Mason Ohio 45040 Condominium Market Report May 2012

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

Mason Ohio 45040 Condominium Market Report May 2012

7609E Mansion Circle Mason OH 45040 condo for saleSo how did the Mason Ohio condominium real estate finally pick up in May?  Stay with us for the full scoop. 

If you're interested in the Mason single family homes May 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.  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 2012:
Mason Ohio Condominium Market Report
Next is the Mason condo median price summary chart.
Mason Single Family Home Market Report
Mason Condominium Home Category Data Summary:

Condos Sold:  22   (1 Bank/Government Owned, 0 Short Sale)  UP 2X

Average Price:  $142,664 DOWNA Mason Condo in Oakwood Lakes

Median Price:  $136,250  UP

Days on Market Average:  93  DOWN

Condos Active 6/6/12:  106  UP 5

Condos Pending 6/6/12:  35  DOWN 1

Sales/List %:  94.2%  DOWN 1%

Most Expensive Condo Sold:  $238,000

Least Expensive Condo Sold:  $69,000

So what is the data telling us about Mason condo sales? 

It's about time was saw the volume increase!  While Mason single family homes have roared back the Mason condo market had been lagging.  May's results is more representative of what we would expect.  Mason condos offer a value entry point into the Mason community.  

The Average Price and Median Price are fairly close together.   There are actually several different price point levels available for Mason condos, so depending on which communities are drawing the most attention for a month, these numbers can shift pretty readily.

We DO like the fact that there are still 35 PENDING Mason condos, and that bodes well going into June and July for SOLD numbers.

With 106 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. However some condo communities have not maintained FHA certification, so some buyers can't make a purchase in these communities.

It was a down month for lovers of distressed properties, as only ONE distressed Mason condo closed in May.  The proportion of distressed properties (bank/government owned and short sales) in the market is influencing but not dominating the Mason condo market.

4261 Eastlake Dr Mason OH 45040  condo soldSo what does this mean to you as a Mason condo owner?  Mason condo sales finally seems to be catching up with the momentum of the single family homes.  Prices are still variable, some communities still have a surplus of condos available and this is leading to pricing competition.  Whether now is a good time to enter the market is still a case by case decision that we can help you make.

However, the Pending sales provides some confidence that better times are ahead for Mason condo owners, especially if you live in a condo community that is FHA eligible.  

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 that it's STILL a good time to buy a Mason condo.  There's enough competition to provide a good selection and to create some negotiability in price.  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! 

Serving Mason's condo buyers and sellers,
Liz and Bill aka BLiz

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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
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Bill direct: 513-520-5305     
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Comments 11 New Comment

Ambassador
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Liz and Bill Spear
RE/MAX Elite Warren County Ohio
RE/MAX Elite 513.265.3004 www.LizTour.com

Anita, We try to provide the basic data and trends so our area consumers can have a good handle on what it means to their personal situation.

Dorie, And even with this detail we need to take it another level for individual sellers.  We interviewed recently with a condo owner in Mason.  Their development had 12 sales in the last year.  11 of them were foreclosures or short sales.  Unreal.  It will probably be a couple of years before their condo value will recover adequately to make a sale make sense financially.

Jared, We tend to attract a lot of engineering/accountant/technical types.  If we ask what type of information would these buyers and sellers want and provide it, we're off to a great start with them.

June 07, 2012 05:41 AM
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John McCormack
AlbuquerqueHomes.com
Albuquerque Homes Realty * www.AlbuquerqueHomes.com

Contact Realtors® Liz and Bill Spear for all your Mason Ohio condominium real estate needs.  Put Liz and Bill's real estate knowledge to work for you today in making your home dreams become a reality!

June 07, 2012 06:49 AM
Ambassador
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Liz and Bill Spear
RE/MAX Elite Warren County Ohio
RE/MAX Elite 513.265.3004 www.LizTour.com

John, Thanks for the endorsement!  We love listing and selling homes in Mason! 

June 07, 2012 06:55 AM
Rainmaker
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Greg Nino
Houston, Texas
RE/MAX Compass, formerly RE/MAX WHP

Gobs of good information. Nicely done! Interesting as condo's are more of a trendy product here in Houston.

June 07, 2012 08:30 AM
Ambassador
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Liz and Bill Spear
RE/MAX Elite Warren County Ohio
RE/MAX Elite 513.265.3004 www.LizTour.com

Greg, We try to make it worthwhile for those interested in Mason condos to read the full story.

June 07, 2012 08:54 AM
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Liz and Bill Spear

RE/MAX Elite Warren County Ohio
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Additional Information

REALTORS(R) serving Warren County Ohio and surrounding areas. Observing and reporting on real estate and related topics to help your quality of life! And if you're asking where is Warren County Ohio? We fill the space between Cincinnati and Dayton. Perfect for enjoying the bigger cities without living in them. Places like Mason, Lebanon, Springboro, Waynesville, Franklin and more. Plus lots of rural properties available too. We work with both residential homes buyers and sellers.