Home sales up 26 percent over May 2012
LEXINGTON, Ky. (June 25, 2013) — Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS (LBAR) topped $174.3 million in May.
LBAR members sold 984 homes in May, an increase of 26 percent over May 2012, when 738 homes were sold. The median sales price increased for the same period, climbing 3 percent from $145,000 to $149,000.
LBAR represents more than 1,900 real estate agents in Anderson, Bourbon, Clark, Fayette, Franklin, Jessamine, Madison, Montgomery, Nicholas, Powell, Scott and Woodford counties.
Months of inventory dropped 24 percent to six months, the lowest since August 2006. Pending inventory increased 28 percent over May 2012, from 855 to 1,091 pending sales reported. The number of houses on the market also moved in a favorable direction, decreasing 5 percent from 6,191 to 5,890.
“The real estate market is continuing to improve each month in most all areas. Sales are up, mortgage interest rates remain low, and local REALTORS are staying busy with calls, showings, open houses and writing offers,” said LBAR President Al Blevins. “Homeownership is still a large part of the American Dream, and it is a great time to buy or sell.”
Single-family residential sales for the year have increased 23 percent over 2012, rising from 2,803 sales reported closed to 3,457. The median sales price increased 4 percent to $141,700. Total activity has increased 25 percent this year over the same five months in 2012.
LBAR.com had record traffic in May, with 152,622 unique visitors using the site to look at homes, for a total of more than 400,000 visits.