Paul's Blog: Surprises in Hamburg Housing Market, Lexington Kentucky

A place to learn about Lexington Kentucky and to discover "the New World of Real Estate in Central Kentucky. Paul is passionate building strong, life long relationships. His goal is to make his clients so pleased with his help they will want to introduce him to others they care about. Paul works By Referral Only. This is a safe place to question, discuss and share life authentically.

Surprises in Hamburg Housing Market, Lexington Kentucky

Interesting - Surprising - Shocking? Market report for homes near Hamburg in Lexington Kentucky, June 25 through December 22

Realtors expect price to be the most important thing in this market to get a house sold quickly.  What is surprising about this analysis of the homes near Hamburg is that price was not the most important. 

 

  • Analyzing the data it is obvious that condition for these buyers was more important than the price.
  • Another thing that is clear is that if the house is larger and in great shape it will sell quickly compared to the other homes.
  • So sellers living near Hamburg , get your home looking in top notch shape if you hope to sell.


View Homes Near Hamburg in a larger map

The monthly Rector Hayden Market Report does a fantastic job helping survey exactly what is going on with home sales in the seven Central Kentucky counties.

However to get a real understanding of what is happening in the Lexington Kentucky housing market we need to take a good look at specific local markets within a county, especially pockets within specific cities.

This report focuses on the Hamburg area which is the newest large shopping area in Lexington Kentucky.
Hamburg is 15 minutes from Rupp Arena, 10 minutes from the University of Kentucky and 25 minutes to the Camry plant in Georgetown

Most of these homes in Hamburg are less than 10 years old and many of them are new homes.

Here is a chart that shows the numbers for which homes in Hamburg are on the market, which have sold in the past six months and which have expired in 6 months.

All of these single family homes were priced between $175,000 and $1,000,000.  They also had to be at least 1700 square feet and  have three or more bedrooms and three or more bathrooms.

Homes Near Hamburg Square Footage Days on the Market Original Price List Price Sold Price
Active , 100 homes 3,028 124 $356,010 $349,127  
Sold, 91 homes 3,239 68 $335,482 $329,314 $324,230
Expired, 55 homes 2,943 161 $324,023 $317,148  



This market report on Hamburg near Lexington Kentucky  is interesting and surprising  for several reasons.  

1.  The homes that sold were larger than either those that have expired or those homes that are still actively on the market

2.   The number of homes that have expired in the past six months in Hamburg is only 55/ 246 or 22 percent of those on the market.

3.   The original price of the homes that have expired is significantly less than those that have sold and those homes near Hamburg that are still active.

4.  The selling price of these homes near Hamburg is more than the price of the homes that have expired.  This fact may even be shocking for some of us realtors here in Lexington.  We continually shout to our buyers "The most important thing is this market is to get the price RIGHT."

 It seems to me though there is a perfectly logical explanation.  Price is very important but equally important and maybe even more important is that these buyers are very aware of price per square foot and of the condition of the homes near Hamburg.

         1.  The average home that sold was almost 300 square feet larger than the homes that thave expired.

          2.  The homes sold in an average of only 68 days.  Almost half the time of those that are still on the market.  This fact should shout out, "CONDITION,     CONDITION, CONDITION."  Our homes must be priced competively but the condition is possibly even more important!
           
  Buyers who are shopping in the Hamburg area are interested in newer homes.  They are not wanting to "fix it up."  So if you are a seller in this area condition is MOST IMPORTANT.  If you have a home near Hamburg in Lexington and you want it to sell the best thing you can do is spend the time and money needed to make it look as new as possible.  

Call Paul 8596845890 or send me an email, pcampbell@rhr.com if you would like a free highest price market analysis for your home.

YouTube Icon LinkFacebook Link to Paul's Account

Rector Hayden Reators LogoThe Jubilee Team Logo

Click Here to Search for Homes at LBAR.com

 

 

Paul Campbell

The Jubilee Team of Rector Hayden Realtors

Lexington's Green Thumb Realtor

The Jubilee Team,  Paul Campbell and Dorothy LaBar

Paul's Contact Info:  859.684.5890   pcampbell@rhr.com

Dorothy's Contact Info:  859.608.0724  dorothy@rhr.com

A Google Map Showing Where the Jubilee Team Helps Sellers and Buyers.

A map of Central Kentucky Showing Where The Jubilee Team Helps Sellers and Buyers

Comment balloon 0 commentsPaul Campbell Realtor Lexington • December 23 2011 02:23PM

Comments

Participate