March 24, 2017

Louisville Kentucky Homes Sales drop in July!

First the good news, new numbers just out for home sales in Louisville Kentucky for July 2008 show only a 4.4% drop in sales prices from July 2007. Though a concern for local homeowners, there is comfort in the fact some cities are seeing 30-50 percent drops in home values. Louisville’s’ slight drop in home sales prices is tied directly to two problems:

1)      The number of homes on the market (10,912 as of August 1 2008). That number is high because of the number of foreclosures and short sales on the market. Those homes are not only contributing to the glut of homes to choose from but there average sales price can be 20-40% below similar homes in a neighborhood. The 224 sales of the foreclosures and short sales homes added into the average sales price is artificially driving home values down.

2)      The other problem our area is dealing with is a lack of buyers. The tightening of loan qualifications and elimination of some loan programs has made it very tough finding financing for some buyers. Additionally there is less relocating, plus 2nd and 3rd time local move up home buyers are waiting for their own homes to sell.

 

The bad news centers on the raw numbers. The number of homes sold in July 2008 compared to a year ago at this time is off 44%. The dollar volume of homes sold is down almost 50% (see charts below).

New loan incentives including a $7,500 tax credit for first time home buyers may help. But the truth is that the government sponsored tax credit is really a loan and some of us think it’s simply a new case of “voodoo economics”. See our story below.   

Still want to sell your home? Our Medley Sokoler team is having great success in this down market. Call us for more information on why we’re so successful (502) 376-5483. We also have a series of reports available by e-mail that will help you be the first on your block to sell. Simply send an e-mail to request the series bob@weselllouisville.com or visit www.weselllouisville.com and send us an e-mail..

 

Dollar Volume of Sold Listings

 

2007

2008

Diff

Chg

JAN

$135,145,084

$119,980,702

-15,164,382

-12.64%

FEB

$165,639,006

$144,451,131

-21,187,875

-14.67%

MAR

$241,904,595

$162,055,666

-79,848,929

-49.27%

APR

$225,233,733

$176,698,540

-48,535,193

-27.47%

MAY

$266,129,399

$202,298,547

-63,830,852

-31.55%

JUN

$299,857,565

$217,479,110

-82,378,455

-37.88%

JUL

$267,616,672

$179,701,282

-87,915,390

-48.92%

AUG

$10,545,949

$0

-10,545,949

0.00%

 

Number of Listings  Sold

 

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

2007 S

868

1027

1362

1325

1530

1578

1465

52

2008 S

745

890

1015

1039

1189

1173

1016

0

%Diff S

-16.51%

-15.39%

-34.19%

-27.53%

-28.68%

-34.53%

-44.19%

-100.00%

 For more information go to www.weselllouisville.com.

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