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.