Louisville home sale market recovery news!

Louisville Home SalesThe new home sales numbers for the Louisville area are out and there is good news to share all the way around. For sellers the number of homes going under contract in the month of September  compared to the year before was up 17.3 % . The number of homes that actually closed in September 2012 compared to a year before was up 12.73 % . These are incredibly strong numbers for a recovering housing market. Just last week the Courier-Journal and Business First reported that Louisville had been spared the full impact of the recession over the past five years. The numbers for September seem to indicate Louisville is continuing to bounce back from the recession.

More good news for sellers when you look at the average selling price for Louisville homes. Overall prices were up  3.1% this September over last September. Remember that's an overall number, there were some parts of Louisville that actually trended backwards. There were other areas of Louisville that were flat. Typically homes in St. Mathews, the Highlands and parts of the East End performed better than the South end and west end of town.

Sellers who made minor to major upgrades in their home found their average days on the market were less than homes in their area where homeowners did little to improve the property. Generally the average days on the market decreased 12.8% from September 2011. But there's an interesting trend developing, buyers are becoming smarter about buying a home with upgrades. Were now calling it the HGTV effect. The cable network has made an impact on teaching buyers the right way and wrong way of shopping for a home and what to look for when they find the perfect home.

The good news for buyers is that interest rates remain below 3.5% and as homeowners start hearing the news that the economy is recovering and home prices are starting to increase, more homeowners will be putting their properties on the market. That will give buyers a larger choice and in many areas of the country keep prices from double digit appreciation. Currently the news media needs to get more information out about the recovery so sellers will come forward and put their homes on the market. We're hearing reports around the country that supply is low and finding a good home is difficult.

Louisville has not suffered that problem yet, and probably won't get to the point where homes are scarce and the market he comes the seller's market. In some parts of the country homes going on the market are receiving multiple offers the first day on the market. We can tell you from personal experience that when a home that's been updated goes on the market with the proper marketing buyers even today (after the home buying season has ended)  will come out in droves.

In fact 2012 is a record year for the medley Sokoler team. We expect to sell more than 200 homes before the end of 2012. We've just added one new agent and planning to add another in the next month or two.

 The unknowns continue to be the upcoming presidential election, interest rates,  and Europe's economy. Even with the unknowns it does appear that the United States and Pacific league Louisville have turned the corner.

For more information about Louisville Real Estate or to work with the hardest working Real Estate Team in Louisville Kentucky “The Medley Sokoler Team” head to https://www.weselllouisville.com or call Bob Sokoler (502) 376-5483.

September 2012

Number of Houses Under Contract

This month: 1280

Last month: 1483

This month last year: 0


Number of Houses Sold & Closed

This month: 1098

Last month: 1427

This month last year: 0

 


Average Selling Price

This month: $168,573

Last month: $170,990

This month last year: $0


Average Days on Market

This month: 78

Last month: 76

This month last year: 0


Median Sales Price

143,000

 

September 2011

Number of Houses Under Contract

This month: 1091

Last month: 1270

This month last year: 0


Number of Houses Sold & Closed

This month: 974

Last month: 1132

This month last year: 0

 


Average Selling Price

This month: $163,408

Last month: $169,088

This month last year: $0


Average Days on Market

This month: 88

Last month: 86

This month last year: 0


Median Sales Price

135,000

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