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.)
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.
Be sure to check out this week’s Regional Market Snapshot. It will help you track real estate inventory from the past month and the past year. It will keep you up-to-date on current homes for sale, listings, and months of inventory. It’s a great tool for buyers and sellers alike. Here are a few of the statistics you’ll find in this week’s Regional Market Snapshot:
- Etown/Ft. Knox Area Active Inventory Average List Price: $170,133
- Southern Indiana Area Number of Homes Sold in the Last 30 Days: 264
- Greater Louisville Area Sales Price vs. List Price of Homes Sold in the Last 12 Months: 95.4%
The real estate statistics we present to you each week in the Semonin Real Estate Blog spans numerous counties and cities across the Greater Louisville and Elizabethtown Kentucky areas, as well as the Southern Indiana area. We try to provide you with data that is timely, accurate, and important to you. Let’s look at some statistics for Elizabethtown homes for sale:
Elizabethtown and Fort Knox area homes for sale:
- Average list price of homes currently on the market: $168,999
- Average home sale price in the last 30 days: $157,040
- Average home sale price in the last 12 months: $140,848
Click on the image above for a wider selection of real estate statistics from which to choose. Come back next week for more updated real estate numbers.
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.
Homes in the area are selling! Be it Hardin County real estate, Oldham County homes for sale, or New Albany Indiana real estate (as well as dozens of areas throughout and in-between), we are finding a smaller inventory of properties for sale.
This also means that the “months of inventory” around these areas has decreased. This number represents how long the average listing would be on the market before selling if no additional listings came on the market.
Below are the months of inventory for each of our area markets:
- Greater Louisville Area months of inventory: 7.8 months
- Southern Indiana Area months of inventory: 8.4 months
- Elizabethtown/Ft. Knox Area months of inventory: 9.3 months
Click here or on the graphic above for additional real estate statistics for areas in and surrounding Louisville, Kentucky.
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.
Homes for sale? We’ve got thousands! Among the listings in the Greater Louisville area, Southern Indiana area, and the Elizabethtown area, there are more than 11,000 residential listings currently on the market. Check it out!
- The number of Greater Louisville area homes currently on the market is 7,759
- The number of Southern Indiana area homes currently on the market is 2,106
- The number of Elizabethtown/Fort Knox area homes currently on the market is 1,486