What's My Lebanon Ohio Home Worth? February 2016
The weather has been unseasonably warm, but unfortunately those extra degrees haven't led to more homes sold in Lebanon YET!! However, while completed sales in January and February have been on the low side, homes under contract are skyrocketing, with 69 homes currently under contract. That's over 3.5 times the number of homes sold in February. Now THAT is a nice number boding well for the coming months. Stick with us for the details and the context of the Lebanon housing market.
We offer links at the bottom of the post to search Cincinnati MLS listed Lebanon Ohio homes for sale, and if you want specifics for What Is My Lebanon Ohio Home Worth?, please click that link and fill out the form. We'll get back to you shortly with the latest info that applies to YOUR home!
All data is derived from the Cincinnati MLS system. If any Lebanon single family homes homes traded hands without a REALTOR® involved, then it won't be reflected in this report. All data is for the Lebanon School District area, so is not limited solely to Lebanon city limits.
Some reasons why Lebanon Ohio is a great place to live:
- Named one of Ohio magazine's Top 5 Hometowns for 2012
- HUGE YMCA
- Ready access to Cincinnati and Dayton
- A cool historic downtown area
- Host to an abundance of festivals throughout the year
- The cost of living in Lebanon is more affordable than some other Warren County communities
- A full range of housing price points, from below 100k to some estate homes under a million dollars.
- There is still new construction available, but you can pick any age from historic to brand new.
Countryside, a pool community of Lebanon Ohio
So on to the review, first up, completed sales!
Next is the Lebanon median price summary chart.
Lebanon 45036 Single Family Home Category Data Summary
Homes Sold: 18 (1 Bank/Government Owned, 0 Short Sale) DOWN 1
Average Price: $190,104 DOWN $29.5k
Median Price: $176,000 DOWN $49k
Days on Market Average: 108 UP 7 (Median 30 days)
Homes Active 3/5/16: 119 DOWN 10
Homes Pending 3/5/16: 69 UP 13
Sales/List %: 98.6% UP 1.2%
Most Expensive Home Sold: $490,000
Least Expensive Home Sold: $67,000
So what are the key takeaways from this month's numbers?
- As we mentioned at the beginning, not a huge month for completed sales. 18 homes exchanging ownership is more or less typical for a February when you look at 2010 to present sales. The number of homes under contract is another story, with 69 working their way to the closing table, so expect March and April sales totals to climb as they typically do.
- The market is shrinking, as homes going under contract is exceeding the number of homes coming on them market. We're down to 119 homes not under contract. When you spread that across all price points selection thins out quickly.
- Time to sell increased on average to well over 3 months. However, 1/2 the homes still go under contract in less than 30 days. Those sellers who get their home ready and get the price right from the start can still have a quick sale.
- Distressed properties remain insignificant. Just 1 of the 18 homes sold were foreclosed or short sales, and of the 119 on the market, just 4 foreclosures and no short sales.
So what does this mean to you as a Lebanon single family home owner?
NO CHANGE FROM LAST MONTH: Homes for sale in SHORT supply. Buyers are anxious for something new to look at and buy. Considering all the factors right now in the sellers' favor, if you're thinking about selling NOW might be better than waiting for Spring, assuming your home is show ready or could be soon. Give us a call and we can meet and determine what is best for your personal circumstances.
You're not going up against significant new construction in MOST communities, but places like Shaker Run and Trails of Shaker Run new construction do challenge your ability to sell.
And if you're not quite ready to enter the market, it's the PERFECT time to meet with us and get your To Do list ready to have your home optimally ready for when you ARE ready to sell your home!
For an evaluation of your specific home's marketability, please contact us 513-520-5305.
So what does this mean to you as a potential Lebanon home buyer?
NO CHANGE HERE EITHER: There are now even FEWER homes available to buy!! The spike in number of homes under contract clearly indicates you as a buyer have competition! Watch for new homes for sale that fit your needs and ACT quickly. Waiting for the weekend might be the difference between getting your dream home and being told "Sorry, we just accepted an offer!".
The selection of foreclosed/short sale homes is almost nonexistent, so don't count on finding one to buy, much less one in good condition.
When you're considering buying a Lebanon home, please contact us 513-520-5305 or Liz@LizSpear.com with your needs and we'll help you find the right community for you! You can use the links below to review Cincinnati MLS homes listed in Lebanon for each of three price bands.
Search Lebanon Ohio 45036 Homes For Sale $400,000 and Up
Serving Lebanon's home buyers and sellers,
Liz and Bill aka BLiz
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