real estate statistics

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

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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

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

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

May 2015 Home Sales up 9.3% Year-to-Date

The Greater Louisville Association of Realtors® (“GLAR”) reported year-to-date sales up 9.3% with 5,764 homes and condos sold versus 5,273 at the same time last year. Sales were up 4.7% in May 2015 (1,469 units) compared to May 2014 (1,403 units), and the median selling price in all Multiple Listing Service (“MLS”) areas was up 11.5% compared to the same month last year. The median price (year-to-date) in Jefferson County was up 5.4% ($145,000) and the average (year-to-date) was up 8.6% ($184.064). For all MLS areas, the inventory of available properties was 17.4% lower than the same time last year.

GLAR President Paula Colvin commented that, “members continue to report a strong seller’s market in many areas due to the lack of inventory, and prices are rising accordingly. Additionally, Germantown has joined the Highlands, Crescent Hill & St Matthews as an area with extremely low inventory.” At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® (“NAR”) commented on May 21, 2015 stating that, “supply in many markets is very tight, which in turn is leading to bidding wars, faster price growth and properties selling at a quicker pace. To put it in perspective, roughly 40% of properties sold last month went at or above asking price, the highest since NAR began tracking this monthly data in 2012.”

View the May 2015 Statistics Here

April 2015 Home Sales up 9.7% Year-to-Date

The Greater Louisville Association of Realtors® (“GLAR”) reported year-to-date sales up 9.7% with 4,247 homes and condos sold versus 3,870 at the same time last year. Sales were up 10.2% in April 2015 (1,324 units) compared to April 2014 (1,201 units), and the median selling price in all Multiple Listing Service (“MLS”) areas was up 9.8% compared to the same month last year. The median price (year-to-date) in Jefferson County was up 4.1% ($140,000) and the average (year-to-date) was up 8.5% ($178,998). For all MLS areas, the inventory of available properties remains 15.6% lower than the same time last year.

GLAR President Paula Colvin commented that, “Members are seeing a strong seller’s market, especially in the Highlands, Crescent Hill and Saint Matthews.” She also added that, “We expect the strong market to continue into the summer months. However, we may see some tapering in the numbers at the end of the summer which is seasonal and will also be coincident with the new layers of closing regulations that will be put into place by the Consumer Financial Protection Bureau (CFPB).”

At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® (“NAR”), commented on April 29, 2015 that the strong spring sales demand has led NAR to update the 2015 sales forecast to 5.28 million homes, “the best in 9 years.” He also indicated that, “Recent GDP reports (coupled) with little inflation means (continued) low mortgage rates.” The current 2015 NAR forecast is 4.3% for the 30 year fixed rate mortgage.

View the April 2015 Statistics