The good news is that the Louisville real estate market is up over last year in overall sales. There have been 8,721 homes sold through June, compared to 8,504 through June of 2016, an increase of 2.6%. The largest growth has been in the $500,000+ market with a big 35% increase in total homes sold, 359 vs. 266.
Another strong segment is in the $1,000,000+ market. There have been 43 homes sold for over $1,000,000 through June 2017 and 23 sold during the same timeframe in 2016. I’m please to say that the agents from Lenihan Sotheby’s International Realty represented 60% of those homes sold as well as the the highest sale of $2,100,000.
Right now, our problem is shortage of homes to sell. We currently have only 2.8 months of inventory in the overall market and several segments are even lower than that. We have more buyers than we have homes to sell, so it’s a sellers market in many areas.The shortage has driven higher prices in some areas, but other areas with more inventory are flat. Overall, prices in the market have increased 6.8% over last year, but the $400,000+ market, only 1.8%.
Enough numbers, now on to some fun trends I’m currently seeing in high-end homes:
- Built-in coffee bars in master suites for that “quick fix”
- Wine refrigerator in the master closet for the “dressing drink”…because we always look at bit better after a glass of wine, right?
- Towel warming drawers in the master bath as well as heated floors
- Specialty gyms like yoga studios
- Screened in porches with remote control screens and shades
- Ramped up outdoor kitchen concepts with built-in Big Green Egg cookers and/or pizza ovens
- Catering pantry room off the kitchen for caterers or storing/ staging food
It’s always fun to see what is new in homes, but it’s the personal touch and the history you create that makes a home have that special “home” feel. So, be sure to do it your way, no matter what the latest trend is!
Terri Bass, 502.424.8463