LBAR announces $114.7 million in real estate sales for November

Median sale price increased one percent from last year

LEXINGTON, Ky. (Dec. 11, 2014) — The Lexington-Bluegrass Association of Realtors (LBAR) reported 681 sales totaling $114,654,424 in November. Of those sales, 648 sales were residential sales and 33 sales were townhouses/condos.

There were 648 closed sales in November 2014, down from 686 from this time last year. The median sales price increased one percent from last year, from $137,750 to $139,000.

Residential days on market had no percentage of change with 81 average days on market in November 2013 and November 2014. Townhouses/condos sales saw a 15 percent decrease in sales from 39 sales in November 2013 to 33 sales in November 2014. The median sales price for townhouses/condos increased five percent from November 2013 at $124,500 compared to November 2014 at $131,000. Townhouses/condos days on market increased one percent from 111 average days on market in November 2013 compared to 112 average days on market in November 2014.

The November LBAR statistical report shows stable housing indicators such as an increase in new listings and rising median sales price for both residential and townhouses/condos.

Pending sales were up from 615 in November 2013 to 720 in November 2014 with total active listings up from 5,330 in November 2013 to 5,902 in November 2014.

Months of inventory, an approximation of how long it will take to deplete the current active housing inventory based on the previous 12 months of sales, rose from a 7.4 month supply in November 2013 to an 8.7 month supply in November 2014. Sellers received an average of 95.88 percent of their list price in November 2014.

The year-to-date 2014 total sales activity increased seven percent from 9,272 sales to date in 2013 to 9,904 sales to date in 2014. Residential sales for the year-to-date increased six percent from 8,632 in 2013 to 9,148 in 2014. The residential year-to-date median sales price decreased two percent from $143,000 in 2013 to $140,000 in 2014. The year-to-date townhouses/condos sales continue to see a significant sales gain compared to 2013. The townhouses/condos sales for the year-to-date have increased 18 percent from 640 in 2013 to 756 in 2014. The townhouses/condos year-to-date median sales price increase two percent from $125,500 in 2013 to $128,000 in 2014.