New numbers from MetroSearch,Inc., the data collecting arm of the Greater Louisville Association of Realtors “GLAR” shows Louisville home sales down for the second month in a row. In April of 2007, 1332 homes sold in the metro Louisville area, one year later that number was down 31% to 921 homes. March 2008 numbers only showed home sales off 20% from March 2007. The Number of days a home sat on the market also lengthened from 85 days in April of 2007 to 90 days in April 2008.
Making it even tougher to sell a home, the number of homes on the market in the Louisville area was up 26% from 7684 in April 2007 to 10448 in April 2008.
The good news is that the average list price of a home was up $2000.00 but even more impressive was the fact that the average sales price was up $3,700.00.
So what’s the problem? Consumer confidence along with buyers thinking prices are still going to fall. But if the last set of numbers is any indication, waiting to buy a home may only cost you money. The average cost of buying a home rose 2.2% in April from a year ago.
If you’re planning to sell a home your house condition will need to be in the top 1/3 of all homes on the market. For tips and tricks to selling a home in this market, call the Medley Sokoler team at (502) 992-4137.