This Mockingbird Gardens home was only on the market 1 month before selling in January with Jon Mand and Chuck Pence representing the buyer and seller.
The numbers for January are in and closed home sales of $400,000 and above posted an 18% increase over the same period last year. With a typical transaction taking 30-45 days to close, this increase in January closings is the result of unseasonably strong sales activity in December/November. That momentum has carried over into 2015 with new pending sales of high-end homes up 73% over last January, pointing to what will be great sales numbers for February and March for this segment.
Of course, the availability of quality homes for sale greatly influences overall market activity so it should be no surprise that the number of homes for sale above $400,000 is up 16% this year. Encouraged by the strong buyer activity, sellers have left their homes on the market through the winter months contributing enough supply to meet buyer demand for the moment. While overall listing inventory at the high-end is up, new listings coming to the market were off slightly in January (-2.9%) which may put future pressure on sales activity unless sellers begin bringing their homes to market prior to the traditional spring season.
As always, it’s important to keep in mind that the high-end segment is a small slice of the Louisville market and the difference of a few sales can have outsized effects on the statistics, but the trend is looking great so far.
Wondering what this means for you and your home? Send us an email and we’ll be happy to give you a complimentary valuation for your property.
Here are the January statistics broken out with the overall market as a reference:
All statistics from the Greater Louisville Association of Realtors and MetroSearch, Inc as of 2/9/2015.