Louisville Metro Area Market Update as of January 20th, 2013:
6,070 Properties Available for Sale
Average List Price = $213,146
Months of Inventory = 9.7 (29.2% lower VS. 2012)
628 Properties Sold
1,441 New Listings on the Market
$170,500 Average Sales Price with a 95.3% Sales vs. List price ratio
88 Average Days on the Market
We are seeing a slightly lower list price versus midway through 2012, but that is expected in the winter season of 2013. Our months of inventory is down nearly 41% since this time last year as we remain in a buyer’s market, but we continue to push closer and closer to an “equilibrium” market (6 months inventory). This has allowed sales prices to rise nearly 8% since January 2012 which is great news for sellers heading into the spring season for 2013.
All-in-all I am expecting an even stronger year in 2013 than we saw in 2012 as demand remains constant and prices continue to rise slightly for sellers. What will be a huge decisive factor moving forward will be the number of foreclosures/short sales hitting the market over the next 12 months along with what direction interest rates will go. As we have already seen this year, interest rates have moved slighter higher and I expect as they move higher towards 4% we will see even more buyers sensing the urgency to get into the market while they are still at historical lows.
Be looking out for my next market update towards the end of February/early March
Sean S. Williams
Licensed Broker, Realtor®, ABR®, e-Pro®
1st Time Buyer & Relocation Specialist
of Louisville, Kentucky
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