Luxury Home Sales Rise in Metro Cincinnati: Comey & Shepherd
- Apr 04, 2014
By Adrian Maties, Associate Editor
Last year was an excellent one for luxury home sales in Greater Cincinnati and Northern Kentucky, according to Comey & Shepherd Realtors. In its recently released annual report, the Cincinnati-based real estate services firm said that the luxury market has not seen such levels of performance since before 2009.
Comey & Shepherd looked at single-family homes and condominiums in 22 neighborhoods that sold for at least $500,000. The number of properties in that category totaled 790, a 60 percent increase compared with the previous year.
“The psychology of the buyer matters significantly at this price point. Clearly economic indicators have had an effect on consumer confidence in both buying and selling homes,” commented Comey & Shepherd CEO Scott Nelson in a statement. “The numbers are telling – to have 300 more home sales in the higher end of the price segment from 2012 vs. 2013 clearly demonstrates that consumer psychology is on the upswing.”
The average time that high-end homes spent on the market also dropped significantly. Downtown Cincinnati, Over-the-Rhine and the riverfront area registered the most dramatic decreases, from 719 days on the market in 2012 to only 53 in 2013.
Indian Hill was last year’s star performer, tallying the most sales (90) and the highest average price ($1.2 million). Sales for the neighborhood totaled $108.25 million.
The complete report is available on Comey & Shepherd’s website.
Photo credits: Comey & Shepherd Realtors