real estate market

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

August 2016 Housing Market in Louisville

The Greater Louisville Association of Realtors® reported year to date (“YTD”) sales up 5.9% compared to the same time last year. Sales in August 2016 were up 2.9% vs August 2015, with 1,622 homes and condos sold. The median price was up 3.9% YTD and the average price was 2.3% higher YTD.

In Jefferson County, the average price in August 2016 was $207,520 and the median was $170,000. For all MLS areas, the inventory of available properties was 19.2% lower than at the same time last year. In Jefferson County the inventory of homes and condos for sale was 21.1% lower than August 2015.

GLAR President Greg Taylor commented that, “The number of homes placed under contract in August 2016 increased 1.9% vs August 2015, which is above the national statistic of 1.3%.”  He added that, “Our members are continuing to see quick sales of homes under $250k, at the same time that showings of higher end homes have slowed a bit.”

The National Association of Realtors® (NAR) Chief Economist Lawrence Yun commented last week that, “Amidst tight inventory conditions that have lingered the entire summer, contract activity last month was able to pick up at least modestly in a majority of areas. More home shoppers having success is good news for the housing market heading into the fall but, buyers still have few choices and little time before deciding to make an offer on a home available for sale.”

The National Association of Home Builders (NAHB) Chairman Ed Brady recently remarked that, “While labor shortages and regulatory burdens remain…lot shortages are preventing our builders from responding to growing demand for housing.” Although Louisville does not have a lot shortage per se, the price of land and rising development costs mean that most new subdivisions will not feature new homes for first time buyers.

August Housing Stat Report 2016

How to Host a Sizzling Summer Open House

According to the National Association of Realtors®, more than 40 percent of all homes sold last year were between the months of May and August. There are so many reasons why summer may be the perfect time to put your home on the market – families are trying to settle into a new place before the school year starts and buyers have their tax refunds firmly in hand. But with so many others reaching the same conclusion, how do you make your home stand out?

A well planned open house allows potential buyers to picture how life in this home would be, and in the summer people tend to be more relaxed; it’s the time of vacations and lazy days. So making your home’s open house a haven from the heat is the best way to help them visualize that this is the house is where they’ll want to spend all of their summers.

Here are a few tips to help your home’s open house stand out this summer.

Pump the A/C. It’s easy for a house to become stuffy and warm during the summer, especially with exterior doors frequently opening and closing, so make sure that you have the air conditioning running whenever you’re hosting potential buyers.  Just make sure to keep the temperature cool and inviting, not set to a deep freeze!

Curb Appeal. Your home’s curb appeal is its first impression, and the summer months can be harsh on your home’s front lawn. Unlike in winter, where fresh snow in the front yard can appear romantic and enticing to buyers, there is nothing attractive about the dry, dead lawns of summer. Water frequently or update your home’s landscaping to something grass-free.

Outdoor Living. If your home has a pool, a large deck or an outdoor kitchen, the summer months are the perfect time to highlight them.  Put some lemonade out for buyers to enjoy on the patio and keep the pool crystal clean.  Remember, however, that summer means kids are out of school, and they may be joining their parents on open house tours, so make sure that pool gates are kept locked tight for safety.

Embrace the Season. Potential buyers may be hot and thirsty when they arrive, so prepare for it. Have a cooler with ice-cold bottled water ready and waiting for them the moment they walk in the house, and have refreshing snacks, like watermelon or popsicles, available in the kitchen or on the patio. This will help home buyers picture your home as their oasis in the heat.

Following a few easy open house tips can help you quickly find the right buyer this summer.  If you are interested in selling or buying a home this summer, contact a local Realtor®.

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

2015 Home Sales up 12%

The Greater Louisville Association of Realtors® (“GLAR”) reported annual sales up 12% with 16,279 homes and condos sold versus 14,540 last year. Sales were also up 12.5% in December 2015 (1,258 units) compared to December 2014 (1,118 units). The median price for all areas in 2015 was up 5.8% compared to 2014, and the average price was up 6.2%. In Jefferson County, the average price in 2015 was $190,764 and the median was $152,500. For all MLS areas, the inventory of available properties was 21% lower than at the same time last year.

GLAR President Greg Taylor commented that, “GLAR members are adapting to the new CFPB rules implemented in October and finished the year with strong December sales results.” At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® commented that, “Home prices rising too sharply in several markets, mixed signs of an economy losing momentum and waning supply levels have acted as headwinds in recent months despite low mortgage rates and solid job gains. While feedback from Realtors® continues to suggest healthy levels of buyer interest, available listings that are move-in ready and in affordable price ranges remain hard to come by for many would-be buyers.”

2015 Home Sales Release