October's Mason condo market reflect that typical annual slow down?
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 October 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: 10 (1 Bank/Government Owned, 0 Short Sale) DOWN 9
Average Price: $139,440 UP $8k
Median Price: $134,000 UP $15k
Days on Market Average for SOLD: 112 UP 82
Condos Active 11/8/14: 31 DOWN 9
Condos Pending 11/8/14: 24 SAME
Average Sales/List %: 96.0% SAME
Most Expensive Condo Sold: $219,900
Least Expensive Condo Sold: $44,500
So what do the stats indicate about Mason Ohio condo sales?
Key takeaways this month:
- There just isn't much to pick from! ONLY 31 Mason condos NOT already under contract. That's the slimmest pickings we've seen!
- So what happens when there's not much inventory? Sales numbers drop too! October was almost half of September's sales. 10 is the lowest October total since 2010. The good news, the number of Pending sales is still good, so the next month of two should still be on par for total sales.
- Prices increased slightly from last month, but with only 10 sales the numbers can be easily moved. The mix this month was a typical month mix, 3 condos under $100k, 1 above $200k and the bulk in the normal $100's (but there is a Pending sale ABOVE $400k in Fox Hollow!)
- There ARE some new construction opportunities not reflected in that 31 condos for sale, but they're going to cost you around $300,000 or more. Lakeside Cove is picking up pace on sales and Beacon Hill continues to do well. The Woods on Wilkens has wrapped up new construction. Immeiately adjacent to Mason are some other new construction condos if being directly in Mason isn't a concern. Contact us for details.
- Distressed condos (foreclosures and short sales) continue to be almost nil, with 1 foreclosure and 0 short sales of the 10 condos sold. Of the 31 condos not under contract, 1 is foreclosed and 1 is a short sale. Overall, a VERY small percentage of the Mason condo market.
There's a little room for negotiation, but don't expect a huge discount, with 4% average difference from asking price to final sales price.
So what does this mean to you as a Mason Ohio condo owner? You're edge just got better with inventory even further down! And if you've got a fully updated condo you might be under contract in a handful of days (saw that last week with a nicely updated Marival condo). If you want to sell and head to someplace warm before the snow season arrives, there's still time, but not much!! Keys for success 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 condo'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. Your selection is VERY limited, so it won't take long to determine if there's a Mason condo that will work for you. 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 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 don't like 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).
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