Call it an early holiday present for some Louisville Home Sellers. The number of homes going under contract in November 2011 compared to one year ago was up a whopping 24.47 percent. Similarly the number of homes actually closed and sold was up 12.69 percent from November 2010.
The home sale numbers are a good sign that the Louisville housing recovery may be here to stay. There was a disturbing trend in the numbers, the average selling price of a home was down from $173,766 last year to $156,903 in November 2011. Homes are also on the market on average several days longer from 82 to 86 days. The reasons for the decrease of the average and increase of days on market can be attributed to one or several items:
1) More short sale and foreclosures are on the market and selling.
2) More first time homebuyers are back in the home buying market.
3) Homes sellers have dropped prices to attract buyers.
Whatever the reason the overall impact is important to the housing recovery. More home sales will clear inventory. The shadow inventory (homes that are in foreclosure or should be in foreclosure but are still lived in by owners who are not making mortgage payments) will start to shrink. Home prices will begin to rise.
With interest rates continuing to hover in the area of 4%, the stock market seeing a surge and increase in Louisville Real Estate sales, the worst may be behind us. With a presidential election ahead, you would think the recovery was orchestrated. I really don’t care why, too many people are suffering. A full recovery will be a welcome relief to Americans!
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.
November 2011
|
Number of Houses Under Contract
This month: 1024 Last month: 1058 This month last year: 0 |
Number of Houses Sold & Closed
This month: 870 Last month: 883 This month last year: 0 |
|
Average Selling Price
This month: $156,903 Last month: $162,581 This month last year: $0 |
Average Days on Market
This month: 86 Last month: 96 This month last year: 0 |
Median Sales Price
132,000 |
November 2010
|
Number of Houses Under Contract
This month: 843 Last month: 947 This month last year: 0 |
Number of Houses Sold & Closed
This month: 772 Last month: 798 This month last year: 0 |
|
Average Selling Price
This month: $173,166 Last month: $169,025 This month last year: $0 |
Average Days on Market
This month: 82 Last month: 90 This month last year: 0 |
Median Sales Price
139,900 |
