Louisville Home Owners can slowly start to breath a collective sigh of relief! It’s very possible the downhill slide of falling Louisville home prices has hit bottom. It now appears Louisville Home Buyers are starting to jump off the fence and into a realtor’s car looking at homes (sure glad I tanked up with gas)!
You have to go back to August 2007 to see more homes sold in the month of August! For skeptics among you I’ve included the raw data for the past 4 years of August. That’s good news for Louisville homeowners who have their homes on the market or are planning to sell in the next year. The number of homes sold when compared to August 2010 was up 14 percent. The number of homes going under contract was up 17.5 percent compared the the year before..
Personally our Medley Sokoler Team set new records in July with 19 homes under contract and 21 under contract in August. We’re so busy we’re expanding our team and the office for 2012. We’re seeing a marked increase in buyers singing onto our websites looking at homes in Louisville and the surrounding area.
The bad news (come on you know there’s always bad news) is that the median price of a Louisville Home is down about $4,500 from a year ago. In fact we’re seeing the best looking homes with the lowest price sell. For sellers that means touching up everything from the paint to the mulch outside. Clean, crisp, de-cluttered (really 2-3 items on your kitchen countertops), and no visible repairs needed. Stray from that recipe and the buyer walks on to the next home.
For buyers, if prices have bottomed out now is the time to jump in. Interest rates are amazingly low hovering between 4.1 and 4.25 percent. The sellers see a winter ahead of them (admittedly a slower time for home sales) and they are more motivated than ever.
When the media starts reporting home sales are up (we’ll try to keep it from them a little longer but you know how they dig for facts and a story especially that Chris Otts at the Courier Journal) buyer activity may jump. If sellers see a glut of buyers viewing their homes they might hold out for a better price. I know we’re already packed this holiday weekend with buyers in the car. A good sign of things to come…we hope.
Have a safe Labor Day Weekend!
Bob Sokoler is a former Anchor/Reporter turned Louisville Realtor 7 years ago, and co-owner of The Medley Sokoler Team in Louisville Kentucky. You can learn more about Bob, his Team by clicking Louisville Real Estate.
August 2011
Number of Houses Under Contract
This month: 1272 Last month: 1252 This month last year: 0 |
Number of Houses Sold & Closed
This month: 1133 Last month: 1048 This month last year: 0 |
Average Selling Price
This month: $169,023 Last month: $179,758 This month last year: $0 |
Average Days on Market
This month: 86 Last month: 84 This month last year: 0 |
Median Sales Price
139,597 |
August 2010
Number of Houses Under Contract
This month: 1092 Last month: 1119 This month last year: 0 |
Number of Houses Sold & Closed
This month: 935 Last month: 999 This month last year: 0 |
Average Selling Price
This month: $172,949 Last month: $176,838 This month last year: $0 |
Average Days on Market
This month: 74 Last month: 79 This month last year: 0 |
Median Sales Price
144,000 |
August 2009
Number of Houses Under Contract
This month: 1211 Last month: 1284 This month last year: 0 |
Number of Houses Sold & Closed
This month: 1074 Last month: 1276 This month last year: 0 |
Average Selling Price
This month: $166,106 Last month: $171,793 This month last year: $0 |
Average Days on Market
This month: 84 Last month: 89 This month last year: 0 |
Median Sales Price
137,500 |
August 2008
Number of Houses Under Contract
This month: 1030 Last month: 998 This month last year: 0 |
Number of Houses Sold & Closed
This month: 965 Last month: 1015 This month last year: 0 |
Average Selling Price
This month: $181,044 Last month: $173,521 This month last year: $0 |
Average Days on Market
This month: 90 Last month: 92 This month last year: 0 |
Median Sales Price
140,000 |
August 2007
Number of Houses Under Contract
This month: 1334 Last month: 1558 This month last year: 0 |
Number of Houses Sold & Closed
This month: 1519 Last month: 1461 This month last year: 0 |
Average Selling Price
This month: $179,782 Last month: $181,427 This month last year: $0 |
Average Days on Market
This month: 74 Last month: 75 This month last year: 0 |
Median Sales Price
141,800 |