louisville realtors

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 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

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

Tips for Improving Your Home’s Curb Appeal

Your home’s curb appeal is the first chance to impress potential buyers. Whether buyers are wowed by a beautiful and well-maintained yard or are repelled by dirty exterior walls and an overgrown lawn can significantly impact your home’s sales price if you’re thinking of selling it this spring.

When buyers pull up to a house, they want to be able to picture themselves living in and coming home to it. Dead grass and chipped paint can make that all the more difficult to visualize. Making sure your home is prepared, both inside and out, before you put it on the market could help it sell faster and for top dollar.

Here are a few tips to make sure your curb appeal is making the best impression on potential buyers:

•Clean your house.
It’s not only the inside of your home that needs to be kept clean of dirt and grime, the outside of your home should be just as spotless. Clean your outer walls with soapy water and wash your windows inside and out. According to Greater Louisville Association of REALTORS, washing your house can substantially raise the sale price.

•A new coat of paint.
After you’ve cleaned your home’s exterior, the next step is to apply a fresh coat of paint. A new coat of paint is like a face-lift for your home. But don’t try to make a statement with your home’s color. If your home is a wildly different color from the other homes in your neighborhood, it could negatively affect a buyer’s perception of the home’s value.

•A well-manicured yard.
Your front yard creates your home’s first impression to prospective buyers, so make sure that your lawn is green and trimmed and your shrubs and flower beds are well tended. It is important to keep your yard neat, raking any fallen leaves and pulling any weeds. If there is a barren tree in your front yard, cut it down and replace it with grass.

•Repair the roof.
If your roof is damaged, dirty or missing shingles, it can have a negative impact on the value of your home. If your neighbors’ roofs are well maintained or have been recently replaced, it will make yours look especially ragged. Sometimes a good cleaning is all you need to have your roof look like new. However, that isn’t a project you will want to take on yourself without the proper equipment; hire a professional with the right tools and training, who will be able to clean your roof without damaging it.

By making a few simple changes to your home’s exterior, you can increase your home’s value and hopefully help it sell more quickly this spring.

August Housing Sales up 26%

Louisville Realtors® continue to be encouraged with August closed sales up 26% compared to August 2011. The year ‐to‐date closing figure was also up 15% compared to January‐ August of last year. The number of properties placed into a pending status on the Multiple Listing Service (MLS) during August 2012 was up a 17% compared to the same month last year. Both the average and median prices for August were about 1.5%  compared to August 2011, and the year ‐to‐date average and median prices are up about 3‐4%. In Jefferson County the 2012 year‐to‐date average price remained at $167k and the median price is $137.5k. The inventory of homes and condos currently for sale is about the same as this time last year, with about 4500 for sale in Jefferson County and 7300 total for sale in the Louisville Area multiple listing service.

Record low interest rates continued to fuel purchases by owner‐occupant buyers and investors in August. Recent announcements by the Federal Reserve that they will continue purchases of mortgage backed securities, and that they plan to keep the Fed Funds rate low through mid-2015 may actually cause the pace of sales to moderate as purchasers may not feel a sense of urgency to lock in today’s record low interest rates. However, these Fed actions should keep housing affordability at favorable levels for the coming months.