housing statistics

May Stats Show Home Sales Up 11.5%, Inventory Down

The Greater Louisville Association of Realtors® (GLAR) reported May 2016 sales up 4.1% with 1,573 homes and condos sold versus 1,510 last May. Year-to-date, compared with January-May 2015, home sales were up 11.5%. The median price for all areas in January-May 2016 was up 3.3% compared last year, and the average price was up 0.7% versus last year. In Jefferson County, the average price in May 2016 was $208,469 and the median was $169,000. For all MLS areas, the inventory of available properties was 23.6% lower than at the same time last year. In Jefferson County, the decreased inventory of homes and condos for sale was even more pronounced at 27.6% lower than May 2015.

GLAR President Greg Taylor commented that, “The limited inventory of homes for sale is not just limited to Jefferson County. Bullitt and Oldham County inventory is also down 21% and 25% respectively. Continued low mortgage rates are keeping affordability intact; however, our members are seeing rising prices in neighborhoods that attract first-time buyers due to the low inventory.”

Lawrence Yun, Chief Economist for the National Association of Realtors® commented that, “Except for the West, where supply shortages and stark price growth are hampering buyers the most, sales are meaningfully higher than a year ago in much of the country.” He continued by saying, “Looking ahead, with demand holding steady and supply levels still far from sufficient, the market for entry-level and mid-priced homes will likely continue to be the most competitive heading into the summer months.”

May 2016 Stat Report

Louisville Home Sales Up 12.9%

The Greater Louisville Association of Realtors® (GLAR) reported April 2016 sales up 4.9% with 1,437 homes and condos sold versus 1,370 last April. Year-to-date, compared with January-April 2015, home sales were up 12.9%. The median price for all areas in January-April 2016 was up 3.4% compared last year, and the average price was consistent with last year. In Jefferson County, the average price in April 2016 was $186,887 and the median was $151,500. For all MLS areas, the inventory of available properties was 21.8% lower than at the same time last year. In Jefferson County, the decreased inventory of homes and condos for sale was even more pronounced at 25.6% lower than April 2015.

GLAR President Greg Taylor commented that, “The strong sellers’ market is continuing in Louisville with inventory down over 25% in Jefferson county compared to this time last year. Sellers whose homes are in move-in condition typically receive multiple offers. The median price year-to-date has advanced 3-4% with both low inventory and low mortgage rates.”

The national existing homes sales report for April 2016 is not yet available, but Lawrence Yun, Chief Economist for the National Association of Realtors® commented that March’s pending sales increase signaled a solid beginning to the spring buying season. “Despite supply deficiencies in plenty of areas, contract activity was fairly strong in a majority of markets in March,” he said. “This spring’s surprisingly low mortgage rates are easing some of the affordability pressures potential buyers are experiencing.”

April 2016 Stat Release

Louisville Area Home Sales Up 15.1%

The Greater Louisville Association of Realtors® (GLAR) reported March 2016 sales up 14% with 1,346 homes and condos sold versus 1,180 last March. Year-to-date, compared with January-March 2015, home sales were up 15.1%. The median price for all areas in January-March 2016 was up 4.3% compared to last year, and the average price was up 1.1%. In Jefferson County, the average price in March 2016 was $175,630 and the median was $149,000. For all MLS areas, the inventory of available properties was 20% lower than at the same time last year. In Jefferson County, the decreased inventory of homes and condos for sale was even more pronounced at 24.7% lower than March 2015.

GLAR President Greg Taylor commented that, “The sellers’ market is continuing in Louisville with inventory down in some areas over 20% compared to last year. This has also led to some fluctuations in the month to month statistics, but in general our members are seeing steady single digit appreciation gains versus last year.”

The national existing homes sales report for March 2016 is not yet available, but Lawrence Yun, Chief Economist for the National Association of Realtors commented that, “February sales took a considerable step back in most of the country last month, and especially in the Northeast and Midwest. The lull in contract signings in January from the large East Coast blizzard, along with the slump in the stock market, may have played a role in February’s lack of closings. However, the main issue continues to be a supply and affordability problem. Finding the right property at an affordable price is burdening many potential buyers.”  This is in contrast to the Louisville local market where affordability is greater and February sales did not drop off.

