LouisvilleKY Area Home Sales up 3.6% and Average Price up 5.9% with Improving Inventory

greater louisville association of realtors
 
Louisville, KY  – The Greater Louisville Association of Realtors® (GLAR) reported sales up 3.63% year-to-date (YTD) for 2017. Sales in August were 1,811 versus 1,686 last August representing a 7.41% increase. The average price YTD was up 5.89% and the median price was up 5.23%.
In Jefferson County, the average price in August 2017 was $204,575 and the median was $170,000. For all MLS areas, the inventory of available properties was 14.15% lower than at the same time last year. In Jefferson County, the inventory of homes and condos for sale was 11.01% lower than August 2016. Inventory in Oldham and Bullitt Counties was down 9.66% and 14.92%, 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, “Homes under $300k are still selling at a very brisk pace. At the same time, the inventory of homes in higher price ranges is improving for buyers and making it a little tougher for sellers.”
The National Association of Realtors’® (NAR) Chief Economist, Lawrence Yun, observed that, “The demand for buying a home is as strong as it has been since before the Great Recession. Listings in the affordable price ranges continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines. The good news is that sales are still running slightly above last year’s pace despite the persistent market challenges.”
Pat Durham, the Executive Vice President of the Building Industry Association (BIA) of Louisville, commented that, “Local demand for new homes is still strong, and our builders still are managing the ongoing challenge to build mid-priced homes with current lot/land costs, material costs and limited availability of skilled contractors. Next year’sHomearama site at Catalpa Farms will feature homes from $350,000. With continued low interest rates, it’s a great time to buy a new home.”
All MLS Areas
August 2016
August 2017
% Change
Jan 1 – August 31, 2016
Jan 1-August 31, 2017
% Change
Houses Sold
1,686
1,811
7.41%
11,777
12,205
3.63%
Average Selling Price
$206,480
$212,255
2.80%
$196,349
$207,910
5.89%
Median Selling Price
$172,950
$172,000
-0.55%
$162,500
$171,000
5.23%
# of Active Listings Placed into Pending Status During Aug.
1634
1555
-4.83%
Active Listings at August 15
5038
4325
-14.15%
Jefferson County
August 2016
August 2017
% Change
Jan 1 – August 31, 2016
Jan 1-August 31, 2017
% Change
Houses Sold
1,133
1,254
10.68%
8034
8395
4.49%
Average Selling Price
$208,380
$204,575
-1.83%
$196,593
$206,796
5.19%
Median Selling Price
$170,000
$170,000
0.00%
$160,000
$168,750
5.47%
# of Active Listings Placed into Pending Status During Aug.
1092
1033
-5.40%
Active Listings at August 15
2889
2571
-11.01%
Oldham County
August 2016
August 2017
% Change
Jan 1 – August 31, 2016
Jan 1-August 31, 2017
% Change
Houses Sold
107
105
-1.87%
771
711
-7.78%
Average Selling Price
$297,749
$365,218
22.66%
$299,013
$330,986
10.69%
Median Selling Price
$257,000
$322,900
25.64%
$267,000
$297,000
11.24%
# of Active Listings Placed into Pending Status During Aug.
92
90
-2.17%
Active Listings at August 15
352
318
-9.66%
Bullitt County
August 2016
August 2017
% Change
Jan 1 – August 31, 2016
Jan 1-August 31, 2017
% Change
Houses Sold
113
142
25.66%
822
866
5.35%
Average Selling Price
$186,081
$232,737
25.07%
$175,802
$191,404
8.87%
Median Selling Price
$162,500
$166,275
2.32%
$160,000
$169,900
6.19%
# of Active Listings Placed into Pending Status During Aug.
127
103
-18.90%
Active Listings at August 15
295
251
-14.92%
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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