louisville housing

Tight Inventory Translates to Quick Home Sales

The Greater Louisville Association of Realtors® (GLAR) reported year-to-date (YTD) sales up 6.6% compared the same time last year. Sales in September 2016 were up 7.7%, vs September 2015, with 1,600 homes and condos sold. The median price was up 4.8% YTD and the average was 3.0% higher YTD.

In Jefferson County, the average price in September 2016 was $205,975 and the median was $167,000. For all MLS areas, the inventory of available properties was 22.5% lower than at the same time last year. In Jefferson County the inventory of homes and condos for sale was 23.7% lower than September 2015.

GLAR President Allison Bartholomew commented that, “The tight inventory of starter homes continued during September, translating into quick sales. At the same time, activity at the higher end was at a more moderate pace. Our members are looking forward to a healthy fall market with reasonable gains in sales and prices.”

The National Association of Realtors® (NAR) Chief Economist, Lawrence Yun, commented recently that, “Healthy labor markets in most of the country should be creating a sustained demand for home purchases. However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”

The National Association of Home Builders (NAHB) Chairman Ed Brady recently remarked that, “As household incomes rise, builders in many markets across the nation are reporting that they are seeing more serious buyers, a positive sign that the housing market continues to move forward.” He added that, “The single-family market continues to make gradual gains and we expect this upward momentum will build throughout the remainder of the year and into 2017.”

September 2016 Housing Stats 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

July 2015 Home Sales up 13%

The Greater Louisville Association of Realtors® (“GLAR”) reported year-to-date sales up 13% with 9,373 homes and condos sold versus 8,290 at the same time last year. Sales were up 14.2% in July 2015 (1,707 units) compared to July 2014 (1,494 units). Prices in July 2015 were comparable to July 2014, but the year-to-date statistics show a 7% increase in values. In Jefferson County, the average price was $188,703 and the median was $158,500. For all MLS areas, the inventory of available properties was 19% lower than at the same time last year.

GLAR President Paula Colvin commented that, “GLAR members still see a sellers’ market for starter and move up homes. The market for higher priced properties is more in balance.”

At the national level the pending homes sales figure was up 3.2% in June, representing the highest pace of sales since February 2007. Lawrence Yun, Chief Economist for the National Association of Realtors® (“NAR”) commented that, “Buyers have come back in force…This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that’s giving more households the financial wherewithal and incentive to buy.

Click here for July 2015 Housing Stats