What's My Mason Ohio Condo Worth? March 2016
We've finished the first quarter of the year, as hard as that might be to believe! Our concerns with the Mason Ohio condo market are the same as last month: THE SHORTAGE OF CONDOS FOR SALE. There's a real scarcity, even with the net increase of 10 from February's end to March's end. 38 choices just isn't enough.
Stay with us for the whats, whys and hows of the Mason condo market! And a bonus at the end, easy to use Search For Mason Ohio Condos For Sale links! And if you want to know How Much Is My Mason Condo Worth?, just click the link, fill out the form and we'll be in touch soon!
If you're interested in the Mason single family home March market report update just click the link for the details.
All data is derived from the Cincinnati MLS system. If any Mason condos traded hands without a REALTOR® involved, then it won't be reflected in this report. All data is for the Mason School District area, so is not limited solely to Mason city limits.
With Mason being named #17 on the Money Magazine Top 50 Best Small Town Places To Live list for 2015 (and #7 in 2013), Mason received recognition that area residents already knew was well deserved! With top notch public schools, extensive entertainment and dining options, and a premier community center combined with superb accessibility to downtown Cincinnati, Mason has become one of the most desired living areas in the region!
Mason offers a full range of price points, with some entry level condos below 100k and luxury/golf course community condos well into the $300k and even $400k price point. So whether you want an economy condo, or the luxury version, we can help you find the right Mason condo for you!
Our listing in Villas of Hunters Green, 6483 Partridge Way SOLD !
In general, you can expect to pay a premium for Mason condos when compared to communities further away from Cincinnati, although there is diminished opportunity for condos as you head away from Cincinnati.
So, on to the data!
First up is the number of Mason condos sold on a month by month basis for 2010 to present:
Next is the Mason condo median price summary chart.
Mason Condominium Data Summary:
Condos Sold: 17 (0 Bank/Government Owned, 1 Short Sale) DOWN 2
Average Price: $160,688 DOWN $19.5k
Median Price: $157,000 DOWN $19k
Days on Market Average for SOLD: 41 DOWN 33
Condos Active 4/7/16: 38* UP 10
Condos Pending 4/7/16: 38 UP 9
Average Sales/List %: 97.2% DOWN .2%
Most Expensive Condo Sold: $347,900
Least Expensive Condo Sold: $80,000
*There are two communities offering new construction condos and not all are listed in Cincinnati MLS so they're NOT included in the stats above and will also not show in the search links below. If you're interested in new construction ranch condos at approximately $270-400,000 in price or patio homes in the $350-550,000 range, contact us at 513-520-5305 and we'll provide details.
So what do the stats indicate about Mason Ohio condo sales?
Key takeaways this month:
- Mason condo inventory continues to be inadequate to meet the demand of all buyers (we know firsthand as we're trying to find a good match for one of our buyers). Half of all condos on the market are already under contract. Those trying For Sale By Owner and not being found should take advantage of this scarcity and get their homes in front of the MAXIMUM number of buyers. Hiring a listing agent might very well NET you far more than selling solo.
- Prices were down a bit, but with low numbers overall, those numbers shift easily, and with 4 condos selling below $100k, that was a downward drag. But compare the prices to past March's and it was actually a good month. On the other end of the price spectrum, 1 sold above $300k.
- 17 completed sales is a sold March when you compare to past March performance since 2010. With 38 condos under contract, expect a good Apri3.
- This bears repeating from past months: there ARE some new construction opportunities not reflected in the 28 condos for sale, but they're going to cost you around $300,000 or more. Lakeside Cove, Fox Hollow and Beacon Hill offer new construction opportunities if you've got the budget for them. Immediately adjacent to Mason are some other new construction condos if being directly in Mason isn't a concern. Contact us for details Liz@LizSpear.com or 513-520-5305. Patio homes and condos are a specialty of ours.
Distressed condos (foreclosures and short sales) for sale continue to be almost nonexistent. One short sale condo sold last month and one short sale is currently not under contract and for sale. Mason condo buyers insisting on buying a distressed property are likely to be VERY disappointed.
So what does this mean to you as a Mason Ohio condo owner?
No change to last month's advice: The low inventory can really work in your favor if you're willing to sell your condo. While there might not be as many buyers as peak season, the low inventory is forcing more buyers to look NOW rather than waiting for warmer months. Updated condos will generally sell faster. Some communities take longer than others to sell as price point and HOA fees/amenities, age of the unit, etc. can have significant influence on demand. We have a solid track record for selling Mason condos, so we'd love to help you achieve your real estate goal of selling your Mason condo.
Mason condos will remain in demand because they're an affordable entry point into Mason living versus the average Mason single family home selling well into the $300ks. The only niche that is a bit slower are the luxury Mason condos, as that segment is competing against new construction.
For an evaluation of your condo's marketability, please contact us at 513-520-5305.
So what does this mean to you as a potential Mason condo buyer?
The good condos are selling quickly and selection is VERY, VERY limited. It won't take long to determine if there's a Mason condo that will work for you. However, new construction is still a possibility and not all of them make it into MLS (and they're not cheap either). We can help with those too, even if they're not in Cincinnati MLS. We represent YOU and not the builder, and it costs you nothing extra to hire us to help you!
If you HAVE to have a Mason home, but don't like the pricing premium for a regular single family home, Mason condos make a great alternative (but don't forget to factor in the HOA fees). Use our links below to check availability for your price range.
And if you need an FHA loan to finance, quite a few of the condo communities are NOT eligible for FHA certification. Check with us to verify the condo that interests you can be FHA financed. The same applies for VA financing.
Check the search links below to view Mason condos currently for sale (the results include ACTIVE and PENDING, so look under the left photo in the results to distinguish).
If you're interested in buying a Mason condo, please contact us 513-520-5305 with your needs and we'll help you find the right Mason community for you!
Serving Mason's condo buyers and sellers,
Liz and Bill aka BLiz
Recent Mason Condo Market Reports: