Louisville Area Home Sales up 10.7 Percent

Louisville Area Home Sales up 10.7% with Modest Increase in Prices

The Greater Louisville Association of Realtors® (“GLAR”) reported sales up 10.7% in January 2015 (869 units) compared to January 2014 (785 units). The average selling price in all Multiple Listing Service (MLS) areas was up 2.8% compared to the same month last year. The median price in Jefferson County was up 3.1% and the average was down 1.1% due to the specific mix of homes sold. The median figure is less volatile on a monthly basis, especially in winter months when fewer properties are sold compared to spring and summer months. For all MLS areas, the inventory of available properties remains 11% lower than the same month last year. In Jefferson County, inventory is rebounding slightly but is still 5.5% lower than January 2014.

GLAR President Paula Colvin commented that, “the 10.7% increase in sales was influenced by the ‘polar vortex’ last January; however, our members are definitely seeing a strong pace of sales with 1244 properties put under contract this past month compared to 990 in January 2014.”

On the national level, Lawrence Yun, Chief Economist for the National Association of Realtors®, predicts that the volume of home sales will be up 7% in 2015 due to the strengthening economy, solid job gains and a healthy increase in home prices. In regard to market headwinds, Yun noted that lenders have been slow to ease loan underwriting standards back to normalized levels.

All MLS Areas Jan. 2014 Jan. 2015 % Change
Houses Sold 785 869 10.70%
Averages Selling Price $161,929 $166,475 2.81%
Median Selling Price $130,000 $136,000 4.62%
# of Active Listings Placed into Pending Status During Jan. 990 1244 25.66%
Active Listings January 15 6307 5619 -10.91%
Jefferson County Jan. 2014 Jan. 2015 % Change
Houses Sold 539 627 16.33%
Averages Selling Price $165,332 $163,468 -1.13%
Median Selling Price $129,900 $134,000 3.16%
# of Active Listings Placed into Pending Status During Jan. 700 880 25.71%
Active Listings January 15 3684 3482 -5.48%

Oldham County

Jan. 2014 Jan. 2015 % Change
Houses Sold 44 45 2.27%
Averages Selling Price $219,195 $276,036 25.93%
Median Selling Price $186,250 $246,000 32.08%
# of Active Listings Placed into Pending Status During Jan. 45 66 46.67%
Active Listings January 15 396 315 -20.45%
Bullitt County Jan. 2014 Jan. 2015 % Change
Houses Sold 40 47 17.50%
Averages Selling Price $162,573 $146,294 -10.01%
Median Selling Price $142,000 $137,000 -3.52%
# of Active Listings Placed into Pending Status During Jan. 66 82 24.24%
Active Listings January 15 430 339 -21.16%
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