Louisville Home Sales Recovery News

     The new home sales numbers for Louisville are out, and there's good news. For the sellers the homes going under contract are up 17.3%. The homes that actually closed in September 2012 compared to September 2011 is up 12.73%. These numbers show an incredibly strong growth spurt for a weak housing market. Just last week the Courier Journal claimed Louisville dodged the recession for the past five years, but with numbers like these, we seem to be bouncing back quite well. 

     The good news for sellers is that average price of homes being sold is up 3.1% compared from this September from last September. This is just an overall number, because some parts of Louisville actually trended backwards. There were other parts of town that were flat, like St. Matthews.

     Sellers who made minor and major upgrades to their properties found their property sat on the market an average of 12.8% fewer days than those who did nothing to their property. But there is a trend that is catching on. Buyers are becoming smarter about buying homes with upgrades. It is called the HGTV effect. Cable has taught buyers the right and wrong ways to buy a home and what to look for when doing so.

     Some good news for buyers is the interest rates remain below 3.5% and as they hear the economy is recovering and home prices are rising, homeowners will start putting their homes on the market. the news media needs more information out about the recovery so sellers will step forward and put their homes on the market. We are hearing reports about the recovery, but not much else.

     Louisville hasn't suffered a huge loss yet, and probably won't get to the point where homes become scarce and and the market becomes the seller's market. Some places in the country homes are receiving multiple offers as soon as they're put on the market. This is supposed to happen, but not in an economic downturn like this. Keep your eyes open for the recovery and watch the market to plan your next move.

Post a Comment