How Is the Louisville Market Changing?

Louisville, KY Real Estate Podcast with JP Pirtle

The Louisville market has improved considerably in the last year. Here are the areas we paid special attention to.

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The market continues to be strong in Louisville. To get more perspective, we’re going to look at the numbers we saw this June and compare them to the numbers we saw in June 2016. Let’s get to it.

Inventory remains extremely low. Last year, the 5,000 homes we had on the market represented a huge need for more inventory, but it has since dropped even further. Right now, there are only about 4,300 homes on the market. Our absorption rate has dropped from 3.5 to under three months.

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Homes are selling faster and for more money on average.

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The average sale price has increased from $207,000 last June to $223,000 right now. That’s more good news for everybody. Not only are homes selling for more money on average, they’re selling faster too. Last year, homes were selling in an average of just 61 days. That number has since dropped to 52.

Interest rates are at about the same level they were last year, but they have dropped slightly. Right now, our partners at Statewide Mortgage say you’re looking at a 4.125% rate on average.

Quote of the month: “When you get right down to the root of the meaning of the word ‘succeed’, you find that it simply means to follow through.” - F.W. Nichol

There’s our market recap for June 2017. If you have any questions about it or would like more information, give us a call or send us an email. We look forward to hearing from you.