Saturday, November 3, 2007

Current Market Stats

Here are the current market stats from the Greater Louisville Association of Realtors MLS system. It shows we still have a significant number of houses on the market (over 10,000), but our pace of selling is actually in line with local tradition for the time of year (1140 homes sold). The average selling price is relatively normal, as is the average days on market, and the median home price. The market looks solid against historic markers, we just have a high inventory, plus an increase in loan defaults causing some troubles for sellers.

I recommend being prepared to offer some concessions as a seller (paying some of the buyer's closing costs, or giving other allowances), but I encourage sellers who are not in financial trouble to continue to seek fair market prices for their homes. Buyers should take advantage of the great rates being offered, take their time to find the perfect home, and should strengthen their negotiations with sellers.


Number of Houses Sold
This Month

1140
Average Selling Price
This Month

$173,950
Average Days on the
Market This Month

73
Number of Houses on
the Market this Month
(As of 11/3/2007 10:39:56 PM)
10810
Median Selling Price This
Month

$137,000


Housing Market Analysis
As of November 3, 2007




ACTIVE
TOTAL
Anchrg/Lyndn/Prospct/UpRvrRd
793
Auburndale/Fairdale/Iroquois Park
729
Brownsboro Rd/CrescentHills/StMatthews
437
Buechel/Highview/Okolona/FernCreek
1178
Bullitt
957
Butchertown/Highlands/Germantwn
539
Carroll
97
Central Downtown District
183
DouglasHls/Hurstbourne/Middletwn/Anchrg
859
Downtwn/Old&WestLouisville/Shively
1371
FernCrk/Hikes Point/Jeffersontown
1040
Hardin
519
Hart/LaRue
87
Henry
294
Indiana
153
Meade
190
Nelson
634
OldhamCo N-I71
632
OldhamCo S-I71
626
Other Counties
750

2 comments:

Anonymous said...

Nice site. What is the trend in the Highlands? Are homes taking longer to be sold? Also, what areas would you recommend for purchase and why? For investment? Thanks and keep up the good work.

Joe Hayden said...

Thanks for the comment. You ask several great questions that really require more information to completely answer, but I will try to briefly answer them here. Feel free to contact me through my website for further followup...

Regarding the Highlands, as with all of the Louisville area, you will find that the trends really depend on the specific home or local area you are discussing. The market in general in Louisville is normal in terms of homes sold, we are just experiencing an increased inventory. This gives the buyers options and forces the sellers to make the extra effort to stand out. The Highlands is no different.

Average days on the market have also remained within historical trends in most areas. Again, the increased inventory will inevitably cause those numbers to rise, but the homes in move-in condition priced competitively are selling ahead of the averages. As they should...

I can't make a general recommendation on an area to purchase because it is such a personal decision. We would need to look at your specific situation.

Same goes for investments, really...One of the challenges with Louisville's investment (rental) market is the housing prices have increased, but the rents stagnated. This was caused by the abundance of cheap money over the last few years reducing the renter population, but now it is working against the numbers for investors making it harder to realize cash flow.

I hope this helps!!