Louisville real estate analysis is good to have on hand, but like I mentioned in my Boulder Real Estate Analysis post, some towns are small enough and sales volume is low enough, that you need to be aware how one sale can skew data such as days on market and median sold price so much that it’s just not the most accurate picture. Enjoy this little Louisville Real Estate Analysis, but take it with a grain of salt and by all means, call or email me if you are looking to buy and sell in Louisville.
First thing to notice is that the number of sales go up in the 2nd and 3rd quarters. Big surprise, right? You might also be wondering why the sales volume for Louisville seems to have dropped a bit. That would be because of the lack of inventory. Trust me when I say, if we had the inventory, the buyers would snap it up!
Buyers and Sellers, I would be delighted to go over recent and current data with you. I can paint you a more specific picture of the market with a Louisville real estate analysis that is focused on the criteria that matches what you are looking to buy and/or sell. Size, location and schools all matter, but what matters even more is that you are quick to get the data you need and quick to ACT on it. There is no point in analyzing the property to death only find out the Buyer who actually put it under contract is getting a great deal!
So… how is the condo/townhouse market doing? We have a Louisville real estate analysis for that too!
With only 15 sales in Q4 of 2013 and a markedly different looking chart, let’s give this some more thought:
Have you heard of The Overlook at Steel Ranch by Boulder Creek Builders? How about North End by Markel Homes?
About a quarter of the attached sales from October through December 2013 were from these two new developments. The properties feature the latest in functional layouts, very nice finishes, lots of light and ample storage. More often than not there is an attached 2 car garage, air conditioning and tall ceilings… even in the basement. They were built in 2013 and have much higher prices than the older complexes like Westfield and Hunter’s Ridge. With a median price of $433,735 for the new construction and a median price of $230,000 for the older style townhouses and condos, it’s easier to get a better picture of how the market was changed by North End and Steel Ranch. New construction also takes longer close, as you may know if you have ever explored it. Unless the condo is already built, the buyer may find themselves under contract and watching the foundation being poured. It can take six months before closing and possession is a reality. Because the builder may put the “home” for sale on the MLS before it has even broken ground, it is understandable that days to offer could be a bit longer than something that hits the market and has an open house the same weekend.
I have had the pleasure of exploring all the new construction in Louisville in the later part of 2013. Lock and leave is how I might best describe almost all of them. And sophisticated… very sophisticated feeling. Even the detached homes have a low maintenance, modern and convenient feel to them. If you get in early enough, you get to pick finishes, upgrade or make some changes to the layout. The down side is the wait to completion and of course, it will be years before the neighborhood has an established look and feel.
NOTE: If you are considering purchasing new construction (and it doesn’t hurt to consider absolutely everything), you need to either take a Realtor with you on the first visit or at least give the builder your Realtor’s name. Without this first step you likely forfeit your right to representation… Someone to help you ask the important questions, negotiate and analyze the neighborhood. Someone who works in your best interests, not the builders!