Let’s compare the June 23, 2013 stats with the June, 24 2012 stats for the Louisville, Elizabethtown, and Southern Indiana real estate markets.
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
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
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
Posted by the KCM Crew, http://www.KCMblog.com
At KCM, we concentrate on the trends that impact the housing market. Here are what we believe were the biggest stories of 2012.
Housing Was a Tailwind not a Headwind to the National Economy
Over the last several years, many experts claimed that the housing market would not recover until the overall economy recovered. Others, including us here at KCM, believed the exact opposite – the overall economy would not recover until housing recovered. This past year, housing has been one of the only bright spots in an otherwise lethargic economic recovery.
The Fed Remained Committed to Historically Low Mortgage Rates
At the end of 2011, 30-year mortgage rates were at 3.95%. Many, including us, believed that rates had only one way to go – UP! We were wrong. Mr. Bernanke and the Fed continued policies which supported keeping rates at historical lows. This resulted in rates dropping to below 3.4% by year’s end.
Demand Remained Strong throughout the Year
Home sales numbers continued to increase throughout the year suggesting that the country’s belief in homeownership still remains strong. Even the last Existing Homes Sales Report of the year from the National Association of Realtors revealed that home sales were up 5.9% from the previous month and 14.5% from the same time last year.
Inventory Began Shrinking
Housing inventory is at its lowest level (4.8 months) since September of 2005. This represents 22.5% decrease as compared to the same time last year. Shadow Inventory, the inventory of distressed properties coming to market, is also shrinking. This is for two reasons:
- we are clearing more foreclosures and short sales
- less families are falling behind in their mortgage payments
Prices First Stabilized and then Increased
Perhaps the biggest story of 2012 is that home values turned the corner and headed upward. By the end of the year, home values were up 10.1% compared to the end of 2011.
(Find current real estate information by going here.)
Are 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.
Louisville and Elizabethtown Kentucky, as well as Southern Indiana, boast thousands of homes for sale awaiting their new owners. With average list prices ranging from just over $150,000 to around $222,000, your next home could very well be on the market today!
Take a look at the Regional Market Snapshot here, or to the left. You’ll be able to view data on thousands of listings in Kentucky and Indiana, and their activity on the real estate market from the past month and the past year.
Are you looking for current real estate statistics? Are you interested in homes for sale in Kentucky and Indiana? We have those things. The stats can be found here, or by clicking on the image to the left.
As for house hunting, you can do that here. This link will take you to thousands of homes for sale in the Greater Louisville, Southern Indiana, and Elizabethtown/Ft. Knox area. Enjoy!
Here’s a peek at the active real estate inventory in this week’s Regional Market Snapshot.
Click here for the full Regional Market Snapshot. You’ll gather information on current and past listings from Southern Indiana real estate, Greater Louisville real estate, and Elizabethtown homes for sale.
With this week’s Regional Market Snapshot, we will hone in on the number of new listings on the market in the last 30 days, as well as the number of listings sold in the last 30 days. This information spans Louisville area homes for sale, Southern Indiana listings, and Elizabethtown homes for sale.
In the last 30 days:
Greater Louisville Area: 2,041 new listings on the market • 953 sold
Elizabethtown/Ft. Knox Area: 270 new listings on the market • 147 sold
Southern Indiana Area: 442 new listings on the market • 235 sold
For more current real estate statistics, click here, or on the image to the left.
Below you can see the mortgage rates from May 8, 2012.
Please click the image below to view additional mortgage rates.
These rates are provided to you by HomeServices Lending. Semonin Realtors® is not a mortgage lender; please contact HomeServices Lending directly to learn more about its mortgage products and your eligibility for such products.
Below you can see the mortgage rates from May 1, 2012.
Please click the image below to view additional mortgage rates.These rates are provided to you by HomeServices Lending. Semonin Realtors® is not a mortgage lender; please contact HomeServices Lending directly to learn more about its mortgage products and your eligibility for such products.