LBAR real estate sales topped $180 million in July

More than 1,000 reported sales in July

LEXINGTON, Ky. (Aug. 12, 2014) — Residential real estate sales by members of the Lexington-Bluegrass Association of Realtors (LBAR) positively impacted the Bluegrass economy in July with 1,006 reported sales totaling $180,517,633, including, 925 sales of existing homes and 81 sales of new construction sales.

Residential single-family sales have decreased 3 percent over this time last year, from 5,406 sales in July 2013 to 5,258 in July 2014.

Total activity decreased 1 percent from 5,794 sales in July 2013 to 5,733 sales in July 2014.

Inventory levels were up slightly from the previous month to 5,741 homes for sale in July, with new listings up 2 percent from last year, from 1,621 to 1,647. Pending sales were up from 957 in July 2013, compared to 1,052 in July 2014.

Homes continue to sell quickly, as residential days on market decreased 1 percent from 73 average days on market in July 2013, compared to 74 average days on market in July 2014. Sellers are receiving an average of 96.5 percent of their list price. The Bluegrass Region now has 5.7 months supply of inventory, just a tad higher than last July.

Residential sales decreased 9 percent from last year, from 1,009 sales to 922 and tthe median sales price decreased 3 percent from $154,450 to $150,000.

Since April 2014, townhouses/condos sales have seen a significant sales gain compared to 2013. For July, sales saw a 27 percent, from 66 sales in July 2013 to 84 sales in July 2014. Year to date townhouses/condos sales have increased 22 percent from 388 in 2013 to 475 in 2014. The median townhouses/condos sales price remained the same at $128,500 in 2013 to $128,000 in 2014.