Louisville Home Shortage
The new Louisville numbers are out for January 2016 home sales and though sales are up the real story is the lack of home inventory. Looking at the numbers first, the number of homes sold in January 2016 were up 2.3% over the year before. The number of homes going under contract were up 12.6% over the same time period the year before.
But if you look at the new homes coming on the market in the month of January you'll see the number was down 13.2% from the year before. That's why Louisville Buyers are desperately looking for their next home and there are very few to be found.
We measure the buyer activity with the term called “absorption rate”. If we turned off the faucet and no other homes came onto the market as of right now, how long would it take existing buyers in the marketplace to purchase or “absorb” the current supply of homes. The nationally accepted scale is as follows: six month supply or more is a buyers market, a 5 to 6 month supply of homes is a neutral market anything under of five months supply is said to be a sellers market. The current absorption rate for the Louisville area is a 3.36 month supply, a firm sellers market! In fact just a year ago we were talking about a firm sellers market and the absorption rate was a 4.82 month supply of homes.
What does this mean to you? Let's start with sellers, if you are considering putting your home on the market this year now is the time to do it. Typically you'll get more money and sell faster if you're on the market sooner than later this year. Naturally you have to be concerned about finding your next home, so be sure to read my buyers comments below. If you own rental homes and are considering getting out of the landlord business now is the perfect time to call us and get the homes on the market.
1) We can do a Market Analysis for price.
2) Review Minor Repairs and Staging.
3) Schedule the home to get on the market immediately!
For buyers, the market will begin picking up with homes in the next month to month. It's a natural part of the cycle of the Louisville Buying/Selling market. But finding your dream home will not be as easy as driving around looking for signs any yard. We need you to call us an update your home search on our multiple listing service. We can help pinpoint the type of home you're looking for and the area you're looking in. The advantage you have with working with our team is that there are 15 agents standing by to get you into a home the moment it comes on the market. That's going to be the difference between finding and buying your dream home and watching somebody else purchased the home while you sit waiting for your agent to call you back.
No one can remember a market like this in recent history in the Louisville area. Here's what needs to happen:
- You need to get paperwork ready and become pre-qualified by a lender you can trust. Our team can help you with that instantly!
- You need to be working with a team of agents who have the latest technology tracking homes coming on the market and ready to get you inside. We can help you with that!
- The team you work with has to be technologically advanced to get a contract to the seller's agent before anyone else. We can help you with that as well!
These are exciting times in the real estate industry; this may be a record year for Louisville real estate sales! Whether you are a buyer or seller you may already know we're number one in the Louisville area five years in a row. I don't normally market our team as extensively as I have in this newsletter. But I think it's important for all buyers and sellers to understand there is a big difference in the agent you choose. Our track record should show you our success story. Additionally feel free to review our Zillow reviews as well as other online reviews. Call 502-376-5483 to get in contact with us or email me: Bob@wesellLouisville.com