GLAR reports average home prices up 3.2% and volume down 7.1% year-to-date

LOUISVILLE, Ky. — The Greater Louisville Association of Realtors reported home sales down 7.1% year-to-date versus 2018. At the same time, with continued low interest rates, the average price was up 3.2%. In Jefferson County, the average price in April was $213,819 and the median was $179,000. For all MLS areas, the inventory of available properties was 5.2% higher than at the same time last year.

GLAR President Karen Story commented that, “the average time on market for listings that sell is still under two months.” She added that, “the absorption rate for the Louisville market as a whole is 2.7 months which is still a sellers market, but it will always depend on the location and quality of the property for sale.”

Lawrence Yun, chief economist of the National Association of Realtors commented that in 2000, there were five million home sales. “Today, we are close to that same number, but there are 50 million more people in the country. There is pent-up demand in the market, and we should see a better performing market in the coming quarters and years.”

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