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Million dollar luxury home sales in Louisville KY

I can feel the housing economy is getting better and I wondered about luxury home sales in excess of 1 million dollars.  The Hollinden Team decided a little research was in order.

In 2011 there were 21 homes that sold in excess of a million dollars in the 5 county area of Greater Louisville.  Excluded were sales with excess farm acreage.  Only Jefferson and Oldham counties had properties that met these qualifications.  All homes were existing homes with the exception of one that was new construction.

The average asking price was $1.72 million and average sales price was $1.43 million with an 81.2% sale to list ratio.  Average days on market were 325 days.

The averages weren’t near as much fun as pulling out other data.  Six of these sales happened in 36 days or less; 4 happened in less than 2 days.  I think that this goes to show when you have a nice luxury property that is priced correctly, they still tend to move.  Of the 4 sales happening extremely quick, one was a distressed short sale luxury home.  Throwing it out of the equation, the 3 homes brought 99% of asking price.  I think that this adds further emphasis that luxury houses can also bring top dollar.

 In general, the longer the house was on the market, the lower the sales price ratio.  I looked at the ones that were on the market for over 300 days and found 9.  These brought 85% of asking price; which doesn’t seem too bad.  But wait, what about the sales price versus the original asking price?  This got ugly… Here I found a 59% sales price to initial asking price on these luxury homes.

If you have any questions or comments about the luxury home market, give Tim Hollinden a call at 502-429-3866.

Discussion

#1 Posted by jude birch at 2/29/2012 7:44 AM
Hi Steve! We've met a couple of times - large gatherings, I'm with Elizabeth Monarch at RE/MAX Associates. I also write (often), so I enjoyed your blog piece. Analysis is the most important part of what we do and enhances our ability to speak to any seller or buyer . . . it shows we care and understand the complexities of our awkward economy. I've always believed that our profession deserves more praise and a higher rung on the ladder than it ever gets! Your work here is helpful, we need more such thinking agents!

Cheers on a Wednesday, j
#2 Posted by Steve Dobbs at 2/29/2012 -1:46 PM
I appreciate the praise. This one took a long time to research and write; but it was fun to do and rewarding! There is more detail in my Active Rain post concerning the offices that were involved in these transactions.

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