What's My Mason Ohio Home Worth? May 2015 Update
Summer is closer and closer, school bells have signaled the end of another school year, vacations are kicking in, and with all that is usually an increase in the Mason real estate market. Is the extra activity affecting 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 May 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: 67 (1 Bank/Government Owned, 0 Short Sale) UP 21
Average Price: $386,076 UP $76k
Median Price: $335,000 UP $39k
Days on Market Average: 57 DOWN 13
Homes Active 6/8/15: 171 UP 4
Homes Pending 6/8/15: 137 UP 4
Average Sales/List %: 97.0% DOWN .7%
Most Expensive Home Sold: $1,715,000
Least Expensive Home Sold: $136,500
So what does this all mean? What are the key takeaways this month?
- Very few months since January 2010 have exceeded May's 67 sales completed. Demand is there and the buyers are going through the inventory quickly and making a Yes/No decision. The number of homes under contract isn't that much below the number available for sale, so that illustrates strong buyer demand.
- 137 homes under contract means June completed sales will be another great month.
- Prices are increasing, but that's partly an indication of buyers seeking out higher priced homes. Of the 67 sold, 10 qualified as luxury (above $500,000) and two of the 67 sold in excess of $1 million. That really influences average sales upward. And no homes sold below $100k, so the scale slides upward.
- Time to sell a home continued to decrease, down to just 57 days on average, but MANY homes sell significantly faster than that, even in a day or two. Scarce home inventory means buyers better act fast or wave goodbye to that home that caught their eye!
- Distressed properties (foreclosures and short sales) remain scarce in Mason! Only 1 of the 97 homes sold was distressed, and only 6 of the 171 not under contract are distressed.
So what does this mean to you as a Mason Single family home owner? Not much reason to change our advice from past months: 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. One observation, homes facing South or West are taking a bit longer to sell. There are some cultural factors influencing this.
In the luxury bracket, expect to take longer, but the 10 homes selling in May are a good sign. However, there's lots of competition with new construction (take a look at Long Cove or Chestnut Hill and you'll see plenty of new homes going up).
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? NO CHANGE HERE EITHER: YOU ARE IN A COMPETITIVE MARKET!!!! Limited inventory and plenty of buyers after the same homes. Move fast and bid strong or expect to lose out. 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. We're also seeing some new highs being established as competition drives up prices.
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: