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Lexington, KY

12 Reasons to Retire in Lexington Kentucky

Paul Campbell: Real Estate Agent in Lexington, KY

12 Reasons to Retire in Central Kentucky

1. Lexington is within 60 percent of the population of the the United States. It is a days drive to hundreds of great historical sites, beaches, famous sporting events and lovely cities.

2. Housing prices are stable and quite reasonable. Right now there are hundreds of homes on the market that are perfect for retirees. Homes in safe communities, homes within close proximity to downtown and The University of Kentucky.

3. The cost of living, cost of taxes and cost of trasportation are all well below the national average.

4. The state of Kentucky does not tax state retirees from other states. I am a retired teacher from Washington and do not pay any state taxes.

5. The winters are cold in Lexington but they are also dry. We get small amounts of snow and a little ice ocasionally but that time is usually followed by sun!

6. When tired of the winter cold you are only a days drive to the sunny southern gulf beaches.

7. The Library system is excellent. So good that often it is hard to find a parking space.

8. There is seldom a serious traffic jam in Lexington. Waiting in a traffic line more than five minutes is rare.

9. The long growing season is suited for growing almost any vegetable. Grow your own veggies, save money and enjoy healthy eating.

10. The beauty of the land nine months of the year is unsurpassed. The fall colors are striking, the summers are green and spring comes quite early.

11. The Kentucky Wildcats have a great basketball team.

11. I am a fearless negotiator and will save you money when you buy your home in Bluegrass Country. Please send me an email or give me a call. Thanks so much! Paul

Is the Listing Price Important? - A Study in Lexington Kentucky, Zip Code 40517

Paul Campbell: Real Estate Agent in Lexington, KY

How does the listing price affect the selling price? - A study of the facts in Lexington Kentucky - Zip Code 40517

This is the second part in what is intended to be a 7 part series studying the affect that "Days on the Market" has on the selling price of homes in Lexinton Kentucky. The first blog post studied Zip Code 40503
The second studied 40504
The third studied 40502
Today's study is of 40517.
A map of zip code 40502 in Lexington Kentucky


The purpose for these next series of articles is to research how the original listing price does or doesn't affect the selling price of a home. We read and hear Realtors that setting a high price can lead to a low selling price. Is that true here in Lexington? When I do listing presentations I show my clients how listing prices correlate to selling prices in their area. However to my knowledge there is no systematic study of that correlation in Lexington.

My goal over the next 10 days is to look carefully at the primary zip codes of 40502, 40503, 40504, 40511, 40514, 40515, and 40517. I will analyze each zip code and see if the statistics will reveal anything of significance. The study will include only single family residences with selling prices between $10,000 and $999,999. In all of Lexington this past year there were only a handful of homes that sold for more than a million dollars.

My conclusions about Zip Code 40517 are listed first followed by the information that supports them.

  • Realtors must be careful not to generalize about "Days on the Market" having an adverse affect on prices. This confirms the data found in .
  • Sellers need to determine if waiting to sell their home for a greater price after an additional 124 days is worth the risk. It appears at least in the lower priced homes it may be well worth the wait in Zip Code 40504.
  • Fewer than 25 % of homes sold for more in the longer time in 40503. In 40504 and now 40517 sixty % sold for more when on the market longer than 90 days. The disparity between Zip Codes may be affected by the large number of rental properties in 40504 and 40517. Could it be the properties are listed for much more than the real market value originally and "investors" are not getting the "bargains" they expect?
  • The active homes on the market in 40517 is much greater than in 40502, 03, or 04. This large inventory should make finding a value less difficult.
  • Blurb of buyer wondering about a good buy.


This study is for the Zip Code 40517.
Geographic Data:

  • The area extends South from New Circle Road to Man of War Blvd and lies mostly between Nicholasville Road and Richmond Road.
  • New Circle Road is an average of less than four miles to downtown Lexington which makes it a natural landmark. Homes within "The Circle" are generally desired by people wanting to live "close to the action."

Detailed Profile Estimated (2008) Data for Zip Code 40517:

  • Population - 37,780
  • Houses and Condos - 17,224
  • % of renters - 58
  • Estimated Real Estate Tax - 1.1, $788
  • Annual Household Income = $44,171


The table below shows how I broke down the prices into certain increments. All numbers are from The Lexington Bluegrass MLS on 02/01/2010
Before analyzing these numbers there are other factors to consider.

  1. There are 136 active listings for 40517 and 53 of those have been on the market more than 90 days. The average is 170 days.
  2. There were 223 properties which were expired, withdrawn or deleted during this time frame. Of course many of those are back on the market and would be also be include in the current active listings. This number far exceeds the other zip codes studied in Lexington.
  3. The average days on the market for all of 40517 for the homes selling in fewer than 90 days was 31 days. Those on the market more than 90 days sold in an average of 164 days. How much money does it cost to keep a home on the market an additional 133 days? That is an important question to present to home owners.
  4. 40517 is an area in which there is no new construction and hasn't been other than condos for 20 years. It is outside but adjacent to the circle so still very convenient to access the University of Kentucky and downtown. There are a large number of college students who rent and commute 2 or 3 miles.


So, what is significant about the numbers in the chart below about 40517?

  1. There is no direct correlation between days on the market and price in 40517 which was true of 40503, 40504 and 40502 but there are some trends worth exploring.
  2. Deduction: Be careful about generalities. Sweeping statements about price and days on the market cannot be supported by the facts in this area code.
  3. Homes that sold for more when on the market longer than 90days, adding columns 2 and 3 of row 5 totaled 44.
  4. Homes that sold for more when on the market fewer than 90 days, adding colums 4 and 5 of row 2 totalled 58.
  5. Deduction: This zip code is much lower income and has a much higher pecentage of rental properties than 40502 or 40503. This zip code is very similar to 40504. Upon closer review of the lowest priced homes it was clear many were REO or auctioned properties. Could it be the original listing prices were set much higher than the real market value and investors did not get the "great bargains" they assumed? It seems logical to me that there was significant price listing disparity in the $10,000 to $120,000 dollar range. Investors beware!


Zip Code 40517 10-120,000 120-139,000 140-159999 160-199,999 200-249,999 250-349,999 350-549,999 550-999,999
# homes sold <90days 96 64 48 10 None sold Non Sold None Sold
Selling average price 96,487 128,483 149,388 173,090
Original average price 102,622 132,566 153,379 183,710
%selling price/original price 94% 97% 97% 94%
# homes sold > or =90 days 34 10 11 5 None sold 1 Non Sold
Selling average price 102,688 129,600 149,045 170,330 253,000
Original average price 112,984 135,700 162,138 186,920 270,000
%selling price/original price 91% 96% 92% 91% 94%
<90days price minus >90 (6,210) (1,117) 343 2,760

How Does Price Affect the Selling of a Home?, Part Three

Paul Campbell: Real Estate Agent in Lexington, KY

What affect does listing price have on selling price? A study of the facts in Lexington Kentucky - Zip Code 40502

A map of zip code 40502 in Lexington Kentucky



This is the third part in what is intended to be a 7 part series studying the affect that "Days on the Market" has on the selling price of homes in Lexinton Kentucky:
The first blog post studied Zip Code 40503
The second blog post studied Zip Code 40504




The purpose for these next series of articles is to research how the original listing price does or doesn't affect the selling price of a home. We read and hear Realtors that setting a high price can lead to a low selling price. Is that true here in Lexington? When I do listing presentations I show my clients how listing prices correlate to selling prices in their area. However to my knowledge there is no systematic study of that correlation in Lexington.

My goal over the next 10 days is to look carefully at the primary zip codes of 40504, 40503, 40502, 40511, 40514, 40515, and 40517. I will analyze each zip code and see if the statistics will reveal anything of significance. The study will include only single family residences with selling prices between $10,000 and $999,999. In all of Lexington this past year there were only a handful of homes that sold for more than a million dollars.

My conclusions about Zip Code 40502 are listed first followed by the information that supports them.

  • Realtors must be careful not to generalize about "Days on the Market" having an adverse affect on prices. This confirms the data found in 40503 and 40504.
  • Sellers need to be aware of the limited number of homes for sale in the lower price ranges of 40502. Lower income buyers are waiting in the wings to buy these homes. However they are also aware of the value and will not buy homes priced above market value.
  • There is evidence that sellers with homes in the range of $500,000 to a million dollars can risk pricing their homes above the market value and waiting. That has not been true in the other areas. Could that be deceptive though? See the following point.
  • There are 180 homes on the market in 40502 and more than 60% have been active over 90 days. The average days on the market for this group is 213. This far exceeds what we found in 40503 and 40504. So could it be that these homes are not in the best of condition and the higher end buyers can wait to get something that is in great condition?

Blurb of buyer wondering about a good buy.

This study is for the Zip Code 40502.
Geographic Data:


  • The area extends South to Southwest from near downtown. The west border runs south along the eastern side of The University of Kentucky and continues to meander a bit between Tates Creek road and Nicholasville road until it reaches New Circle Road.
  • On the North 40502 extends along a line from Midland Ave and turns southeast along Liberty Rd and curves back south until it ends again at New Circle Road.
  • All of 40502 is within New Circle Road.
  • New Circle Road is an average of less than four miles to downtown Lexington which makes it a natural landmark. Homes within "The Circle" are generally desired by people wanting to live "close to the action."

Detailed Profile Estimated (2008) Data for Zip Code 40504:

  • Population - 28,835
  • Houses and Condos - 13,702
  • % of renters - 43
  • Estimated Real Estate Tax - 1.1, $1,394
  • Annual Household Income = $57,854
  • Age distribution Chart of residents of 40502 in Lexington


The table below shows how I broke down the prices into certain increments. All numbers are from The Lexington Bluegrass MLS on 02/01/2010
Before analyzing these numbers there are other factors to consider.

  1. There are 180 active listings for 40502 and 107 of those have been on the market more than 90 days. The average is 143 days.
  2. There were 279 properties which were expired, withdrawn or deleted during this time frame. Of course many of those are back on the market and would be also included in the current active listings.
  3. The average days on the market for all of 40502 for the homes selling in fewer than 90 days was 36 days. Those on the market more than 90 days sold in an average of 213 days. How much money does it cost to keep a home on the market an additional 213 days? That is an important question to present to home owners.


So, what is significant about the numbers in the chart below about 40502?

  1. There is no direct correlation between days on the market and price in 40502 which was true of 40503 and also 40504, but there are some trends worth exploring.
  2. Deduction: Be careful about generalities. Sweeping statements about price and days on the market cannot be supported by the facts in this area code.
  3. Homes that sold for more when on the market longer than 90days, adding columns 5,7,8 and 9 of row 7 totaled 72.
  4. Homes that sold for more when on the market fewer than 90 days, adding columns 2,34, and 6 of row 2 totaled 51.
  5. The lower priced homes generally sold for a much better price in the 40502 Zip Code, if priced to sell quickly. The higher priced homes sold for higher prices when on the market for more than 90 days.
  6. Experience has shown that lower income buyers who want to live in 40502 are keeping a close watch on the lower priced homes and are making offers very quickly.
  7. Buyers with a high income don't seem to be in a hurry to buy homes in 40502. Sellers seem to be rewarded for starting with a high price. They can then come down over time and advertise about how much the price has dropped. Of course the price is only low in relation to the original price. The real prices paid for the 83 homes purchased for over $250,000 is considerably more than what buyers paid who bought quickly. Now, isn't that ironic. It will be most interesting to if that is a pattern in the other higher income zip codes.


Zip Code 40504 10-120,000 120-139,000 140-159999 160-199,999 200-249,999 250-349,999 350-549,999 550-999,999
# homes sold <90days 14 9 8 22 20 38 31 14
Selling average price 91,500 130,767 149,800 179,064 225,617 299,529 441,085 698,929
Original average price 102,889 136,200 156,244 190,145 247,175 322,818 473,295 726,807
%selling price/original price 91% 97 96% 94% 91% 93% 93% 96%
# homes sold > or =90 days 7 2 4 13 11 16 27 16
Selling average price $84,357 122,250 147,200 189.714 222,833 300,925 449,728 730,719
Original average price $103,986 141,450 153,550 240,053 259,091 349,080 528,226 850,405
%selling price/original price 81% 96% 96% 79% 86% 86% 85% 86%
<90days price minus >90 7,143 8,517 2,600 (10,650) 2,784 (1,396) (8,643) (31,790)

A study of the Effect of Days on the Market - Part 2

Paul Campbell: Real Estate Agent in Lexington, KY

How Does the Number of Days on the Market Affect the Selling Prices of Homes - A study of the facts in Lexington Kentucky - Zip Code 40504



This is the second part in what is intended to be a 7 part series studying the affect that "Days on the Market" has on the selling price of homes in Lexinton Kentucky. The first blog post studied Zip Code 40503

The purpose for these next series of articles is to research how the original listing price does or doesn't affect the selling price of a home. We read and hear Realtors that setting a high price can lead to a low selling price. Is that true here in Lexington? When I do listing presentations I show my clients how listing prices correlate to selling prices in their area. However to my knowledge there is no systematic study of that correlation in Lexington.

My goal over the next 10 days is to look carefully at the primary zip codes of 40502, 40503, 40504, 40511, 40514, 40515, and 40517. I will analyze each zip code and see if the statistics will reveal anything of significance. The study will include only single family residences with selling prices between $10,000 and $999,999. In all of Lexington this past year there were only a handful of homes that sold for more than a million dollars.

My conclusions about Zip Code 40504 are listed first followed by the information that supports them.

  • Realtors must be careful not to generalize about "Days on the Market" having an adverse affect on prices. This confirms the data found in 40503.
  • Sellers need to determine if waiting to sell their home for a greater price after an additional 124 days is worth the risk. It appears at least in the lower priced homes it may be well worth the wait in Zip Code 40504.
  • Fewer than 25 % of homes sold for more in the longer time in 40503. In 40504 sixty % sold for more when on the market longer than 90 days. The disparity between Zip Codes may be affected by the large number of rental properties in 40504. Could it be the properties are listed for much more than the real market value originally and "investors" are not getting the "bargains" they expect?

Blurb of buyer wondering about a good buy.

  • The active homes on the market is still sufficient it seems to get a good value, however the number is much smaller than in 40503 and a majority of these homes may be rental properties. Therefore waiting to get a "bargain" may not be wise.


This study is for the Zip Code 40504.
Geographic Data:

  • The area extends Southwest from Red Mile Road mostly between Versailles Road and Leestown Road to New Circle Road.
  • 40504 meanders a bit west of New Circle Road in the norther part and a bit east of Versailles Road before reaching Red Mile Road.
  • New Circle Road is an average of less than four miles to downtown Lexington which makes it a natural landmark. Homes within "The Circle" are generally desired by people wanting to live "close to the action."

Detailed Profile Estimated (2008) Data for Zip Code 40504:

  • Population - 28,835
  • Houses and Condos - 11,6665
  • % of renters - 56
  • Estimated Real Estate Tax - 1.1, $755
  • Annual Household Income = $36,889


The table below shows how I broke down the prices into certain increments. All numbers are from The Lexington Bluegrass MLS on 02/01/2010
Before analyzing these numbers there are other factors to consider.

  1. There are 80 active listings for 40504 and 45 of those have been on the market more than 90 days. The average is 175 days.
  2. There were 63 properties which were expired, withdrawn or deleted during this time frame. Of course many of those are back on the market and would be also be include in the current active listings.
  3. The average days on the market for all of 40504 for the homes selling in fewer than 90 days was 32.1 days. Those on the market more than 90 days sold in an average of 156.14 days. How much money does it cost to keep a home on the market an additional 124 days? That is an important question to present to home owners.


So, what is significant about the numbers in the chart below about 40504?

  1. There is no direct correlation between days on the market and price in 40504 which was true of 40503, but there are some trends worth exploring.
  2. Deduction: Be careful about generalities. Sweeping statements about price and days on the market cannot be supported by the facts in this area code.
  3. Homes that sold for more when on the market longer than 90days, adding columns 2,5,6,7 and 8 totalled 87.
  4. Homes that sold for more when on the market fewer than 90 days, adding colums 3 and 4 totalled 58.
  5. Deduction: This zip code is much lower income and has a much higher pecentage of rental properties than 40503. Upon closer review of the lowest priced homes it was clear they were REO or auctioned properties. Could it be the original listing prices were set much higher than the real market value and investors did not get the "great bargains" they assumed. One house for instance was set at a price of $107,900 and it sold for $43,450. This looks like a "great bargain" but was the original price unrealistic? It seems logical to me that there was significant price listing disparity in the $10,000 to $120,000 dollar range. Investors beware!
  6. There is no obvious difference because of price range. The lowest priced homes and the highest priced sold for more than the middle priced homes.


Zip Code 40504 10-120,000 120-139,000 140-159999 160-199,999 200-249,999 250-349,999 350-549,999 550-999,999
# homes sold <90days 62 33 25 10 12 2 1 None Sold
Selling average price 89,875 130,767 146,832 178,690 222,000 265,000 392,000
Original average price 98,538 135,545 152,444 186,390 229,717 332,450 412,000
%selling price/original price 91% 96.5% 96% 96% 97% 80% 95%
# homes sold > or =90 days 18 11 4 5 5 3 1
Selling average price 96,042 126,727 143,250 180,700 225,750 303,600 440,000
Original average price 117,178 135,586 150,350 211,780 253,117 358,225 485,000
%selling price/original price 82% 93% 95% 85% 89% 85% 91%
<90days price minus >90 (6,167) 4,040 3,582 (2,010) (3,750) (38,600) (48,000)

Is the Listing Price Important? - Searching for Facts not Opinions in Lexington Kentucky

Paul Campbell: Real Estate Agent in Lexington, KY

The purpose for these next series of articles is to research how the original listing price does or doesn't affect the selling price of a home. We read and hear Realtors consistantly arguing that setting a high price will usually lead to a low selling price. Is that true here in Lexington? When I do listing presentations I show my clients how listing prices correlate to selling prices in their area. However to my knowledge there is no systematic study of that correlation in Lexington.



My goal over the next 10 days is to look carefully at the primary zip codes of 40502, 40503, 40504, 40511, 40514, 40515, and 40517. I will analyze each zip code and see if the statistics will reveal anything of significance. The study will include only single family residences with selling prices between $10,000 and $999,999. In all of Lexington this past year there were only a handful of homes that sold for more than a million dollars.
Map of Lexington Ky

My conclusions are listed first followed by the information that supports them.

  • Realtors must be careful not to generalize about "Days on the Market" having an adverse affect on prices.
  • Sellers need to determine if waiting to sell their home for a greater price after an additional 134 days is worth the risk.
  • Fewer than 25 % of homes sell for more in the longer time. Will that continue to hold true in the other zip code areas of Lexington.
  • Buyers, be patient. With the large number of homes currently on the market for longer than 90 days one can assume that those homes will not sell soon. If one of those homes is high on your list work with your buyer's agent to make a reasonable offer. Then be patient. Give the seller time to digest what is happenning in this market.



This study is for the Zip Code 40503.
Geographic Data: 40503 consists of two distinct areas.

  • The first area extends from near the Universtity of Kentucky south between Tates Creek Road and Harrodsburg Road to New Circle Road.
  • The second is south of New Circle Road between Nicholasville Road and Harrodsburg Road and oy extends mostly to Man of War Blvd.
  • New Circle Road is an average of less than four miles to downtown Lexington which makes it a natural landmark. Homes within "The Circle" are generally desired by people wanting to live "close to the action."

Detailed Profile Estimated (2008) Data for Zip Code 40503:

  • Population - 28,835
  • Houses and Condos - 13,702
  • % of renters - 43
  • Estimated Real Estate Tax - 1.2% = $1,394
  • Annual Household Income = $58,000


The table below shows how I broke down the prices into certain increments. All numbers are from The Lexington Bluegrass MLS on 02/01/2010
Before analyzing these numbers there are other factors to consider.

  1. There are 99 active listings for 40503 and 53 of those have been on the market more than 90 days. The average is 172 days.
  2. There were 156 properties which were expired, withdrawn or deleted during this time frame. Of course many of those are back on the market and would be also be include in the current active listings.
  3. The average days on the market for all of 40503 for the homes selling in fewer days was 28.76 days. Those on the market more than 90 days sold in an average of 162.87 days. How much money does it cost to keep a home on the market an additional 134 days? That is an important question to present to home owners.


So, what is significant about the numbers in the chart below?

  1. There is no direct correlation between days on the market and price, but there are some trends worth exploring.
  2. Deduction: Be careful about generalities. Sweeping statements about price and days on the market cannot be supported by the facts in this area code.
  3. Homes that sold for more when on the market longer than 90days, adding columns 3,5 and 6 in row 7 totalled 31.
  4. Homes that sold for more when on the market fewer than 90 days, adding colums 2,4,7,8, and 9 in row 2 totalled 138.
  5. Deduction: A larger sample is always more trustworthy in statistical analysis. The homes that sold for more in fewer than 90 days more than quadrupled those homes that sold for more in over 90 days.
  6. There is no obvious difference because of price range. The three highest price ranges seem to suffer the most from a long market time but the sample number is so few we cannot make that correlation. It will be interesting to see if this trend holds in other area codes.


10-120,000 120-139,000 140-159999 160-199,999 200-249,999 250-349,999 350-549,999 550-999,999
# homes sold <90days 49 45 59 47 24 25 3 2
Selling average price 105,444 130,913 149,464 175,489 216,981 286.600 461,333 637,500
Original average price 113,553 135,069 155,369 184,342 231,213 301.104 471,267 660,000
%selling price/original price 93% 97% 95.87 95 94 95 98 97
# homes sold > or =90 days 10 11 15 15 5 3 3 1
Selling average price 102,525 132,709 145,670 176,870 224,400 285,000 412,500 606,000
Original average price 118,984 147,209 159,953 199,253 245,040 314,967 462,613 650,000
%selling price/original price 86% 90% 91 89 92 90 89 93
<90days price minus >90 2, 919 (1,796) 3,794 (1,381) (7,419) 1,600 43,833 31,500