Hyper-Local housing markets in Lexington, Great Differences in Sales Prices for two adjacent neighborhoods.

The adjacent neighborhood just east of the University of Kentucky homes are much higher priced.  Another proof of the very hyper-local  differences in the housing market in Lexington Kentucky.  This market analysis is for homes located north of Alumni Drive and south of Downtown between High Street and Richmond Road.  A few days ago I did an analysis of a neighborhood just west of this area that included mostly homes that were located close to the University of Kentucky.  Today's area includes most of Chevy Chase, most of Ashland Park and a small portion of Chinoe.  These are all very popular neighborhoods near the downtown area of Lexington.

Cogent points from this downtown Lexington market analysis:

• The smaller homes in these Chevy Chase, Ashland Park and Chinoe neighborhoods are selling much faster than the larger homes. There is a difference of almost 800 Sq.Ft.
• The homes that sold in 2011 were priced almost 60 percent lower than the homes that have expired.
• The average price of the homes still on the market is almost $100,000 more than the homes that have sold in 20ll.

What does this mean for current sellers and buyers in this Chevy Chase-Ashland area.

• Sellers will need to drop their prices significantly if they have a larger home.
• Sellers with a smaller home should have a much easier time selling.
• Buyers need to move quickly on the smaller well priced homes.
• Buyers should be able to use this data to negotiate a much better price on a larger home in the Chevy Chase and Ashland neighborhoods.