Louisville Home Sales for October 2014
On the surface the number of pending and closed home sales for Louisville are down. But tell anyone who says, “the Louisville Real Estate Market is in trouble” they need to dig a little deeper! We’ve been looking into home sales numbers for the Louisville area that are similar to the month before and the month before that. As of this writing (the numbers are subject to change), the number of homes sold and closed in September 2014 compared to a year before are down 15,8%. The number of homes going pending is down 11.3 % last month compared to September 2013.
Sound problematic? Don’t worry; it’s nowhere near that bad. We’ve been tracking the sales and the problem is simple, Bank foreclosures and short sales. Homes sales priced between $O and $80,000 are down dramatically since last year and for the most part those are homes that had been offered by banks as foreclosures or approved as short sales. The bank supply has dried up for the most part and investors are scrambling to find homes to invest in. The result is numbers for those price ranges are down.
The real headline should be sales of homes priced 500,000 or above are up 7% last month over September 2013 and pending sales of similar priced homes are up 5.3%. In fact digging deeper only the $200,000 - $250,000 price range of homes (besides the 0-70k homes) are off from September of last year. So the sky is not falling, as some would have you think. The average list price is up 6.99% over last year, the average sales price is up 2.56% Even the number of days on market is down 10.64% from a year ago.
We’re seeing more buyers in the market and looking for good properties. We’re finding that if we list a home in good condition and the right price it will sell. So if your thinking of selling this fall or winter we can help. If your thinking about buying be sure to contact us to see what homes we have coming on the market. You can get a jump on the rest of the buyers looking to buy a home. I’m always here for you. Bob Sokoler (502) 376-5483.