Mason Ohio 45040 Single Family Home Residential Market Report January 2013
The first month of 2013 is now in the books. How did the Mason single family home market start 2013? With the usual January snooze? Stay with us for the full details and the best advice we can provide!
The Mason single family home real estate market continues to do well for one primary reason: Mason continues to be the most in demand living destination in Warren County. Frankly there is NOT enough inventory to meet every buyer's requests, particularly if they have a specific development in mind. Some communities (like Parkside in the picture below) have NO homes on the market. Perhaps the sellers are waiting for the spring market?
Mason is home to many professionals and upper management and as such is more resistant to market changes than other market segments.
We'll cover Mason condos in our Mason Ohio 45040 Condo Market Report January 2013 later today.
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.
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 continues to be THE hot area to live in Warren County.
Parkside, another one of the MANY fine Mason communities to call home!
Mason offers a full range of price points. There are a number of older developments featuring 1950s and 1960s vintage brick ranch homes to the other end of the spectrum with golf course community homes in excess of $1 million dollars! In general, you can expect to pay a premium for Mason homes when compared to communities further away from Cincinnati.
So, on to the data!
First up is the number of Mason single family homes sold on a month by month basis for 2010, 2011, 2012 and 2013:
Next is the Mason median price summary chart.
Mason Single Family Home Category Data Summary:
Homes Sold: 26 (4 Bank/Government Owned, 1 Short Sale) DOWN 9
Average Price: $251,596 DOWN
Median Price: $272,500 UP
Days on Market Average: 120 UP
Homes Active 2/6/13: 155 DOWN 1
Homes Pending 2/6/13: 68 UP 13
Average Sales/List %: 95.5% DOWN .4%
Most Expensive Home Sold: $625,000
Least Expensive Home Sold: $38,502
So what does this all mean? While sales volume at 26 was down compared to most of 2012, it was up significantly when compared to the Januarys of 2010-2012. Additionally the Pendings at 68 would point to a good February. Our biggest concern is there need to be more homes for sale to sustain the volumes. A large portion of the 155 for sale have days on market well beyond the average because the market has essentially rejected them at their current price. Whether due to condition issues or poor location, but buyers are NOT welcoming this homes as their next place to live. Fresh inventory is needed.
We just placed a home on the market in Deerfield Township's Simpson Creek Farms and showing activity has been heavy. Buyers are hungry for NEW offerings! Our recommendation to most potential home sellers in high demand developments is NOT to wait for spring to start marketing their home. There are buyers ready to go now and a little snow on the ground is not slowing them down.
Bargain hunting is still in play, as all four foreclosures sold for less than $100k. Overall, distressed properties are NOT major influences on Mason home values.
So what does this mean to you as a Mason Single family home owner? No real change to our past advice, just reinforced by the low inventory. If you want to sell, you need to be preparing your home for getting a "For Sale" sign in your yard soon. High demand communities need homes for sale NOW. If you live in an older home, don't expect the same level of demand, but you can compensate with the right updates, or via aggressive pricing.
Luxury home sales are still the slowest segment of the market. There's significant new construction available and at that point most buyers seem to prefer building it to THEIR custom tastes rather than someone else's.
For an evaluation of your home's marketability, please contact us. 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? It's getting competitive. With scarce offerings in prime communities, don't wait and assume IT'S A BUYER'S MARKET and you can do what you want. THERE ARE OTHER BUYERS WHO WANT THE SAME THING AS YOU. Get after it if you're serious. Get preapproved and don't assume a lowball offer is the path to success. The seller doesn't have to tell you they have another offer.
Don't expect overall prices to drop, because there's no driving reason to push prices down. In most neighborhoods, prices are increasing. 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 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 home for your dollar, or adjust to another area that gives you more home for your dollar.
Serving Mason's home buyers and sellers,
Liz and Bill aka BLiz