Mason Ohio 45040 Condominium Market Report March 2012
So how did the Mason Ohio condominium real estate market perform in March? Did the Mason condo market bust out in full bloom with the upcoming spring season or act like a deep freeze winter? Stay with us and you'll have the full story for Mason condos.
If you're interested in the Mason single family homes March market report update just click the link for their story.
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. For instance, for sale by owner homes and new construction may not be listed. Some new construction is included, but homes custom built to buyer requests are NOT included. All data is for the Mason School District area, so is not limited solely to Mason city limits.
With Mason being named #24 on the Money Magazine Top 100 Best Places To Live list for 2011, 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 into the $300k price point. 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, 2011 and now starting 2012:
Next is the Mason condo median price summary chart.
Mason Condominium Home Category Data Summary:
Condos Sold: 6 (1 Bank/Government Owned, 1 Short Sale)
Average Price: $191,879
Median Price: $167,500
Days on Market Average: 70
Homes Active 4/3/12: 96
Homes Pending 4/3/12: 24
Sales/List %: 95.5%
Most Expensive Home Sold: $381,322
Least Expensive Home Sold: $82,950
So what is the data telling us about Mason condo sales? Well obviously we DON'T like the scarcity of condos actually closed in March. 6?? You're kidding right? Considering the previous two months a 14 and 11, we'd had to do the Santa Claus routine and check that list twice. 6 was the correct answer each time. However, the number that needs to catch your attention is 24. That's the number of homes under contract, and more than enough to equal 2011's sales for April & May, so we expect a good bounce in the next two months, and that's even with NO new contracts written, and you know that won't be the case.
We'd like to get excited by the price jump, but again, it's only 6 condos sold and with the $381k sale and the next nearest at $265k, the price is unduly influenced by those two sales. We'll have more confidence in the significance of that data once we have a higher quantity of condos sold and closed. With 96 condos on the market, there's inventory for buyers to choose from, but perhaps not something for every buyer. Mason condos continue to be very appealing considering the significant cost discount when compared to the average Mason single family home.
The proportion of distressed properties (bank/government owned and short sales) in the market is influencing but not dominating the Mason condo market.
So what does this mean to you as a Mason condo owner? Despite the low quantity of sales in March, the Pending data and price moves overall for 2012 give us continued confidence to state that if you're thinking about selling your Mason condo, you should still proceed after meeting with us to discuss your particular circumstances. Some condo developments are more readily sold than others (e.g. if your community has let its FHA certification lapse, your community has eliminated some potential buyers). Still, considering the quantity of condos for sale (including competing against new construction), if you're going to sell, you need to be aggressive priced, in good condition and marketed heavily.
For an evaluation of your home's marketability, please contact us.
So what does this mean to you as a potential Mason home buyer? Our advice is the same as for Mason single family residences and hasn't changed since last month: THE DATA TELLS US THE BOTTOM HAS BEEN HIT AND PASSED. The longer you wait to purchase a Mason condo the more it's going to cost you. If you're interested in buying a Mason condo, please contact us with your needs and we'll help you find the right Mason community for you! Continuing to wait may force you to either buy less for your dollar, or shift your purchase to another area that gives you more home for your dollar.
Serving Mason's condo buyers and sellers,
Liz and Bill aka BLiz