Category Archives: Real Estate Market Snapshots

Real Estate Recovery is Expected to Continue

Leading up to 2014 real estate experts had very high expectations for the year’s market performance. Throughout the first half of 2014, however, those expectations were not met. Despite the lag in activity in the beginning months, which is likely due to the harsh winter weather and high consumer doubt, over the summer the national housing market has shown a steady increase in activity. HomeServices of America has developed and released a national perspective of the residential housing market, stating “we anticipate a robust second half of 2014” as housing inventories approach healthier levels.

During and after the recession, housing marketing throughout the country had an extremely high amount of distressed properties. It was private equity and investors that primarily drove the real estate market into recovery. This tactic of fueling market recovery, however, was a short-term resurgence. While investors removed a large amount of distressed properties from the market—which helped return property values to where they should be—once they did, recovery depended on the more traditional cycle. Fortunately, consumer confidence is on the rise. This is vital for the real estate market, because if people are fearful about buying and selling homes, than they simply won’t.  According to HomeServices of America along with this increase in consumer confidence, the real estate activity is being led more by homeowners, instead of driven by investors or banks dealing with distressed properties. They have noted that more consumers are buying homes as their own residences and more homeowners are selling their own properties. This trend is a great sign that the real estate market will only continue to thrive.

The housing industry is made up of a number of segments, each of which is experiencing different paths to recovery. For example, luxury properties have displayed a strong sense of recovery, with good sales recorded in many markets nationwide; however, the sales of mid-priced residential properties have not been showing the same enthusiasm. Buy looking at the most recent price-branded reports for the Louisville, Southern Indiana, and Elizabethtown markets shown at the bottom of this post, you see that the majority of homes that sell in the area are in the $125k-$150k range, with less than 3% of homes selling for more than $500k in the Louisville market. This could be why we hear of many other markets undergoing a quicker recovery than we are.

Strong sales of luxury properties is most likely due to a number of factors that affect the buyers and sellers in this market segment. A large portion of this segment are made up of first-time homebuyers who are struggling with getting a loan due to strict credit standards and student loan debts, which has recently shown a dramatic uptick cross the country. The mid-market segment is also facing lower inventory levels which cannot keep up with the demand that is higher than other market segments. Real estate experts are hopeful that these issues will subside, especially as more and more buyers are seeking professional and quality loan officers to assist them through the process of getting a mortgage loan. With the guidance and expertise of such loan officers, more homebuyers are taking the right steps, such as getting pre-qualified for a mortgage prior to shopping for homes.

Americans are beginning to once again become confident and enthusiastic towards real estate.  According to a 2014 survey by Gallup, more Americans consider real estate to be the best long-term investment, ranking above gold and stocks. The fact that consumers are still seeing the value in homeownership is a great indicator that things will continue to improve. While we are still a ways away from achieving full recovery, the signs are pointing in the right direction. Assuming that job creation and the overall economy will continue to grow, the momentum of real estate market is anticipated to continuously pick up speed through the rest of 2014.

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Price Banded Market Report – July 2014

What price range are most homes in Louisville selling for? This graphic gives a good visual representation of the amount of homes that have sold in each price range during the past 30 days. As you can see, the most selling activity has been in and around the $100,000 – $125,000 range.

ePresPriceBandedGLAR31Jul14

Weekly Market Snapshot

Housing inventory is low in the Louisville, Southern Indiana, and Elizabethtown markets! The low supply and higher demand from buyers makes now a great time to put your home on the market! You will have less homes to compete with and buyers eager to make a purchase.

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Real Estate Market Snapshot for Louisville, Elizabethtown, and Southern Indiana As of July 7, 2013

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There is no better way to understand how the real estate market is doing than taking a look at the numbers, both past and present. For Kentucky and Southern Indiana residents, or those planning to move to the area, click here to take a closer look at the region’s market activity.

To better identity exactly how the real estate market is now compared to how it was a month, 3 months, 6 months, and even a year ago click on the following links to view the statistics for each area:

Greater Louisville

Elizabethtown

Southern Indiana

Market Snapshot: June 2013 vs June 2012

Let’s compare the June 23, 2013 stats with the June, 24 2012 stats for the Louisville, Elizabethtown, and Southern Indiana real estate markets.

Greater Louisville

The Months of Inventory is 17.1% lower than this time last year. This is the amount of time it would take to sell all the properties that are currently listed in the area. On June 24, 2012, it would have taken approximately 7.0 months to sell every listed property in the area; on June 23, 2013 it was recorded to only take 5.8 months.

The amount of Unsold Residential Inventory is also down 11.5% from last year. As of June, 23 2013 there were 6,794 residential homes listed for sale in the Greater Louisville area. This time last year there were 7,679. This gives buyers less to choose from and become more competitive with each other to get the home they want.

