What's My Mason Ohio Home Worth? October 2014 Market Update
Fall has arrived. The leaves have fallen. Kings Island has closed the gates until next Spring. Are we experiencing the typical slowdown for this time of year in the Mason real estate market? 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 October 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.
Luxury custom built homes in Medinah at Heritage Club!
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: 44 (3 Bank/Government Owned, 0 Short Sale) DOWN 5
Average Price: $411,510 UP $87k
Median Price: $331,500 UP $46.5k
Days on Market Average: 93 UP 39
Homes Active 11/8/14: 173 DOWN 17
Homes Pending 11/8/14: 65 DOWN 2
Average Sales/List %: 96.0% DOWN 1.2%
Most Expensive Home Sold: $1,550,000
Least Expensive Home Sold: $80,000
So what does this all mean? What are the key takeaways this month?
- A mixed bag this month. Yes, we're slowing down in sales totals (although 44 beats MOST Octobers) AND it is taking longer to sell, but the prices are SOLID.
- Great month for the luxury home sales with 10 of the 44 solds priced above $500k and of those 10, 3 above $1 million! The average price climbed significantly thanks to the high number of luxury sales!
- 65 homes under contract points to another solid month of completed sales for next month!
- Distressed properties (foreclosures and short sales) are SCARCE! Only THREE of the 44 homes sold were distressed, and only 4 of the 173 not under contract are distressed.
So what does this mean to you as a Mason Single family home owner? There's no reason to change past advice: It's still a good thing to be a Mason home seller IF your home is in good condition, newer (e.g. under 15 years old) and priced and marketed strongly to give your home the best possible first impression to the buyers. 173 homes for sale might SEEM like a lot, but there's actual a scarcity of inventory to match buyer needs. Some subdivisions have no homes for sale or only a small handful. While the market is slowing, it's still a positive time to get your home sold. Just expect it to take a little bit longer than it did during the peak summer months!
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. It's not a recipe in your favor if you're looking for a bargain. For homes in the hot segment of the market, you better get there quickly and come with a strong offer. DO NOT delay if you find the home that you love, get an offer in ASAP!!
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!
Serving Mason's home buyers and sellers,
Liz and Bill aka BLiz