Market Overview January 2012

Members of the Greater Louisville Association of Realtors® posted 742 sales during the month of January 2012. January’s total sales continued a seven -month trend of outpacing the same period last year, which posted 657 sales during January 2011. The sales volume trend was notable as it revealed the 2010 Home Buyer Tax Credit produced a surge in activity in the 2nd quarter of 2010, leaving a lean 3rd and 4th quarter in its wake. The average selling price paid for single family and condominium homes in January was $154,606, down $5,796 from December, but nearly even with January 2011’s average of $154,236. Average sales prices have retreated from the past 12 months peak of $179,758 posted in July 2011, but remain above the past 12 months low which was posted in March 2011 at $152,801. 

Inventory, or the number of homes for sale, snapped a 12 month declining trend, and rose to 7,331 units, from 7,294 in December ’11 and 7,825 in November ’11. The number of homes for sale continues to exceed 2010 levels, but January’s supply remained the 2nd lowest in the past 12 months. GLAR’s inventory of active listings increased to a 9.8 month supply in January; inventory levels near a 6 month supply are often associated with an in‐balance market.  Overall, GLAR members begin 2012 with optimism as January records a nearly 13% increase in sales volume and a 25% increase in listings reported pending, when compared to a similar period year. Market segment performance varies, but in sum, the warm start to 2012 offers a few degrees of positive news.

For a complete report, click  jan2012 stats.

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