LouisvilleKY Area Home Sales Up 6.6% and Average Price Up 3.2% Year-to-Date vs 2015

greater louisville association of realtors

 

Louisville, KY (November 14, 2016) – The Greater Louisville Association of Realtors® (GLAR) reported year-to-date (YTD) sales up 6.6% compared the same time last year. Sales in October 2016 were up 1.6%, vs October 2015, with 1,481 homes and condos sold. The median price was up 5.1% YTD and the average was 3.2% higher YTD.

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.
In Jefferson County, the average price in October 2016 was $198,933 and the median was $166,000. For all MLS areas, the inventory of available properties was 23.2% lower than at the same time last year. In Jefferson County, the inventory of homes and condos for sale was 24.2% lower than October 2015.
greater louisville association of realtors
GLAR President Allison Bartholomew commented that, “The lack of inventory continued in October, especially in price ranges below $300k. Near record low mortgage rates helped to sustain positive sales gains. Additionally, the expanding inventory of new apartment units in Louisville has absorbed some of the new household formation and kept annual price appreciation in the 3-5% range.”
The National Association of Realtors® (NAR) Chief Economist, Lawrence Yun, commented recently that, “Mortgage rates around historical lows and solid local job creation was a winning formula for sustained home buying demand all summer long. Unfortunately, for house hunters in several of the top job producing metro areas around the country, deficient supply levels limited their options and drove prices higher–especially in the West and South.”
NAR President Tom Salomone said that the Federal Housing Administration’s (FHA) recently announced rule change to lower the owner-occupancy requirement for approved condominium buildings from 50% to 35% should assist buyers who are considering a condo. He remarked that, “Condos have typically been an attractive and viable option for first-time buyers. With this lower owner-occupancy requirement, Realtors® will have more options for their clients looking to purchase a condo with a FHA mortgage.”
The National Association of Home Builders (NAHB) Chairman Ed Brady recently remarked that, “Ongoing job growth, low mortgage rates and rising incomes are contributing to a firming housing market.” He added that, “Single-family building permits have edged up to 51% of normal (historical) activity, but still lag far behind other gauges of the leading market index” tracked by NAHB.
All MLS Areas
Oct-15
Oct-16
% Change
Jan. 1- Oct 31, 2015
Jan. 1-Oct 31, 2016
% Change
Houses Sold
1,457
1,481
1.65%
13,965
14,886
6.60%
Averages Selling Price
$187,586
$196,770
4.90%
$190,485
$196,631
3.23%
Median Selling Price
$156,000
$166,000
6.41%
$155,500
$163,474
5.13%
# of Active Listings Placed into Pending Status During Oct
1295
1376
6.25%
Active Listings at Oct 15
6068
4660
-23.20%
Jefferson County
Oct-15
Oct-16
% Change
Jan. 1- Oct 31 , 2015
Jan. 1- Oct 31, 2016
% Change
Houses Sold
998
1,023
2.51%
9677
10155
4.94%
Averages Selling Price
$190,255
$198,933
4.56%
$189,740
$197,677
4.18%
Median Selling Price
$155,000
$166,000
7.10%
$152,000
$162,000
6.58%
# of Active Listings Placed into Pending Status During Oct
884
958
8.37%
Active Listings at Oct 15
3624
2747
-24.20%
Oldham County
Oct-15
Oct-16
% Change
Jan. 1-Oct 31, 2015
Jan. 1- Oct 31, 2016
% Change
Houses Sold
87
82
-5.75%
896
940
4.91%
Averages Selling Price
$273,577
$290,688
6.25%
$290,571
$297,411
2.35%
Median Selling Price
$233,500
$248,700
6.51%
$255,750
$266,000
4.01%
# of Active Listings Placed into Pending Status During Oct
89
61
-31.46%
Active Listings at Oct 15
393
314
-20.10%
Bullitt County
Oct-15
Oct-16
% Change
Jan. 1- Oct 31, 2015
Jan. 1-Oct 31, 2016
% Change
Houses Sold
100
114
14.00%
947
1067
12.67%
Averages Selling Price
$168,920
$182,113
7.81%
$168,513
$175,033
3.87%
Median Selling Price
$158,700
$165,000
3.97%
$155,000
$160,000
3.23%
# of Active Listings Placed into Pending Status During Oct
82
79
-3.66%
Active Listings at Oct 15
368
266
-27.72%
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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