louisville

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

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

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%

Younger Buyers More Optimistic, Confident About Homeownership

The Millennial Generation

Despite an uncertain future, the Millennial generation – those 32 years old and younger – have more optimism and confidence about their recent home purchase than any other age group.

According to a recent National Association of Realtors® study that evaluated the generational differences of recent home buyers and sellers, 85 percent of buyers under age 32 believe their home purchase was a good financial investment. That is compared to just 50 percent of buyers ages 88 and older.

The oldest of the Millennial generation are starting to buy their first home. They understand that homeownership is one way to accumulate wealth, especially for younger families in today’s world. Currently, they might be facing an uncertain job market, mounting debt, and tighter mortgage lending rules, yet homeownership still matters to them, and they still aspire to one day become homeowners.

The study found that 79 percent of Millennials were first-time home buyers and 65 percent of them previously rented a home. Half of respondents said the reason for buying a home was their desire to own a home of their own. Twenty-two percent said the affordability of homes made them want to purchase. The Millennial generation is also the second largest group of recent buyers, accounting for 28 percent of recent purchases. They follow Generation X, those born between 1965 and 1979, who made up 31 percent of recent purchases.

The Millennial generation is the largest in history after the baby boomers and they are expected to give the housing market a boost. However, there are some significant challenges that might hinder their ability to purchase homes. Buyers with student loan debt may find it difficult to access mortgage credit, as well as save for a down payment.

The impact of student loan debt is a concern for future generations and their ability to become home owners, since those burdened with growing monthly debt payments will have restricted access to mortgage credit and could find it harder to save for a down payment.

The Greater Louisville Association of REALTORS (GLAR) agrees today’s young home buyers are facing challenges, yet those hurdles aren’t changing younger buyers’ attitudes about homeownership. There is still tremendous affordability in the market and interest rates are still low. Today’s market presents opportunities for young buyers to own a home and they recognize that. Realtors® are committed to making sure those who are willing and able to own a home have the opportunity to do so. Everyone should have the ability to pursue the dream of homeownership.

March Housing Stats show highest sales volume since 2007

Greater Louisville Association of REALTORS®
Residential Sales Statistics
Single Family Residential & Condo

The Greater Louisville Association of Realtors ® (GLAR) released March 2013 statistics which show the highest March sales volume and average price since 2007. 1049 properties were sold by members this March, representing an increase of 15% compared to March 2012. The average price increased 4% from one year ago to $170,424. This matches the highest average price for March sales, which was recorded in 2007. The inventory of available homes is basically unchanged; however, GLAR President, Paul Ogden noted that, “we are seeing shortages of inventory in the most popular neighborhoods.” He added that, “the large number of properties that into a pending status in February did show up in the March sales figures, and members are looking for that strength to carry forward into the summer selling season.”

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