LEXINGTON, Ky. (April 23, 2013) — Residential real estate sales by members of the Lexington-Bluegrass Association of Realtors (LBAR) reported first quarter 2013 sales of 1,859 homes in Fayette County, totaling more than $306 million.
“Sales continue to be a driving force in the Fayette County economy when considering the multiplier effect on the area of buyers and sellers who purchase appliances, carpet, flooring, landscaping, etc. in response to their transaction needs,” LBAR said in a press release.
Residential single family sales increased 32 percent during the first three months of 2013 over the first three months of the first quarter of 2012, when 673 units were sold. The median sales price increased by 7 percent for the same period, settling at $160,000 for 2013. Houses also remained on the market for a shorter amount of time compared to last year, according to LBAR.
Residential sales closed increased 26 percent, from 302 in March 2012 to 381 last month. Pending sales increased 17 percent in March, moving from 410 to 478 pending sales reported. The months of inventory decreased 33 percent to 5.1 months.
“This decrease is a positive indicator; a balanced market should contain 5-6 months of inventory,” LBAR said.
LBAR represents more than 1,900 realtors in Anderson, Bourbon, Clark, Fayette, Franklin, Jessamine, Montgomery, Nicholas, Powell, Scott and Woodford Counties. Visit www.lbar.com for more information or to see real estate listings.