It’s been a good summer for our Northside neighborhoods. 23 homes sold between June 1 and Aug 31, 2015. And there are another 8 homes that are/have been under contract and getting ready to close now.
As of today, there are only 4 homes still available on the Northside. These 4 homes demonstrate the importance of PRICING YOUR LISTING APPROPRIATELY FROM THE BEGINNING. There is a way to find the average price of a home per sq ft for an area (ask me for this fun graph). Once that average is found, a seller can move up or down the price ladder based on location and condition. People who want to sell in Louisville are generally making the “required” upgrades or are willing to price their homes attractively to the handy-type who will put their own sweat equity or funds into it to make it “Louisville-attractive” (defined below). Those who deviate from this formula generally sit on the market longer and have several price reductions. For example:
– 874 Barberry Cir. was originally listed at $589,900. A bit of a stretch for a patio home with 2 bedrooms up and a 3rd in the basement that backs to S. Boulder Rd. Recently reduced several times and is now priced at $495k. I expect it will be under contract fairly soon now. 42 days on the market today.
– 415 Sunland St (across the street from me) is a lovely home with over 4,000 sq ft. however it’s somewhat of an anomoly for the neighborhood. It’s newer and larger than it’s neighboring homes however, it’s always hard to swallow being the MOST expensive home in a neighborhood… oh and though Louisville’s train is just a part of living here and easy to get used to, many are unwilling to pay the premium price of $859k (the original list price) to have it rumble right next to their backyard. Priced now at $799,000, that will be easier to swallow. ($750k would be even easier). 78 days on the market today.
– 115 Continental View Dr has been on the market for over 100 days. Starting price was $925k and has been reduced several times and is now at $825k. This does have nice views but could definitely use some updating and is located at the corner of McCaslin and S. Boulder Rd.
14 total homes sold over the summer months in 2014 and the average sales price was $504,214
23 total homes sold this summer (2015) and the average sales price was $552,004
The takeaway…an average price increase of 9.5% from last summer to this summer.
The 5 homes that closed in August also showed the textbook real estate rule of PRICING IT APPROPRIATELY FROM THE BEGINNING. This is especially important in our particular seller’s market. Of the 5 homes that closed in August, 4 were priced right for their location and condition and one missed the mark.
– 2432 Senator was listed at the low bargain price of $360k (sold at $355k). Days to offer: 7
Location: Very Good-Excellent
Condition: Average; Roof and furnace needed to be replaced. Priced accordingly.
– 1714 Polk Ct was listed and closed at $520k. Days to offer: 6
Location: Average, backs to S. Boulder Rd
Condition: Very Good
– 2323 Dogwood Cr was listed and closed at $579,900. Days to offer: 6
Location: Excellent, backs to open space/views
Condition: Excellent, many updates
– 1791 Tyler Ave was listed at $699,000 and sold for $595,000. Days to offer: 37
Condition: Very good. Although this is a great house with a fabulous yard, asking $699k with a small (yet updated) kitchen and baths in need of updating was quite a stretch.
– 1057 W Choke Cherry Dr. was listed and sold at $650k. Days to offer: 2
Condition: Excellent, lots of yard and sq footage for the price and appropriate upgrades were in place.
Our Louisville homes are still in high demand. However, sellers must be realistic. I mentioned being “Louisville-attractive”. Buyers know they are buying Louisville’s lifestyle and although that comes at a premium, they won’t take just anything. There is a sharp price differential between shiny, new and updated and the relatively inexpensive with potential.
The Fall and Winter months are still going to be favorable for well-prepared sellers. You may not see a frenzy of harried buyers, but all you need is one ready, able and willing buyer–and they are still going to be out there. If a buyer is out looking in bad weather conditions, it just goes to show how invested they are to finding a great home.
*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.