Maybe we can credit global warming for our Louisville housing market heating up. Whatever the case, we are certainly seeing FOR SALE signs dotting the Bluegrass landscape with more SOLD signs on them than we have seen for a long while.
Actually, the weather may be playing a partial role in the increased activity. Here in Louisville the unseasonably warm weather has had potential buyers getting a jump start on the Spring market.
On a national level, home sales in February were up 9 percent from Febuary 2011, according to the National Association of Realtors. The NAR also states that confidence among its membership is up – way up. Confidence among the more than 4,000 agents surveyed in late February said that confidence in the residential housing market is the highest it has been in four years.
So How Is Louisville’s Residential Market Doing?
When you compare first quarter 2011 (January 1, 2011 – March 31, 2011) to first quarter 2012 (January 1, 2012 – March 31, 2012), here is how our Greater Louisville Board of Realtors numbers report in: (These sales numbers are for all of Louisville, from downtown to the outer suburbs, and also include the surrounding counties of Bullitt, Oldham, Henry, Trimble and Shelby):
First Quarter 2011:
Total Sales = 1,717
Average Price = $160,694
Median Price = $134,000
Average Cumulative Days on Market = 134
First Quarter 2012:
Total Sales = 1,796
Average Price = $164,484
Median Price = $135,000
Average Cumulative Days on Market = 145
Sellers And Buyers Are More Confident In Our Louisville Market
According to a recent (March, 2012) article in “Business First”, The Louisville economy is performing better than the rest of the nation in terms of employment growth, issuance of building permits and annual house price growth. That is helping to bolster confidence, and Sellers who have been sitting and waiting are deciding that this is the year to sell.
And of course Buyers are realizing that this is a great time to buy, with interest rates at all-time lows.
This Louisville Real Estate Chick is certainly optimistic about our market. If you have any comments, please feel free to leave one, and if you would like to contact me directly, my email is Jacki@TheShaferTeam.com .