LEXINGTON, Ky. (March 27, 2013) — Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS (LBAR) reported 541 sales that totaled $90.4 million in February.
The year began with a real estate bang, pending sales are the highest since 2008 and the inventory of available homes is the lowest since 2006. February 2013 pending sales increased 9.4 percent percent from 650 to 711 pending sales reported. The inventory of homes for sale decreased 7 percent for the same time period from 5,694 to 5,312 homes on the market.
Residential single family sales increased 20 percent in February from 426 to 513 sales reported closed. The median sales price increased 4 percent from $130,000 to $135,000. February’s months of inventory fell 23 percent to 9.3 months, the lowest since 2006. Shrinking inventory indicates more motivated and prepared buyers in the market.
“Low inventory combined with low interest rates have provided ample motivation for buyers,” said LBAR President Al Blevins. “The booming spring market should provide sellers with the motivation to meet the current demand.”
During the year-to-date 2013 vs. the year-to-date 2012 residential sales increased 25 percent from 813 to 1,017. Residential average days on market fell 8 percent for the same time period from 100 days to 92 days.
LBAR represents more than 1,900 REALTORS located in Anderson, Bourbon, Clark, Fayette, Franklin, Jessamine, Montgomery, Nicholas, Powell, Scott and Woodford counties.