What's My Mason Ohio Home Worth? August 2016 Update
Your first take looking at the stats below might be to panic despite the increase in sales volume. Those PRICES??? WHAT HAPPENED?? Big drops right? But there's no need to panic. Almost totally missing last month were luxury home sales in Mason, with only 4 of 75 sales completed for prices $500k or up. Last month that was 14 of 66 homes over $500k. It doesn't mean homes are worth less, it just wasn't a great mix this month with a little more shopping on the "affordable" side of Mason prices. Home inventory decreased and homes are STILL selling fast, with 1/2 of those sold under contract in 9 days or less. If you're on the market and NOT selling in a reasonably short time, it's time to examine your marketing and price to make sure you're providing value for the buyers. Obviously luxury and unique homes will take longer to sell.
Stay with us for more details!
Is the 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!
We'll cover Mason condos in our Mason Ohio 45040 Condo Market Report August 2016.
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.
Long Cove, home to many of Mason's luxury homes
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: 75 (0 Bank/Government Owned, 2 Short Sale, 3 New Construction) UP 9
Average Price: $311,721 DOWN $80k
Median Price: $349,000 DOWN $49k
Days on Market Average: 38 UP 6 (median time 9 days)
Homes Active 9/7/16: 173 DOWN 25
Homes Pending 9/7/16: 98 UP 2
Average Sales/List %: 97.6% UP .2%
Most Expensive Home Sold: $1,050,000
Least Expensive Home Sold: $100,000
What are the key takeaways this month?
- Overall sales typical when compared to past years. There tends to be a bump up in August when compared to July, or at least holding steady. This year a bump up to 75 homes sold. Not bad!! Prices?? Well that doesn't look pretty, but remember what we told you at the beginning: Luxury home sales went AWOL last month, but we expect them to come back. Look for a price bump back up next month.
- New construction communities are staying busy and Roberts Park is moving along quickly. There's a new community coming on Rt 42 called Ambleside. Still a bit early for that one, but we expect it to do well. Most of the new construction sales are built to order and NOT included in MLS nor our stats summary. Fyi, if you are interested in new construction communities in Mason, we can help (just call 513-520-5305)!
- No homes sold below $100k and 4 sold $500k or higher.
- 47 of the 173 listed homes not under contract are new construction. Hire an agent to help you since you DO NOT get a better deal without an agent.
- Homes under contract increased to 98, so that's a VERY healthy chunk of all homes currently on the market.
- Buyer demand is still high. Buyers are VERY anxious for new homes on the market, especially in the more affordable price bands. Homes going under contract in single digit days is not uncommon, and if you're below $300k and newer, expect to get swarmed.
- Distressed properties (foreclosures and short sales) remain scarce in Mason! Two of the 75 homes sold were distressed (both short sales), and only 4 of the 173 not under contract are distressed (2 each short sale and foreclosure).
So what does this mean to you as a Mason Single family home owner?
STILL NO REASON TO CHANGE FROM LAST MONTH: Be aware that we've passed over the peak activity month, but the market is STILL busy! If your home is below $400k the advantage is more to you than buyers. The closer you get to $500k the more likely you're competing with new construction. What's the compelling case to buy your "used" home over a new 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?
STILL NO CHANGE:
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. A weak offer may mean you're going to keep looking even longer. We highly recommend do NOT wait to write that offer or you may lose the chance to own that home. We're also seeing some new highs being established as competition drives up prices. In some case, FULL asking price isn't enough to get it done.
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: