The Cincinnati Luxury Home Market has seen a very nice boom in the past several years.  This trend has followed a similar trend nationally.  For the purposes of this article the luxury market is defined as:

• Market Area: All Sales in Hamilton, Butler, Warren and Clermont Counties
• Luxury Home: Any Single Family Home Sale OVER $1,000,000
• Data Source: Data from the Multiple Listing Service of Greater Cincinnati as of Mar. 15, 2008

The following chart shows the number and total dollar value of luxury homes sold throughout the MLS of Greater Cincinnati in the market area for the years of 2000 through 2007.  The bar chart denotes the raw number of single family properties sold each year (scale on left side Y-axis) and the line graph denotes the total dollar amount of those sales (scale on the right side Y-axis):

For the period of time from 2000 until 2005 we experienced a nearly 4 fold increase in the number of Million Dollar Plus homes sold.  The years of 2006 and 2007 did not reach the heights of 2005 yet each of these years we had a luxury market much greater than any previous year.

This analysis certainly should be good news for those currently trying to sell a luxury home…but anyone in that position today will probably not agree that we have a robust market.  There is more to the story…stay tuned…