July 24, 2017

Louisville Home Sales

There are no surprises in the latest August 2010 home sales numbers for the Louisville area. Based on new data today from the Greater Louisville Association of Realtors, the number of Louisville Homes that closed (sold) in August 2010 compared to August 2009 was down 14.8 percent (see chart below). The number of homes going under contract (pending) from August of last year to this year was down 10.9 percent.  In our opinion, the slide is directly linked to the following:

1) Consumer concern about the economy and loss of jobs.

2) Ending of the Government 1st time housing tax credit program and a hope the Government will reinstate a similar or better tax credit program (there is no indication it will as of this writing).

3) A concern that housing prices are going to continue to decrease.

4) A lack of publicity surrounding some of the lowest interest rates we’ve ever seen.

5) The hotter than normal summer heat.

As of today there are 9,992 Louisville area homes on the market, that’s pretty much average for our area in recent years. But there is some good news in today’s numbers we need to examine carefully. The average number of days for a home to sit on the market is down 13.5 percent from a year ago (84 to 74 days). More about that in a moment. Additionally the Median sales price for our area is up from $137,500 to 144,250.The median sales price is the price that lies in the middle of the list of prices of homes sold, ranked in order of amount (lowest to highest or vice versa). In other words, half the homes in your area sold for more, half sold for less.

Both of those numbers reflect:

1) Some of the banks possibly holding back all of the foreclosed homes from the market place

2) Sellers understanding they will have to accept less for their home than they anticipated.  We’re seeing some sellers accept 5-20 % below original list.

Those 2 facts are making a non foreclosed resale more appealing to the buyers that are out there.

Now that the dog days are summer are just about behind us and kids are back in school, we expect to see the normal number of buyers return to the market place. If interest rates remain low and the media starts talking about them and the fact the median Louisville sales price has increased. Once that happens buyers sitting on the fence waiting for a sign from above will jump into the market and find the deals that are out there.

We really hope you enjoy reading our blog as much as we enjoy writing it If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

August 2010

Number of Houses Under Contract

This month: 1092

Last month: 1119

This month last year: 0

Number of Houses Sold & Closed

This month: 935

Last month: 999

This month last year: 0

Average Selling Price

This month: $173,415

Last month: $176,838

This month last year: $0

Average Days on Market

This month: 74

Last month: 79

This month last year: 0

Median Sales Price

144,250

August 2009

Number of Houses Under Contract

This month: 1211

Last month: 1284

This month last year: 0

Number of Houses Sold & Closed

This month: 1074

Last month: 1276

This month last year: 0

Average Selling Price

This month: $166,106

Last month: $171,793

This month last year: $0

Average Days on Market

This month: 84

Last month: 89

This month last year: 0

Median Sales Price

137,500

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