A recent post, and graph, on another blog show just how much the median asking price of homes for sale in the Highlands jumped this past week, particularly in 40204. I did include the following chart on the other post, and had a bit of difficulty coming up with a really good explanation on why that price spike occurred. If any brainiacs out there could help me out, I would really appreciate it. If you would like to read the other article in full, it is from my Highlands Real Estate blog site at www.LivingInTheHighlands.com
A new listing has just hit the market and this Louisville Highlands home for sale is truly spectacular. What was once a distressed property has been totally gutted, expanded and finished to standards you are more likely to see in an east end million dollar home. With everything you would hope to find in new construction, such as hardwood floors, granite counter tops, open floor plan, etc… this home located in the heart of the Louisville Highlands real estate neighborhood is in great shape and ready for it’s newest owner.
Louisville Highlands Real Estate | Completely Renovated Home For Sale
Earlier today, I spent quite a bit of time preparing to meet with a potential client who lives in the Louisville Highlands real estate market. He is a potential seller, and has what looks to be a very nice looking home, which will probably be listed for over $500,000 in the 40205 zip code. As part of my research to prepare for my appointment with him, I broke down some of the local stats to check up on how the most expensive homes in the area are performing. Apparently, the most expensive 25% of homes for sale in 40205 are taking close to 250 days to leave the market, either through a sale or having the listing leave the market without a sale.
As I drive through the Highlands on an almost daily basis, I normally don’t carry my video camera with me. But on some days, I have it along. Or maybe I decide to throw my iPhone in the front dash and take a short video to help the curious get a better idea of just what makes the Highlands such a special part of Louisville. On this video, I drove through a few streets in and around Cherokee Triangle in the Highlands.
50% of Louisville Highlands homes for sale in zip code 40205 have reduced their asking price, close to a year long high. One year ago, only 48% of homes in 40205 had reduced their asking price, and that number dipped down to about 36%, but has climbed lately back to the 50% mark early in 2010. Homes for sale in 40204 have behaved a little differently, starting around 40% one year ago, before dropping to under 30% earlier this year. However, homes for sale price reductions have climbed again to 43% for homes in 40204.
The Median Market Action Index for Louisville Highlands Real Estate, as measured by Altos Research, has fallen from close to 20 in June down to 16 as of the most recent measurement this week. Any measurement below 30 would indicate a Buyer’s Market, with measurements above 30 indicating a Seller’s Market. As you can see, we are well below 30, and seem to be falling each month.
Here is a quick update for the Louisville Highlands real estate market, with the price of homes for sale in zip codes 40204 and 40205 being illustrated on the graph below. The line in gold is for zip code 40205 and covers the past 12 months. Overall, the median asking price for 40205 has been pretty steady, with the last measurement pretty close to the same value we measured last year, very close to $280,000, give or take a few thousand dollars. Louisville Highlands homes for sale in 40204 have seen a bit more movement in the same time frame, starting at $160,000 last year, up to $240,000 in late summer and now trailing off a bit to a median asking price of $200,000.
Normally I post graphs about the prices of homes for sale in the Highlands with the zip codes of 40204 and 40205 combined. But today I went ahead and split the two zip codes up, and the graph below shows only the median price data for homes for sale Louisville Highlands 40205. As you can see, prices have been falling for the past few weeks and even months, dropping from a high median asking price of $290,000 in late summer down to $269,000 this past week.
Homes for sale in the 40204 zip code, which is a large portion of the Highlands neighborhood in Louisville saw an unexpected spike in the asking price of homes for sale. About a week or two ago, the median asking price of homes for sale in 40204 was right around $162,000, but as of the last measurement taken within the past few days, the median price is now closer to $200,000. This is still well below recent prices of $250,000, but at this point, we will take what we can get.
Louisville Highlands 40204 Homes For Sale Prices
If you have any questions about homes for sale for sale Louisville Highlands, or Louisville real estate in general, please visit my website at www.GregFly.com. Also, please feel free to call anytime or send me an email at greg@gregfly.com.
Louisville Highlands homes for sale asking price has been graphed below, for zip codes 40204 and 40205, for the past twelve months. The gold line is for 40205, and shows that the asking price of homes for sale in that particular part of the Highlands, and it appears to have remained relatively stable over the past year, spending quite a bit of time between $270,000 and $280,000. The asking price of homes for sale in 40204 has seen quite a bit more volatility, and has fluctuated from $160,000 a year ago, up to $240,000 in August, and back down to $200,000.
