What's the Market Like For Mason Ohio Condos?

By
Real Estate Agent with RE/MAX Elite 513.265.3004 www.LizTour.com SAL.2002007747

Mason Ohio CondoWhat's the Market Like For Mason Ohio Condos?

First off, if you want to live in a condo in Warren County, the best chance of finding what you want is in Mason!  There are numerous condo developments with a variety of styles, ranch, two story, townhouse, lake views and golf courses, lower price point and WOW can you believe they paid THAT much??

Combine location with serious convenience to work, shopping, dining, entertainment and a #24 Money Magazine ranking in 2011 for Best Places to Live and you can see the appeal.  And did we mention Mason public schools are among the best in the state? There's a LOT of reasons for Mason to set the pace for Warren County housing.

In September we analyzed the Mason Ohio School District residential homes sales overall and included single family residences along with condos and the message of recovery was VERY strong.  Today we're going to split out the condos from that report and provide you the specific data for them.  We'll include all condo sales data from Cincinnati MLS and interpret what the data is telling us.

The first table is a year to year comparison, basic information as to how many homes sold, what the average price was, median price, and average days on market.  We used 2005 as a baseline because it's well before things swept downwards in 2008/9.  For the overall market from our previous report, Average Prices were down 4% from 2005 and Median Prices were down 2%.

Mason Ohio Condo Real estate market report

 

So what does the year to year data comparison show us?  Overall, when comparing the full year of 2010 to the full year of 2005, Average Prices were UP 3% and Median Prices UP 4%.  Condos outperformed the overall residential market for this time frame, although obviously sales volume is WAY down.  Condos make up approximately 25% or more of Mason's residential sales.  Considering the news from many areas is tremendously negative, this is pretty upbeat news.

But since we're most of the way through 2011, we're not going to stop with full year data.

To keep things apples to apples, let's compare the first NINE months of each year and see what the data tells us:

Mason Ohio Real estate market report

 

Wow, that shift was unexpected!  -10% and -16%???? Through the end of 2010 it was looking fantastic.  We actually had appreciation through the end of 2010, but it looks like the bottom fell out this year. 

Mason CondoSo what happened this year?

Obviously something seems to have shifted and radically!  Considering that there's been no recent negative business news significant enough to drive down home prices, and no issues with school performance or quality of life, what could be driving this drop?

In one word:  Foreclosures!  We dug a bit further to understand what happened, and examined Bank owned, Government owned, Short Sales and also included Relo homes since they're often sold below full market valued. 

For 2009, 2010 and 2011 nine month periods, those populations have been 23-24 homes Sold for each of the nine month periods.  VERY consistent.  But the average sales prices of those homes have been dropping, and for 2011 the average distressed property sold at $85k vs. $95k and $110k in the other two years. 

And you'll note that the volume of condo sales is off considerably from the previous years, so while the number of distressed property sales have been consistent over the last three years, they're percentage is up significantly for 2011.  Couple that with the prices for those distressed properties being significantly below the Average and Median and thus dragging down the entire condo sector values for 2011.

So what does this mean to you as a Mason Ohio condo seller?

Fewer condo sales overall mean it's taking longer to sell.  You've got more direct competition from foreclosures and short sales. You can address that one of two ways:  Go to their price level and whip them with your superior condition and ease of negotiation (okay, this isn't going to be viable for MOST sellers due to the price level), or price your condo "normally" and fill up your patience jar.  You're going to watch some condos sell before you, but this is really a tale of two markets, the distressed and the regular resale.

So what does this mean to you as a Mason Ohio condo buyer?

It basically means you've got a window of opportunity to purchase a Mason condo off the distressed market if you've got the flexibility to wait for responses and solid financing to back you up.  Condo financing can be more challenging than single family residences, so it's critical to have a lender and a REALTOR(R) assisting you who know the ins and outs of condos. 

We represent both Mason condo sellers and buyers, so if you're interested in discussing what we can do for you, and how your particular community has been impacted, please give us a call!

