This is another blog post about another atypical market of homes in Lexington Kentucky.
Lexington is like most cities in our United States. It has places where home prices have fallen significantly and it has other places where prices have continue to increase even in this turbulent economic time.
The Beaumont subdivision which lies just west of Harrodsburg Road and north of Man of War is one of those areas where prices have showed a slight increase in the past year.
Home Prices Drop in 2011
I reported in a post written in March that Central Kentucky prices of homes sold in 2011 had dropped below the prices of homes sold in 2004. This is pretty bleak news for many home owners trying to sell their property.
There are however several hyper local markets in Lexington in which the prices of homes have continued to rise. Yesterday I ran a report with all the homes reported sold on the Lexington Bluegrass Association of Realtors for the Beaumont Subdivision.
Beaumont Prices Rise in 2011
I am pleased to announce to Beaumont home owners that the homes that sold within the past six months sold for an average of 109 percent more than what they were paid for in 2004. This is even more significant when you take into account that many of these homes were purchased new.
Be Careful not to Sell your home for too little.
I also discovered when carefully studying the Beaumont homes that sold within the last six months that there were three homes that appear to have sold well below market value. One of those homes sold for 80 percent of what it was previously purchased. The home appears to be in excellent shape. This home was not a bank owned home or a short sale.
So if you are a home owner in Beaumont and thinking of selling please be careful not to sell your home for too little. Give me a call if you would like me to do a highest market value analysis of your home.