Georgia one of our 2 English Bulldogs is not smiling yet, but we are! The Medley Sokoler team is actually seeing an increase in the number of first time home buyers in the Louisville area, we believe it’s directly tied to President Obama’s Stimulus Package and $8000 dollar tax credit for 1st time home buyers. But looking at last month’s home sales numbers you might think the stimulus package is stimu-less! The new statistics for February 2009 show the number of homes closed (sold) down 26 percent (from 851 to 630) compared to February 2008 and down 34 percent (959 to 630) from 2007. The stats were worse for homes actually going under contract in February 2009. Those numbers were down 34 percent (1163 to 779) from a year ago and down 35 percent (1200 to 779) from February 2007.
The Median Sales Price of a home was down 22 percent from a year ago to $ 119,000. Average Selling Price of a home was down 10 percent to $146,405.
One area bright spot in the data comes from the number of days a home was on the market, down 3 days to 85 compared to February 2008 and tied for February 2007.
Remember details of the stimulus package aren’t out yet (their expected to be announced March 4th by the Obama administration) so it’s too early to tell what impact they’ll have on markets like Louisville. But it is clear from hearing out telephones ring with first time buyers, there is a change in the market. It could be the season as we head into the spring market or it could be word is spreading about interest rates, tax credit and deals to be had. Though it may take time for the process to work, a sold entry level home allows those owners move up and buy their 2nd house and so on up the line. It’s the food chain with a roof over it. Could it be the Obama Administration was correct and all the housing industry needed was a little nudge in the right direction? The Louisville Housing industry hopes so!