Louisville Home Sales continue to gain momentum!

Louisville Home Sales are upCall it an early holiday present for some Louisville Home Sellers. The number of homes going under contract in November 2011 compared to one year ago was up a whopping 24.47 percent.  Similarly the number of homes actually closed and sold was up 12.69 percent from November 2010.

 The home sale numbers are a good sign that the Louisville housing recovery may be here to stay. There was a disturbing trend in the numbers, the average selling price of a home was down from $173,766 last year to $156,903 in November 2011. Homes are also on the market on average several days longer from 82 to 86 days. The reasons for the decrease of the average and increase of days on market can be attributed to one or several items:

 1)   More short sale and foreclosures are on the market and selling.

2)   More first time homebuyers are back in the home buying market.

3)   Homes sellers have dropped prices to attract buyers.

 Whatever the reason the overall impact is important to the housing recovery. More home sales will clear inventory. The shadow inventory (homes that are in foreclosure or should be in foreclosure but are still lived in by owners who are not making mortgage payments) will start to shrink. Home prices will begin to rise. 

 With interest rates continuing to hover in the area of 4%, the stock market seeing a surge and increase in Louisville Real Estate sales, the worst may be behind us. With a presidential election ahead, you would think the recovery was orchestrated. I really don’t care why, too many people are suffering. A full recovery will be a welcome relief to Americans!

Bob Sokoler is a former Anchor/Reporter turned Louisville Realtor 7 years ago, and co-owner of The Medley Sokoler Team in Louisville Kentucky. You can learn more about Bob, his Team by clicking Louisville Real Estate.

 November 2011


Number of Houses Under Contract

This month: 1024

Last month: 1058

This month last year: 0


Number of Houses Sold & Closed

This month: 870

Last month: 883

This month last year: 0

 


Average Selling Price

This month: $156,903

Last month: $162,581

This month last year: $0


Average Days on Market

This month: 86

Last month: 96

This month last year: 0


Median Sales Price

132,000

 

November 2010


Number of Houses Under Contract

This month: 843

Last month: 947

This month last year: 0


Number of Houses Sold & Closed

This month: 772

Last month: 798

This month last year: 0

 


Average Selling Price

This month: $173,166

Last month: $169,025

This month last year: $0


Average Days on Market

This month: 82

Last month: 90

This month last year: 0


Median Sales Price

139,900

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