Sales increased 11 percent in 2016
LEXINGTON, Ky. (Jan. 18, 2017) — Lexington-Bluegrass Association of Realtors (LBAR) members reported 13,580 sales totaling $2,522,104,420 in 2016.
The 2016 residential single family sales increased 11 percent from 11,505 sales in 2015 to 12,725 sales in 2016. The residential median sales price increased five percent from $147,500 in 2015 to $155,000 in 2016. The residential average days on market decreased 18 percent from 77 days in 2015 to 63 days in 2016.
Townhouses/condos 2016 sales increased 4 percent from 824 sales in 2015 to 855 sales in 2016. The townhouses/condos median sales price decreased 6 percent from $138,250 in 2015 to $130,000 in 2016. The townhouses/condos average days on market decreased 32 percent from 107 days in 2015 to 73 days in 2016.
“2016 has proven to be a steady year for buying and selling activity in the residential real estate market in Central Kentucky,” said LBAR President Ty Brown. “Although inventory declined and prices increased throughout the year, it has been a strong year with 10 percent increase in total sales activity. Most real estate professionals remain optimistic about the market and excited for the year ahead as long as inventory remains steady, unemployment rates continue to fall, and mortgage rates remain low.”
The monthly sales activity increased 18 percent with 919 sales reported closed in December 2015 compared to 1,081 sales reported closed in December 2016. Of the 1,081 sales, 220 sales were to first time homebuyers and 110 sales were to out of state buyers. Residential sales increased 18 percent from 859 sales closed in December 2015 compared to 1,017 sales closed in December 2016. The residential median sales price had no percentage of change at $149,900 in December 2016. The residential average days on market decreased 16 percent from 75 in December 2015 to 63 days in December 2016.
Townhouses/condos sales increased seven percent from 60 sales reported closed in December 2015 to 64 sales reported closed in December 2016. The townhouses/condos median sales increased nine percent from $140,750 in December 2015 to $153,703 in December 2016. The average days on market decreased 35 percent from 97 in December 2015 to 63 days in December 2016.
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