Oldham County is the 48th wealthiest county in the United States, and ranks second highest in Kentucky. Located just north of Louisville, people are drawn to this beautiful county that is well known for its award-winning school system. Also appealing to home buyers are the scenic horse farms and beautiful subdivisions.
How Well Has Oldham County Weathered The Housing Storms?
Looking back at the past two years, it is evident that Oldham County home sales trumped home sales in nearby eastern Jefferson County in Louisville.
Here are two graphs that compare 2012 home sales (both single family dwellings and condos/patio homes) to sales in 2011:
Interestingly, the average sales price in 2011 was $271,271. In 2012 the sales prices dropped to $262,902. The average list price also adjusted slightly downward, from $283,977 in 2011 to $273,800 in 2012.
The median price also fell slightly from $235,000 in 2011 to $230,000 in 2012.
One statistic that remained the same both years: the average list-to-sale ratio: 96%.
On the other hand, it took less time to sell a home in 2012: an average of 144 days. In 2011 it took an average of 162 days to sell. And in stark contrast to the number of homes in Oldham County that SOLD in 2011 (707 homes SOLD), there was a nearly 20% increase in the number of homes SOLD in 2012 (847 homes SOLD).
Let’s Put It In Perspective
The marked increase in numbers of homes SOLD undoubtedly can be attributed to more aggressive list prices and historically low mortgage rates. With housing prices stepping back in time to those seen in 2003 , buyers took advantage of an opportunity to live in one of the most sought-after communities in the entire Louisville area.
My Crystal Ball Is In The Shop
No one can predict with absolute certainty what the housing market in Oldham County will do in 2013. Unemployment, bank foreclosures and short sales still challenge our economy and impact home values. But if what we are already seeing in early January is a predictor of home sale trends, it is shaping up to be a very good year.