Hard to believe we're already 50% of the way through the 2013 year. With so many questions buzzing around the national real estate market in regards to rising interest rates, shrinking inventory & the lower # of distressed properties, you're likely wondering how your local market is performing. If you're a Louisville Ky resident then I've got an answer for you!
Is the Louisville KY Housing Market Getting Healthier?
First let me preface my answer with the fact that Louisville never had the big bubble effect like some markets in California, Florida, Nevada, etc. therefore we didn't have a tremendous bust either. Nevertheless we did take a hit as nearly 99.9% of the markets across the county did.
# of Listings: 5.8 Months of Inventory (17.1% lower from 7.0)
Average Sales Price: $195k (7.7% higher from $181k)
Average Days on Market: 63 Days (19 days less from 82 days)
# of Listings: 3.3% more Listings
Average Sales Price: 5.7% higher sales price
Average Days on Market: 9 days less on market
Overall Sales Volume: 9.2% higher
While it's obvious the market is healthier from where it was just 1 year ago, it's also important to note it's doing much better than where is was just 4 years ago when our country was in a financial crisis. The market certainly is not near full strength but increasing interest rates should push more serious buyers and off the fence. Also, as more people move into "positive equity" with increased prices you should see more people willing to list their home "For Sale".
So to answer the question, "Is the Louisville KY Housing Market Getting Healthier?"...YES it's definitely getting healthier but...we likely still have another year or two+ (2014-2015) before we are back to near full strength. Patience is a virtue!
Sean S. Williams
Licensed Broker, Realtor®, ABR®, e-Pro®
1st Time Buyer & Relocation Specialist
of Louisville, Kentucky
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