Serving Mason's residential real estate needs,

Liz and Bill aka BLiz

Posted by

REALTORS(S) Serving Warren County Ohio & Adjacent Areas

The Liz Spear Team of RE/MAX Elite
Elizabeth & William Spear
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Liz direct:  513-265-3004
Bill direct: 513-520-5305     
Fax: 866-302-8418

MailTo:  LizSpear@Go-Concepts.com

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Show All Comments
Rainmaker
594,231
David Popoff
DMK Real Estate & Property Mgmt - Darien, CT
Realtor & Property Manager, Fairfield County, Ct.

Great Market report and explaination. The shortsales and foreclosures are cheaper but usually need more work in my experience.

Oct 26, 2011 09:11 AM #1
Ambassador
1,469,313
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

David, That's truly a risk.  Some get taken care of, others get thrashed, and thus the lower prices.  Plus mix in the uncertainty about how well the bank responds and whether they'll take another offer....as a buyer you've got to be prepared to get stalled more than you'll like.

Oct 26, 2011 09:16 AM #2
Ambassador
1,512,271
Tammy Lankford
Lane Realty - Eatonton, GA
Your Lake Sinclair Expert (706-485-9668)

Values on Lake Sinclair property held their own long long after the crash and we feel that same rug pulled out from under us feeling this report expresses on Condos in the Mason school district.  Seems no matter what advantages (yours obviously being the schools, and mine being waterfront wtih low taxes) that this economic downturn has lasted long enough to hit EVERYONE.

Oct 26, 2011 01:35 PM #3
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1,469,313
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Tammy, I think the cumulative effect of the last few years is finally catching up with some homeowners that held on, but have now decided to give up the fight, or can't fight on.  It's still a relatively small slice in the big picture, but it makes the numbers look really ugly.

Oct 26, 2011 01:45 PM #4
Rainmaker
1,371,981
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Quite possibly the most detailed condo market report I have seen here on AR...excellent information for anyone considering a condo in Mason OH.

Oct 26, 2011 02:19 PM #5
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Tammy Lankford
Lane Realty - Eatonton, GA
Your Lake Sinclair Expert (706-485-9668)

I think the same goes for waterfront homes on our lake.  Just a few foreclosures can pull the "average" and median numbers into the pits.  But once it happens... those sales become the new comps and there it goes.  So sometimes that small slice and spread like a virus.

Oct 26, 2011 02:32 PM #6
Ambassador
1,469,313
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Anita, Thanks!  We've tried to give it a comprehensive historical review to provide a baseline for any future reviews.  And hopefully the sections at the end give clear directions for what both buyers and sellers and expect in the current market.

Tammy, Fortunately still not prevalent enough for us for the foreclosures to demand to be the new comps, but they do bushwhack the numbers pretty badly.

Oct 26, 2011 02:39 PM #7
Rainmaker
693,237
Steve and Jan Bachman
RE/MAX Gateway, Reston, Herndon, Ashburn, Sterling, Fairfax - Herndon, VA
Realtors - Northern Virginia

Love this format!! What more do folks need to know? It's all right here...

call the Spears. They know what they are doing...can't you tell? Try finding some other local agent who does this kind of detailed report. Good luck with that...

Oct 26, 2011 03:30 PM #8
Ambassador
1,469,313
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Steve, Thanks for the endorsement!  We try to be thorough with our reports, one of the perks of having an engineer/REALTOR(R) on the team :)

Oct 26, 2011 05:00 PM #9
Rainmaker
1,052,800
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Liz & Bill, great points what the effect of REO's have....I read somewhere that there is a formula for every REO what per cent it drops the price of a neighborhood...it is Scary

Oct 27, 2011 07:37 PM #10
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Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Endre, For the most part Mason has been immune to the foreclosure effect, so this hit was surprising.

Oct 28, 2011 06:02 AM #11
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