Click here for March 2016 Stats Release

Oct. 2015 Housing in Greater Louisville

The Greater Louisville Association of Realtors® (GLAR) reported year-to-date sales up 12.2% with 13,896 homes and condos sold versus 12,383 at the same time last year. Sales were up 5.1% in October 2015 (1,416 units) compared to October 2014 (1,347 units). The median price for all areas in October 2015 was up 6.3% compared to October 2014, and the year-to-date statistics continue to show a 5.8% increase in values. In Jefferson County, the average price was $189,428 and the median was $155,000. For all MLS areas, the inventory of available properties was 17.3% lower than at the same time last year.

GLAR President Greg Taylor commented that, “Continued low inventory in Louisville means that accurately priced, move-in ready homes are selling quickly.” At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® commented that despite persistently low mortgage rates and a healthier job market, the first-time homebuyer rate remains suppressed. In the recent survey of Home Buyers & Sellers, debt was cited as the primary reason for the delay in home ownership. However, 64% of first time buyers said their primary reason to purchase a home was a “desire to own,” compared to a figure of 53% last year, which could be a positive indicator heading into 2016.

Click here for October 2015 Stats

Sept 2015 Home Sales up 12.7% YTD

The Greater Louisville Association of Realtors® (GLAR) reported year-to-date sales up 12.7% with 12,442 homes and condos sold versus 11,035 at the same time last year. Sales were up 17.7% in September 2015 (1,444 units) compared to September 2014 (1,227 units). The median price for all areas in September 2015 was up 1.3% compared to September 2014, and the year-to-date statistics show a 5.8% increase in values. In Jefferson County, the average price was $182,053 and the median was $145,000. For all MLS areas, the inventory of available properties was 18.5% lower than at the same time last year.

GLAR President Greg Taylor commented that, “Activity typically slows in the fall months, but we are seeing follow-through from strong summer sales. We are also experiencing continuation of a sellers’ market inside the Watterson Expressway.”

At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® (NAR) commented that, “Pending homes sales have leveled off since mid-summer; however, contract activity is still higher than a year ago.” He also remarked that adapting to the new CFPB mortgage rules could delay some sales this fall.

CLICK HERE for September 2015 Stats Report

August 2015 Home Sales up 11.6%

The Greater Louisville Association of Realtors® (“GLAR”) reported year-to-date sales up 11.6% with 10,951 homes and condos sold versus 9,808 at the same time last year. Sales were up 0.9% in August 2015 (1,532 units) compared to August 2014 (1,518 units). Prices in August 2015 were up 3% compared to August 2014, and the year-to-date statistics show a 6.4% increase in values. In Jefferson County, the average price was $200,058 and the median was $158,000. For all MLS areas, the inventory of available properties was 20.5% lower than the same time last year.

GLAR President Paula Colvin commented that, “Inventory shortages are still contributing to a strong seller’s market in some areas inside the Watterson Expressway. Properties located further out, and at higher price points, are selling at a more normal pace.

“At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® commented last week that, “Demand for buying has drastically improved this year and is propelling home sale to a pace not seen since 2007. As local job markets continue to expand, the pool of homebuyers will increase.”

Click here for August 2015 Stats

June 2015 Home Sales up 12.3% Year-to-Date with 9.1% Rise in Average Price

The Greater Louisville Association of Realtors® (“GLAR”) reported year-to-date sales up 12.3% with 7,633 homes and condos sold versus 6,796 at the same time last year. Sales were up 20.5% in June 2015 (1,835 units) compared to June 2014 (1,523 units), and the median selling price in all Multiple Listing Service (“MLS”) areas was up 8.4% compared to the same month last year. The median price (year-to-date) in Jefferson County was up 7.1% ($150,000) and the average (year-to-date) was up 7.3% ($189,796). For all MLS areas, the inventory of available properties for sale was 16.7% lower than at the same time last year.

GLAR President Paula Colvin commented that, “GLAR members are recording sales nearing the record high volume in 2007, at prices that are approximately 10% higher than the pre-recession peak.” At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® commented that, “The return of first-time buyers is an encouraging sign,” and is the result of strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment options. Yun also remarked that the national market is “clearly not a bubble,” noting that the overall demand for housing is 25% lower than it was during the previous boom, new home construction is about half of what it was during the previous boom and mortgage debt outstanding is 10% lower than during the previous boom.

June 2015 Stats Release