Louisville, KY (March 15, 2017) – The Greater Louisville Association of Realtors® (GLAR) reported sales down 4.5% compared to February 2016. Sales totaled 1,054 this February versus 1,104 last year. Year-to-date (YTD) sales were down just 0.8%, coming off of a strong January. With the lower inventory, the average price YTD was up 8.1% and the median price was up 8.5%.
In Jefferson County, the average price in February 2017 was $191,281 and the median was $155,000. For all MLS areas, the inventory of available properties was 21% lower than at the same time last year. In Jefferson County, the inventory of homes and condos for sale was also 23.4% lower than February 2016. Inventory in Oldham and Bullitt Counties was down 16% and 20%, respectively.
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 Allison Bartholomew commented that, “Multiple offer situations for starter and mid-level homes continue to be the norm. Many first-time buyers, continue to make offers on more than one home before finding a seller to accept their offer. As was the case last month, homes in higher price ranges are selling at a more normal pace.”
The National Association of Realtors’® (NAR) Chief Economist, Lawrence Yun, observed that “Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower and mid-marketprice range.” With regard to new construction, the National Association of Home Builders (NAHB) now expects, “solid 10 percent growth in single-family construction in 2017, adding to the gains of2016.” NAHB Chief Economist Robert Dietz, also added that ongoing concerns include, “rising mortgage interest rates as well as a lack of (building) lots and access to labor.”
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. For more information, contact President Allison Bartholomew at (502) 893-1900 or CEO Lisa Stephenson at (502) 894-9860.