On average homes are selling for prices 7.7% higher than last year, and it less time – 19 days less than in 2012.

Average Sales Price – 2012: $181,173 vs. 2013: $195,150

Average Days on Market – 2012: 82 days vs. 2013: 63 days

 

Elizabethtown

In the Elizabethtown market, the Months of Inventory is actually 1.1% higher than it was in 2012.

2012: 9.3 months vs. 2013: 9.4 months

Unsold Residential Inventory is 4.5% lower, with 1,481 unsold homes on June 24, 2012 and 1,415 properties still listed for sale on June 23, 2013.

Unlike what is being seen in the Greater Louisville area, real estate in Elizabethtown has an Average Sales Price that is 11.6% lower than what is was this time last year. In 2012, properties were selling for an average of $153,496, this year the average price is down to $135,760.

However, similar to the Louisville market, properties are on the market for less time.

Average Days on Market – 2012: 163 days vs. 2013: 143 days

 

Southern Indiana

Months of Inventory – 23.9% lower than last year

2012: 8.8 months vs. 2013: 6.7 months

Unsold Residential Inventory – Down 3.9% this year

2012: 2,101 vs. 2013: 2,186

Average Sales Price – Increased 15.0% since 2012

2012: $123,404 vs. 2013: 141,921

Average Days on Market – 1 days less than last year

2012: 116 days vs. 2013 115 days

Data is complied through the GLAR, HKAR, and SIRA MLS systems

Real Estate Market Snapshot for Louisville, Elizabethtown KY and southern Indiana for December 30 2012

010113Unsold real estate inventory at lowest level in years for Louisville KY and southern Indiana

The unsold or active residential real estate for sale in the Greater Louisville and surrounding areas have reached lows not seen in several years.  The Louisville MLS tracks the active inventory on the market at any one time.  At the end of 2012, active residential real estate slipped below 6000 for the first time in years.

CLICK HERE or click on the market snapshot image to the left to view more details about the statictics for the local market.

In addition to Louisville Ky statistics, this weekly report provides insight into the southern Indiana real estate market and the central Kentucky Elizabethtown area as well.  For more information about the market just visit our Semonin market update area on Semonin.com.

Regional Market Snapshot for December 9, 2012 ~ Louisville, Elizabethtown, Southern Indiana

120912Are you in the market for a new home or condominium in the Louisville Kentucky area?  Are you looking to move to Elizabethtown or Fort Knox?  Would you like to learn more about Southern Indiana homes for sale (including Charlestown, New Albany, Corydon, and more)?  This Regional Market Snapshot can help you find out what’s available and what to expect from homes that are currently on the market – or have been on the market in the past 30 days or 12 months.

For instance, in Southern Indiana:

  • There are currently 7.9 months of inventory active (this is the amount of time it would take to sell all current properties for sale in the Southern Indiana area, if no more properties were to be listed).
  • There have been 316 new listings in the Southern Indiana area in the last 30 days.
  • The average sales price over the last 12 months for homes in Southern Indiana was $128,972.

You can find additional relevant real estate information by clicking on the image above.  Also, for area-specific statistics, click here.

Kentucky and Southern Indiana Regional Market Snapshot for December 2, 2012

Regional Market Snapshot for 12/2/12

We can learn a lot about the local real estate market simply by looking at the statistics presented here in the Louisville, Elizabethtown and Southern Indiana Regional Market Snapshot.  

For instance, we can see that in the Greater Louisville area, buyers have purchased 780 homes in the last 30 days.  In Southern Indiana, the average list price of homes for sale is currently $154,074.    Over the last 12 months, homes sold for 95.9% of their listed price in the Elizabethtown/Fort Knox area.

You can click here or on the image to the left to find out more real estate statistics.  Check back each week to see how the market has changed.

Kentucky and Indiana Regional Market Snapshot for November 25, 2012

Do you know a lot about real estate?  Could you tell someone how the Louisville area real estate market is doing?  How about homes for sale in Southern Indiana?  Do you think you could give statistics on Elizabethtown or Fort Knox real estate?

Keep checking here (the Semonin Real Estate Blog) and you can.  This Regional Market Snapshot gives statistics for all these areas; these numbers include the number of unsold residential listings currently on the market, the number of listings sold in the last 30 days, and the average sales price of properties over the last 12 months.  And, yes, there are many other statistics.  Click here, or on the image above to find out more!

You can even bookmark the Semonin Realtors Market Update site.

Regional Market Snapshot for November 18, 2012 ~ Kentucky and Indiana Real Estate Statistics

Click on the image below for a printable version of the Regional Market Snapshot for November 18, 2012

*View more real estate statistics here!

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