Blue Heron August 2016 Real Estate Update

August is a notoriously slow month for real estate.  While inventory is still usually high from the summer height of the market, the amount of active buyers and showings slows down.  There are several theories for this but the statistics show a decrease in homes going under contract as well as a decline in sales price, which picks back up until Thanksgiving.  After 79 days on the market 2595 Ginny Way closed at $770,000 which was 3% under asking and at $153 per square foot, which is below the $169 per square foot that similar homes in Louisville and Lafayette have been garnishing.  2412 Ginny Way, which backs to open space, reduced the price to $875,000 ($161 per square foot) and is now under contract after 75 days on the market.

Two new homes have popped on the market in Blue Heron South.  2523 Westward Drive is priced at $675,000 ($148 per square foot) and was beautifully decorated by a designer and is a great deal for a future Blue Heron owner.  The owners have finished the basement to add an additional bedroom and rec room which shows surprisingly light and bright.  The other listing at 2528 Cowley is even larger and priced slightly higher at $850,000 ($164 per square foot) and boasts 6 bedrooms and a beautiful yard and gardens.  This home has a main floor master bedroom, which is a highlight for many buyers. I truly believe a lucky buyer would have snatched up either of these houses were it not for the August slow down in active buyers.