What's My Lebanon Ohio Home Worth? November 2014 Real Estate Update
We've hit the cold season, even having our first significant snowfall. Thanksgiving meals have been eaten and leftovers consumed. We're fast running out of 2015 and Christmas is less than 3 weeks away!
Now has the real estate Santa been putting coal in home buyers and sellers stockings, or giving them what's on their wish list? 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: 30 (4 Bank/Government Owned, 0 Short Sale) DOWN 8
Average Price: $189,618 DOWN $30.5k (don't panic yet!)
Median Price: $165,500 DOWN $54k (and not even yet!)
Days on Market Average: 61 DOWN 33
Homes Active 12/5/14: 193 DOWN 5
Homes Pending 12/5/14: 51 DOWN 9
Sales/List %: 95.5% UP .5%
Most Expensive Home Sold: $420,000
Least Expensive Home Sold: $54,000
So what are the key takeaways from this month's numbers?
- Pretty much what we'd expect, and NO NEED TO CHICKEN LITTLE on the prices. We'd spiked up the month before, so this month's drop is a correction to a more "normal" price point. Compare to other Novembers on the chart and you'll see we're actually better off year over year!
- Sales volume decreased a bit, but that's expected for the time of year. Fewer people looking (and our website traffic confirms that). Priority for most buyers is family time as we're in the heart of the holiday seasion.
- The low end home sales were scarce, with only two homes sold below $100k and 4 total above $300k, and that 1 includes 1 above $400k. Last month there were 7 above $300k, so easy to see why this month's price didn't have quite the same upward flavor.
- Time to get under contract dropped by an entire month, so fairly quick sales are becoming more common.
- The number of homes under contract dropped slightly, but still a solid number for the season. And still a fair number of homes needing their next owner.
- Negotiating room is still present, hovering around 95% sold price to asking price.
- The distressed homes sales continued to stay minimal, with four foreclosures and no short sales sold in November! Of the 193 homes for sale not under contract, only 19 are foreclosed or short sales.
- No change in the Lebanon luxury market, STILL a tough segment of the market. No homes 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?
Baby it's cold outside and that usually sends the "casual" buyers under cover until Phil declares Spring is coming! That said, there ARE still serious buyers out there, so if selling your home is a priority and you can tolerate the disruptions over the holiday season, you can still place your home on the market and get a SOLD sign in your yard! The usual factors still matter: Solid pricing and strong marketing are critical.
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 new construction do challenge 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 other than a few holdout homes, most sell fairly quickly. 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 19 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