What's My Mason Ohio Home Worth? November 2014 Market Update
Christmas is fast approaching. We've had snow. The temps are consistently cold. That USUALLY means we'll have a slow down in the Mason real estate market. Will the usual hold true this year? 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.
Upscale homes and new construction in Carmelle!
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: 40 (2 Bank/Government Owned, 2 Short Sale) DOWN 4
Average Price: $367,377 DOWN $44k
Median Price: $280,000 DOWN $51.5k
Days on Market Average: 90 DOWN 3
Homes Active 12/11/14: 159 DOWN 14
Homes Pending 12/11/14: 45 DOWN 20
Average Sales/List %: 96.7% UP .7%
Most Expensive Home Sold: $1,640,000
Least Expensive Home Sold: $84,250
So what does this all mean? What are the key takeaways this month?
- Yes, we've slowed down, but we expected that. Sales volume off a bit, but don't read too much into the price drops, as the previous month we'd had a spike up. We're still better than most Novembers, even if November 2014 was the lowest median price point of the year.
- Luxury home sales (above $500,000) accounted for 7 of the 40 solds but unlike last month with 3 above $1 million, in November just 1 home above $1 million. And that last bit is in a nutshell why the average price dropped so much from October.
- 45 homes under contract shows we're definitely in a slowdown. Couple that with only 159 total homes not under contract and for Mason standards, small inventory when you consider that's the entire price range.
- Distressed properties (foreclosures and short sales) are SCARCE! Only four of the 40 homes sold were distressed, and only 5 of the 159 not under contract are distressed.
So what does this mean to you as a Mason Single family home owner? Yes, it's a slower time of year so you're not going to have the banging down your doors frenzy we saw last spring and summer, but there's still demand out there and IF you're priced and marketed properly, selling your home WILL happen. But ignore the basics and you can still have a challenge EVEN IN MASON. Buyers still aren't keen on homes that show their age or feature decor from 20+ years ago. There is a relative scarcity of homes for sale and some subdivisions have no homes for sale at all.
For an evaluation of your home's marketability and worth, please contact us 513-520-5305 or Liz@LizSpear.com. 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.
So what does this mean to you as a potential Mason home buyer? While the market may have slowed, there's still some critical factors that haven't changed: low inventory & high demand communities. That still means that when new homes come on the market you'd better react fast, and if you like it, get an offer on it ASAP. And we don't recommend playing the lowball game because it's just not likely to work for you.
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
Recent Mason Market Reports: