New listings up 16 percent in July
LEXINGTON, Ky. (Aug. 19, 2013) — Members of the Lexington-Bluegrass Association of Realtors (LBAR) have had more than $1 billion in residential real estate sales in 2013.
As of July 31, LBAR agents had sold 5,794 homes, totaling $1.012 billion. LBAR represents more than 1,900 agents in Anderson, Bourbon, Clark, Fayette, Franklin, Jessamine, Montgomery, Nicholas, Powell, Scott and Woodford counties.
“The real estate market continues to have many encouraging factors even though mortgage rates have started to increase,” said LBAR President Al Blevins.
New listings were up 16 percent in July, and the median and average sales prices also were up, he said.
“However, a nationwide concern is the reduction of the overall listing inventory,” Blevins said. “Although the listing inventory increased in July, the cumulative supply continues to decline and was down to 5.6 months of supply for the LBAR region, and was only 3.7 months of supply in Fayette County at the end of July. With a declining listing inventory, the real estate market that recently favored buyers is now tilting towards sellers.”
In the Bluegrass region, the average number of days on the market declined to 74 and “sellers are receiving an average of approximately 96 percent of their original list price,” he said.
Home sales increased 24 percent in the year-to-date 2013 vs. year-to-date 2012, rising from 4,375 to 5,406 sales reported closed. The median sales price increased three percent from $141,000 to $145,000. The average days on the market decreased 14 percent for the same time period, falling from 94 to 81 days.
The month of July was an active one in central Kentucky real estate. Home sales increased 29 percent from 780 to 1,009 sales reported closed; average days on market fell five percent from 78 to 74 days. The median sales price bumped up for the month, increasing three percent from $150,000 to $154,450.
Pending and active inventory counts continue to move in positive directions. Pending inventory increased 15 percent while active inventory decreased one percent. In July 2013, there were 957 pending home sales reported compared to 833 in July 2012. The active inventory count in July 2013 came in at 6,033 compared to 6,071 active houses on the market in July 2012.
Year-to-date results for counties in the Bluegrass region
Anderson — 141 homes sold; median price: $123,000
Bourbon — 87 homes sold; median price: $85,000
Clark — 228 homes sold; median price: $124,000
Fayette — 2,889 homes sold; median price: $161,500
Franklin — 291 homes sold; median price: $119,500
Garrard — 80 homes sold; median price: $118,450
Jessamine — 392 homes sold; median price: $130,000
Madison — 403 homes sold; median price: $150,000
Montgomery — 141 homes sold; median price: $107,500
Nicholas — 24 homes sold; median price: 24
Scott — 465 homes sold; median price: $153,500
Woodford — 169 homes sold; median price: $179,000
For more information, visit lbar.com.