The New Year has started off in the right direction for Louisville Kentucky Real Estate. New Louisville Home Sales Numbers are in for Jan 2010 and they are up some 25% over January 2009. There were 702 Louisville homes selling last month compared to 529 the year before ( that number actually hit 802 homes in January 2008). It means the market is coming back but it still has a way to go. The number of homes going under contract last month was also up (772) compared to a year before ( 707).
The bulk of homes sold was in the 100,000-160,000 price range. That’s the perfect price range for first time buyers trying to take advantage of the $8000 tax credit. We expect to see this price range heat up even more as we get closer to the April 2010 deadline (to be under contract) and June deadline (to have closed).
There was more good news (at least on the surface) for the number of days a home sat on the market in January 2010. The average DOM was 81 last month compared to 92 days the year before. However, closer examination shows that sellers are apparently changing realtors more often because of frustration with their home not selling. That resets the short-term clock but not the continuous days on the market (CDOM) clock. The average continuous days on the market in January 2009 was 125.46 compared to 126.09 in January 2010.
The bad news for sellers was the average selling price of homes. It was down from 160,018 in January of 2009 to 155,995 in January 2010. Part of th reason for that drop is because there are more first time buyers in the market.
February 2010 has started strong. Our phones are busy ringing at The Medley Sokoler Team offices with buyers asking questions about homes on the market in the Louisville area. It may be another month or two before we see actual sales of homes kick into high gear.
That means buyers looking for a deal should be out in the market place now when there are fewer buyers. Sellers may be more accepting of a lower offer right now. Later on in the year, sellers will see more showings of their home and that will raise hopes for sellers that more than one offer may be heading their way.
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