Homes for sale in Louisville, KY are over 6% higher in price than last year.
The real estate agents in Louisville continue to experience very low inventory and yet volume of sales continues to pace last year’s volume. There are four market indicators to characterize the current state of the market.
The first is sales volume. April 2017 had 1412 transactions while April 2018 saw 1506 transactions which is just over a 6% increase. Total Home Sales year to date are only up .2%
With year to date sales at .2% growth we can attribute to a 12% deficit in listings. April 2017 had 3873 listings while April 2018 had 3405. The current absorption rate remains, roughly three months making for record low inventories.
Median and Average
The final two indicators are median and average home price. Both median and average home prices are up 7.7% and 9.2%, respectively, from last year. Those numbers are over 6% year to date from the previous year.
All factors continue to point to a disproportionately high sellers’ market. “Multiple offers for homes under $250,000 are still common, and move-in ready homes continue to sell within the first one to two weeks. It’s a great market for move-up buyers, who can sell their existing homes, quickly, and have a decent amount of larger homes to choose from” ( Dave Parks President GLAR in April Press Release).
coming up in our next blog series, stats by county: