Thinking about buying or selling in the Louisville, KY area? Or are you just curious about the current market and situation were in? Louisville has consistently held up as one of the most stable markets because we dont have the "big up's" and "low down's"...were pretty much even-kill in spectrum...
Dec 4th 2011 vs. Dec 4th, 2010:
- 11.9% lower active residential inventory
- 11.2% lower sales price ($157k vs. $177k)
- 4 more days on market (90 days vs. 86 days)
- Homes in the $75k to $150k price range contain the greatest amount of sales volume
(1,300+ Finished Sq Ft in Awesome Location --> $141,500)
How does this translate?
- Lower inventory means less "surplus" of homes on the market. This tells me we are headed in the right direction for the future...simple supply & demand. Less homes available to purchase for buyers means more competition which translates to a higher price for sellers.
- Prices are dipping due to the surplus of Bank-owned & short sales properties flowing into the market. We have to fight through this overflow of properties that have backed-up which pull down other property values. If we get through this then we'll see a light at the end of the tunnel!
- This is mainly a seasonality trend (winter)
- The greatest number of buyers are 1st time buyers and investors. Since home prices have dropped, a home that was once worth $180k's may be in the $150k's now and is very appealing for buyers.
Be patient & the market will come back around!
Sean S. Williams
Licensed Broker, Realtor®, ABR®, e-Pro®
1st Time Buyer & Relocation Specialist
of Louisville, Kentucky
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