The Greater Louisville Association of Realtors® (“GLAR”) reported year-to-date sales up 9.3% with 5,764 homes and condos sold versus 5,273 at the same time last year. Sales were up 4.7% in May 2015 (1,469 units) compared to May 2014 (1,403 units), and the median selling price in all Multiple Listing Service (“MLS”) areas was up 11.5% compared to the same month last year. The median price (year-to-date) in Jefferson County was up 5.4% ($145,000) and the average (year-to-date) was up 8.6% ($184.064). For all MLS areas, the inventory of available properties was 17.4% lower than the same time last year.
GLAR President Paula Colvin commented that, “members continue to report a strong seller’s market in many areas due to the lack of inventory, and prices are rising accordingly. Additionally, Germantown has joined the Highlands, Crescent Hill & St Matthews as an area with extremely low inventory.” At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® (“NAR”) commented on May 21, 2015 stating that, “supply in many markets is very tight, which in turn is leading to bidding wars, faster price growth and properties selling at a quicker pace. To put it in perspective, roughly 40% of properties sold last month went at or above asking price, the highest since NAR began tracking this monthly data in 2012.”