LEXINGTON, Ky. (July 16, 2014) — Members of the Lexington-Bluegrass Association of Realtors (LBAR) sold 4,700 pieces of property totaling $811,938,312 in the second quarter of 2014.
After the moderately slow spring season, the real estate industry in central Kentucky has pick up speed, LBAR said in a press release. Residential sales decreased 1 percent in the second quarter 2014 vs. first quarter 2014, falling from 4,372 to 4,309 sales reported closed. The residential median sales price decreased 1 percent from $143,000 in 2013 to $142,000 in 2014.
Townhouses/condos sales have continued to increase over the past two years. In the first half of the year, the townhouses/condos sales rose 22 percent for the same time period from 321 to 391 sales reported closed. However, the average days on market increased 36 percent from 97 to 132 days in the first half of 2014.
“Home buyers are benefiting from slower price growth. Additionally consumer confidence in the housing market appears to remain strong as Realtors are staying busy with listings and sales,” said Linda Wiley, LBAR president. “Buyers have 5,685 homes to choose from which is the lowest June inventory since 2006.”
The month of June was an active one in central Kentucky real estate. Residential sales increased 10 percent over June 2013 from 891 to 978 sales reported closed. Townhouses/condos sales also increased over June 2013 from 65 to 91 sales reported closed in June 2014. Average days on market for residential properties rose 6 percent from 72 to 76 days; average days on the market for townhouses/condos rose 33% from 99 to 132 days.
Pending and active inventory counts continue to move in complimentary directions. Pending inventory rose 9 percent while active inventory decreased 5 percent. In June 2013 there were 940 pending sales reported compared to 1028 in June 2014. The active inventory count in June 2013 came in at 5,991 compared to 5,685 active houses on the market in June 2014.
“Current sales activity is rebounding after the lackluster first quarter,” Wiley said.
LBAR represents more than 2,100 Realtors located in Anderson, Bourbon, Clark, Fayette, Franklin, Jessamine, Montgomery, Nicholas, Powell, Scott and Woodford Counties. Visit www.lbar.com for more information.