What's My Mason Ohio Home Worth? January 2015 Update
Another calendar page flipped and we're into February. Has the winter cold impacted the Mason real estate market for single family homes? And is it impacting your Mason Ohio 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 January 2015.
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: 30 (1 Bank/Government Owned, 1 Short Sale) DOWN 1
Average Price: $377,481 UP $35k
Median Price: $288,750 DOWN $22k
Days on Market Average: 103 UP 49
Homes Active 2/9/15: 135 DOWN 7
Homes Pending 2/9/15: 62 UP 15
Average Sales/List %: 99.9% UP 2.1%
Most Expensive Home Sold: $1,479,000
Least Expensive Home Sold: $80,000
So what does this all mean? What are the key takeaways this month?
- Sales volume is better than past Januarys. One third of all homes with a for sale sign in the yard our under contract. Homes for sale has continued to shrink, and MORE homes for sale are needed to satisfy buyer demand. That gives an edge to Mason home sellers and in our opinion no need to wait for warmer months to get your home on the market. Use the low inventory to your advantage!
- Luxury home sales (above $500,000) accounted for 5 of the 30 solds and this month two of those five sold for over $1.3 million. Both of those were custom new construction homes. Those two luxury homes influenced the average prices higher, but the mix was towards the lower prices this month, thus the downward shift in median price.
- Homes are selling quickly. Five of the 30 were under contract in a week or less, and the longest a home needed was 279 days for that custom luxury home. Longer times for luxury new construction homes are not unusual.
- 62 homes under contract is HUGE portion of the available homes for sale. Buyers are BUSY in the Mason home market!
- Distressed properties (foreclosures and short sales) remain scarce in Mason! Only 2 of the 30 homes sold were distressed, and only 6 of the 135 not under contract are distressed.
So what does this mean to you as a Mason Single family home owner? Bottom line, it's your time to have some control in the market unless you're a luxury home seller, then it's a bit more challenging. Inventory is VERY limited for the most affordable homes. so short selling times and very little given off list price is the norm. Luxury homes compete against new construction (Long Cove, Chestnut Hill, etc.), so that makes a sale a bit tougher.
The fact that it's cold out doesn't seem to be slowing down buyers. We've talked with more buyers over the last two weeks interested in making Mason their home.
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: Low inventory & high demand communities mean there is less to pick from and you need to be prepared to act quickly when you find the right home. We highly recommend do NOT wait to write that offer or you may lose the chance to own that home. And be reasonable with your offer, as a few percent is all that is being deducted from the sales price of most homes.
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: