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

Sept. Sales up 13%

Members of the Greater Louisville Association of Realtors® continue to be encouraged with September closed sales
up 13% compared to September 2011. The year-to-date closing figure was also up 15% compared to January – September of last year. The number of properties placed into a pending status on the Multiple  Listing Service (MLS) during September 2012 was up 20% compared to the same month last year.  Many of these September pending properties will show as sold in October. The average and median prices for September
were up about 3% and 6%, respectively, compared to September 2011; and the year-to-date average and median prices remained up about 3-4%.

In Jefferson County the 2012 year-to-date average price remained at $167k and the median price is $138k.  The inventory of homes and condos  currently for sale is about the same as this time last year, with about  4400 for sale in Jefferson County and 7200 total for sale in the Greater Louisville multiple listing system.

As in previous months, record low interest rates continue to fuel purchases by owneroccupant buyers and investors
in September.  These low rates (e.g. mid 3% for 30yr and high 2% for 15yr owner -occupant  financing with good credit) will keep housing affordability at very favorable levels for the coming months.