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The Hollinden Team Louisville KY Real Estate Blog

Patio Home Absorption Rate in Louisville KY

This morning I had discussion with a client moving from Minnesota with the Ford Relocation to Louisville KY.  She asked me about how well Patio Homes in our Louisville Market were moving.  I gave her some generalities over the phone and then decided to dig up a few numbers.

I know that closed home sales and new listings are up this year over last in the entire Louisville MLS.  But, has the absorption rate changed?  I used closed home sales in the August through October time frames for my calculations. 

In Jefferson County, we sold 1765 homes in this 3 month time frame for an average of 588 home sales per month.  We currently have 5101 homes in the Louisville MLS inventory.  By doing the math, we calculate that we have an 8.67 month supply of homes if no more come on the market.

In the group of condos and patio homes, we sold 253 in the same time period or 84 per month.  With a supply of 1282, this gives us a 15.2 month supply of condos and patio homes.

My client’s real interest was in a patio home.  In the Louisville MLS; condos, townhomes, and patio homes are grouped together.  I was able to pull out the numbers for patio homes and give a more definite number.  There were 38 patio homes sold out of a current inventory of 235 patio homes.  This gives us an absorption rate of 12.67 per month.  Doing a little more math gives us an 18 month supply of patio homes.  This is definitely a buyer’s market!

If you have any questions about this, feel free to contact The Hollinden Team in Louisville KY.

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Luxury home short sale in Louisville KY

The Hollinden Team had the pleasure of bringing a buyer to a short sale in the Locust Creek area of Louisville KY.  This home sold for $1.2 million in 2004 and was extremely well appointed.  Every luxury item that you could imagine was there and then some more. The Millwork was very extensive and very well done.  Interior doors were 8’ tall. As you would expect, the kitchen was a chef’s delight.  There was a separate work preparation island with a 3.5 inch butcher block counter. The basement was very well done and included a theater room and killer bar.

The listing agent was excellent and did a great job in negotiating with the bank and working with their sellers.  They were extremely knowledgeable about the short sale process and actually like the complexity of the challenge that short sales present.  We were 80 days from offer to final close.  We avoided the Jefferson County Commissioner’s sale with less than 24 hours to go.  We have more detailed information about Louisville Distressed Properties on another page.

The lender also did a great job.  Once we received short sale approval, we had a narrow window to get the loan in place.  Our loan officer was able to rise to the challenge and we closed with no hiccups.

It took all parties to make the short sale on this luxury home happen.

Was it a pain in the butt dealing with this short sale?  Yes.  Did my client get a great deal?  YOU BET!!

For more information on how you can get a great deal on a short sale in Louisville KY, feel free to contact the experienced agents at The Hollinden Team

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