Louisville, KY – The Greater Louisville Association of Realtors® (GLAR) reported sales up 2.09% in 2017 compared to 2016. The average price was up 5.69% and the median price was up 5.03%.
In Jefferson County, the average price in 2017 was $207,127 and the median was $168,900. For all MLS areas, the inventory of available properties was 13.86% lower than at the same time last year. In Jefferson County, the inventory of homes and condos for sale was 11.17% lower than December 2016.
GLAR releases monthly statistics mid-month to allow for the most accurate and comprehensive reporting possible. Local REALTORS report their residential sales totals to GLAR, and publishing the statistics mid-month allows for the activity that takes place late in the month to be counted. This ensures that the totals reported show the truest depiction of the local housing market.
GLAR President Dave Parks commented that, “2017 turned out to be a year of continued low inventory for starter homes and normalizing conditions for mid-priced and higher end homes. We will likely see 30 year mortgage rates move towards 5%, but that should not have a big impact on affordability for buyers in the greater Louisville area.”
The National Association of Realtors’® Chief Economist, Lawrence Yun, recently observed that, “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home.” He also commented that, “The odds of closing on a home are much better at the upper end of the market, where inventory conditions continue to be markedly better (for buyers).”
Pat Durham, the Executive Vice President of the Building Industry Association (BIA) of Louisville, commented that “Building permit activity increased in Jefferson County by over 24% when comparing 2017 to 2016. This increase was across all price points, though the lower end of the market saw the most activity. There are opportunities to buy new construction in the lower to mid-tier price point.”
|
All MLS Areas
|
December 2016
|
December 2017
|
% Change
|
Jan 1 – Dec 31, 2016
|
Jan 1- Dec 31, 2017
|
% Change
|
|||
|
Houses Sold
|
1,352
|
1,312
|
-2.96%
|
17,721
|
18,091
|
2.09%
|
|||
|
Average Selling Price
|
$194,413
|
$215,630
|
10.91%
|
$196,953
|
$208,155
|
5.69%
|
|||
|
Median Selling Price
|
$164,000
|
$177,000
|
7.93%
|
$163,999
|
$172,241
|
5.03%
|
|||
|
# of Active Listings Placed into Pending Status During Dec.
|
967
|
949
|
-1.86%
|
||||||
|
Active Listings at December 15
|
4344
|
3742
|
-13.86%
|
||||||
|
Jefferson County
|
December 2016
|
December 2017
|
% Change
|
Jan 1 – Dec 31, 2016
|
Jan 1- Dec 31, 2017
|
% Change
|
|||
|
Houses Sold
|
917
|
918
|
0.11%
|
12,105
|
12,445
|
2.81%
|
|||
|
Average Selling Price
|
$197,822
|
$212,334
|
7.34%
|
$198,459
|
$207,127
|
4.37%
|
|||
|
Median Selling Price
|
$162,000
|
$170,000
|
4.94%
|
$162,000
|
$168,900
|
4.26%
|
|||
|
# of Active Listings Placed into Pending Status During Dec.
|
684
|
652
|
-4.68%
|
||||||
|
Active Listings at December 15
|
2488
|
2210
|
-11.17%
|
||||||
|
Oldham County
|
December 2016
|
December 2017
|
% Change
|
Jan 1 – Dec 31, 2016
|
Jan 1- Dec 31, 2017
|
% Change
|
|||
|
Houses Sold
|
83
|
67
|
-19.28%
|
1108
|
1036
|
-6.50%
|
|||
|
Average Selling Price
|
$283,904
|
$359,361
|
26.58%
|
$295,971
|
$333,339
|
12.63%
|
|||
|
Median Selling Price
|
$244,000
|
$335,000
|
37.30%
|
$264,000
|
$293,900
|
11.33%
|
|||
|
# of Active Listings Placed into Pending Status During Dec.
|
48
|
49
|
2.08%
|
||||||
|
Active Listings at December 15
|
260
|
265
|
1.92%
|
||||||
|
Bullitt County
|
December 2016
|
December 2017
|
% Change
|
Jan 1 – Dec 31, 2016
|
Jan 1- Dec 31, 2017
|
% Change
|
|||
|
Houses Sold
|
87
|
92
|
5.75%
|
1249
|
1252
|
0.24%
|
|||
|
Average Selling Price
|
$176,832
|
$202,549
|
14.54%
|
$175,936
|
$185,179
|
5.25%
|
|||
|
Median Selling Price
|
$166,335
|
$190,450
|
14.50%
|
$161,590
|
$172,248
|
6.60%
|
|||
|
# of Active Listings Placed into Pending Status During Dec.
|
67
|
61
|
-8.96%
|
||||||
|
Active Listings at December 15
|
298
|
223
|
-25.17%
|
||||||
The Greater Louisville Association of REALTORS® (GLAR) is the “The Voice for Real Estate” in the Greater Louisville Area. As the local arm of America’s largest trade association, the National Association of REALTORS®, GLAR represents more than 4,000 members involved in all aspects of the residential and commercial real estate industries. GLAR organizes advocacy efforts on legislative issues that impact the real estate profession and homeownership, offers professional development and continuing education opportunities, and coordinates community service projects throughout the year so its members can give back to the community where they live and work. For more information, visit louisvillerealtors.com or call 502-894-9860.
