What's My Mason Ohio Home Worth? December 2014 Market Update
The New Year is here. We've had a sniff of another polar vortex. Has the chill frozen the Mason home market? Will the usual seasonal downshift 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 is VERY limited in some of 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 December 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.
Charleston Park, another popular Mason pool community!
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: 31 (3 Bank/Government Owned, 0 Short Sale) DOWN 9
Average Price: $342,668 DOWN $25k
Median Price: $310,600 UP $30.5k
Days on Market Average: 54 DOWN 36
Homes Active 1/8/15: 142 DOWN 17
Homes Pending 1/8/15: 47 UP 2
Average Sales/List %: 97.8% UP 1.1%
Most Expensive Home Sold: $800,000
Least Expensive Home Sold: $60,000
So what does this all mean? What are the key takeaways this month?
- We declare "Mixed bag!". Yes, December sales are tied for lowest quantity in recent years, but that's also a reflection of the holiday season, the return of new construction (e.g. those new build homes in Alverta are not typically in MLS so we underreport total monthly sales), and it's also a reflection of tightened inventory. Some buyers may not be able to find a home they want so they're waiting for more selection.
- Luxury home sales (above $500,000) accounted for 6 of the 31 solds but but this month no one broke the $1 million barrier.
- 47 homes under contract is a small improvement over last month. Obviously buyers ARE still out there in the cold home shopping.
- Distressed properties (foreclosures and short sales) remain scarce in Mason! Only 3 of the 31 homes sold were distressed, and only 4 of the 142 not under contract are distressed.
So what does this mean to you as a Mason Single family home owner? It's a slower time of year. Buyers might track some snow into your home BUT you can still sell your home this time of year! Newer offerings will move quickly if they're priced and marketed well (the median time on market for Solds last month was ONLY 27 days). Keep in mind, 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, so that works to your advantage as a seller.
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? NO CHANGE FROM LAST MONTH: 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: