What's My Mason Ohio Home Worth? June 2015 Update
If you EVER had a doubt that Mason Ohio homes are in high demand, this month's market report will put that concern to rest. Mason just had the highest single month of sales in YEARS! 94 homes sold in June and there's another 111 under contract. That leaves a scant 189 homes NOT under contract, and when you consider all prices points and needs, that's not nearly enough to meet continued buyer demand. And it's also the answer to why you won't find builders offering single family homes below $400,000 after you add a few basic options.
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 June 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.
Long Cove, home to many of Mason's luxury homes
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: 94 (5 Bank/Government Owned, 0 Short Sale) UP 27
Average Price: $383,424 DOWN $2.5k
Median Price: $333,250 DOWN $2k
Days on Market Average: 60 UP 3
Homes Active 7/9/15: 189 UP 18
Homes Pending 7/9/15: 111 DOWN 26
Average Sales/List %: 96.8% DOWN .2%
Most Expensive Home Sold: $1,500,000
Least Expensive Home Sold: $65,000
So what does this all mean? What are the key takeaways this month?
- The single best month of sales in years and years! 94 easily tops any other month since the beginning of 2010. Demand is there and the buyers are going through the inventory quickly and making a Yes/No decision. And while the AVERAGE time to get under contract is 60 days, HALF the homes that sold were under contract in 10 days or less. We've seen firsthand the feeding frenzy, especially for affordable Mason homes in great condition and well priced. The time from market intro to under contract can be less than 24 hours, and even same day.
- 111 homes under contract is a decrease from May but still points to a great July for completed sales.
- Prices were essentially flat for the last two months. Of the 94 sold, 19 qualified as luxury (above $500,000) and 5 of the 94 sold in excess of $1 million. That really supports a higher average price, and prices held DESPITE five homes selling below $100,000.
Distressed properties (foreclosures and short sales) remain scarce in Mason! Only 5 of the 94 homes sold was distressed, and only 1 of the 189 not under contract are distressed.
So what does this mean to you as a Mason Single family home owner?
STILL no reason to change past advice: 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 June was a pretty good month for Mason luxury home sales. 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: