What's My Mason Ohio Home Worth? February 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 February 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: 23 (1 Bank/Government Owned, 2 Short Sale) DOWN 7
Average Price: $350,561 DOWN $27k
Median Price: $285,000 DOWN $4k
Days on Market Average: 120 UP 17
Homes Active 3/8/15: 139 UP 4
Homes Pending 3/8/15: 79 UP 17
Average Sales/List %: 97.0% DOWN 2.9%
Most Expensive Home Sold: $1,325,000
Least Expensive Home Sold: $108,210
So what does this all mean? What are the key takeaways this month?
- Sales volume was significantly down, even for a February. HOWEVER, the total for homes under contract is UP significantly. Here's the issue in a nutshell: MORE HOMES FOR SALE ARE NEEDED!! A fair number of the 139 homes for sale are either at a higher price point than most buyers can afford, or older than buyers want, or have some location issue that buyers aren't liking (e.g. corner lots, high power lines nearby, etc.). Another factor to consider is new construction homes sold but not reflected in the MLS. Alverta, Roberts Park, Carmelle, etc., are offering opportunities for home buyers that want Mason new construction homes and have the financial ability to meet the price point (expect $400k and up).
- Luxury home sales (above $500,000) were down this month too. Only 3 of the 23 homes sold and only one of those three was over $1 million.
- Homes selling speed OVERALL slowed down, but prime homes in the sweet spot (around $200-300,000 are still selling quickly).
- 79 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 3 of the 23 homes sold were distressed, and only 9 of the 139 not under contract are distressed.
So what does this mean to you as a Mason Single family home owner? If you're in the non-luxury category, especially if you're at a price point that is considered a starter home for Mason, you've got a serious advantage! Priced right and marketed right and you're going to have quick action on your home. There just aren't enough homes for sale to meet buyer demand.
In the luxury bracket, expect to take longer. Fact is there's enough new construction luxury homes being built or available for custom building that it's challenging to sell a Mason luxury home.
Keep in mind, buyers still aren't keen on homes that show their age or feature decor from 20+ years ago.
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? There's still no reason to change our past advice. 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: