LUXURY HOME SALES INCREASED 5% IN 2016; 139 RESIDENTIAL PROPERTIES SOLD AT $ 1 MILLION OR MORE
April 19, 2017
Annual Luxury Market Report Details Luxury Home Sales In Twenty-Two Neighborhoods Throughout Greater Cincinnati and Northern Kentucky
CINCINNATI, OH – April 19, 2017 – The 2017 Annual Luxury Market Report released by Cincinnati-based Comey & Shepherd Realtors® shows a 5% increase over the number of luxury homes sold in 2015. The report details sales of residential single-family homes and condominiums at $500,000 and above in Greater Cincinnati and Northern Kentucky in a neighborhood-to-neighborhood price assessment comparing all MLS (multiple listing service) data from 2016 home sales. 851 homes were sold at the $ 500,000+ level in 2016 vs. 808 homes sold at the half a million or over price point in 2015. Sales volume in 11 of 22 suburban areas increased and average sale price increased in 10 of the 22 suburban areas.
“2017 will likely show more inventory in the higher end of the market as witnessed already in the first quarter, whereas inventory in the under $500k range is very tight and in high demand. Higher inventory and consequently less demand at the upper end of the market may signal lower sale prices in 2017,” said Scott Nelson, CEO, Comey & Shepherd Realtors.
Properties of note that sold in 2016 included: 2478 Middleboro Road in Washington Township, an equine estate on 149 acres for $ 2,975 million; 402 Baum Street in Mt. Adams, a townhome with rooftop terrace that sold for just over $ 1.4 million and 9125 Brokensound Lane in Indian Hill on 5 acres with a pond that sold for $ 1.62 million. Bloomberg recently ranked Indian Hill the 13th richest place to live out of 100 U.S. cities based on net worth.
Comey & Shepherd homes priced at $500,000 and above are exclusively distinguished and marketed locally, nationally and internationally by the Christie’s International Real Estate global network. To view the complete Cincinnati luxury market report, see the May issue of BEST Fine Homes, contact a Comey & Shepherd agent or visit comey.com.
About Comey & Shepherd®
Comey & Shepherd® is a full service real estate agency founded in 1946 and focused on providing buyers and sellers with the guidance and expertise necessary to complete a successful real estate transaction in the digital era. For more information about Comey & Shepherd, visit http://www.comey.com.
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