The Greater Louisville Association of Realtors® (GLAR) reported January 2016 sales up 2.8% with 915 homes and condos sold versus 890 last January. The median price for all areas in January 2016 was up 11.3% compared to last January, and the average price was up 12.4%. In Jefferson County, the average price in January 2016 was $188,970 and the median was $152,000. For all MLS areas, the inventory of available properties was 22.6% lower than at the same time last year.
GLAR President Greg Taylor commented that, “Our Realtor® members saw a continuation of strong sales from December into January. With inventory down over 22% compared to this time last year, the current sellers’ market is expected to follow-through into the spring selling season. Although there was a jump in prices compared to last January, average and median sales prices remained fairly consistent with last month’s figures.”
At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® commented that, “While the carryover of November’s delayed transactions into December (due to the new TILA RESPA Integrated Documentation required by the CFPB) contributed greatly to the sharp December increase, the overall pace taken together indicates that these two months maintained the healthy level of activity seen in most of 2015.” However, Yun predicts that 2016 will have a hard time matching the 7% increase in sales seen in 2015. “In addition to insufficient supply levels, the overall pace of sales this year will be constrained by tepid economic expansion, rising mortgage rates and decreasing demand for buying (homes) in oil-producing metro areas.”