LouisvilleKY Area Home Sales Up 1.8% and Median Price Up 8% with Continued Low Inventory

greater louisville association of realtors
Louisville, KY (May 15, 2017) – The Greater Louisville Association of Realtors® (GLAR) reported sales up 1.84% year-to-date (YTD) for 2017. Sales totaled 5,028 for the first four months of the year versus 4,937 last year. With the continued lower inventory, the average price YTD was up 8.68% and the median price was up 8.0%.
In Jefferson County, the average price in April 2017 was $199,947 and the median was $165,000. For all MLS areas, the inventory of available properties was 20.32% lower than at the same time last year. In Jefferson County, the inventory of homes and condos for sale was also 22.93% lower than April 2016. Inventory in Oldham and Bullitt Counties was down 7.32% and 19.57%, respectively.
GLAR releases monthly statistics mid-month to allow for the most accurate and comprehensive reporting possible. Local REALTORS report their residential sales totals to GLAR, and publishing the statistics mid-month allows for the activity that takes place late in the month to be counted. This ensures that the totals reported show the truest depiction of the local housing market.
GLAR President Allison Bartholomew commented that, “Our members are still working in a strong sellers’ market up to the mid-$300s. Multiple offers remain the norm for move-in ready starter homes. Properties over $600k are selling at a more normal pace, which seems slower due to the fast-moving market at lower price points. One frustration that our members and clients are experiencing are appraisals that are coming in less than the contract sales price. We will continue to monitor this issue heading into summer.”
The National Association of Realtors’® (NAR) Chief Economist, Lawrence Yun, observed that “The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month. Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does.”
Pat Durham, the Executive Vice President of the Building Industry Association (BIA) of Louisville, commented that, “New construction and remodeling are echoing the robust real estate market for existing homes. Builders are working hard to keep up with demand, as custom built properties are once again a viable option for buyers. Certain parts of the market are seeing an increase in properties built for the spec (ready built) market and remodelers are experiencing back-logs in their business activities.”
All MLS Areas
April 2016
April 2017
% Change
Jan 1 – Apr. 30, 2016
Jan 1-Apr.30, 2017
% Change
Houses Sold
1,490
1,367
-8.26%
4,937
5,028
1.84%
Averages Selling Price
$186,168
$202,303
8.67%
$180,498
$196,160
8.68%
Median Selling Price
$155,000
$168,500
8.71%
$150,000
$162,000
8.00%
# of Active Listings Placed into Pending Status During April
1825
1642
-10.03%
Active Listings at April 15
4696
3742
-20.32%
Jefferson County
April 2016
April 2017
% Change
Jan 1 – Apr. 30, 2016
Jan 1-Apr.30, 2017
% Change
Houses Sold
1,007
946
-6.06%
3373
3476
3.05%
Averages Selling Price
$185,837
$199,947
7.59%
$180,005
$195,153
8.42%
Median Selling Price
$150,500
$165,000
9.63%
$147,500
$159,000
7.80%
# of Active Listings Placed into Pending Status During April
1246
1108
-11.08%
Active Listings at April 15
2708
2087
-22.93%
Oldham County
April 2016
April 2017
% Change
Jan 1 – Apr 30, 2016
Jan 1-Apr.30, 2017
% Change
Houses Sold
91
78
-14.29%
300
266
-11.33%
Averages Selling Price
$273,141
$342,664
25.45%
$279,345
$320,034
14.57%
Median Selling Price
$248,980
$311,500
25.11%
$255,000
$287,761
12.85%
# of Active Listings Placed into Pending Status During April
132
89
-32.58%
Active Listings at April 15
314
291
-7.32%
Bullitt County
April 2016
April 2017
% Change
Jan 1 – Apr. 30, 2016
Jan 1-Apr. 30, 2017
% Change
Houses Sold
119
111
-6.72%
358
373
4.19%
Averages Selling Price
$173,483
$172,076
-0.81%
$168,667
$176,000
4.35%
Median Selling Price
$158,600
$158,000
-0.38%
$155,000
$160,000
3.23%
# of Active Listings Placed into Pending Status During April
122
98
-19.67%
Active Listings at April 15
276
222
-19.57%
The Greater Louisville Association of REALTORS® (GLAR) is the “The Voice for Real Estate” in the Greater Louisville Area.  As the local arm of America’s largest trade association, the National Association of REALTORS®, GLAR represents more than 4,000 members involved in all aspects of the residential and commercial real estate industries. For more information, contact President Allison Bartholomew at (502) 893-1900 or CEO Lisa Stephenson at (502) 894-9860.

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