LEXINGTON, Ky. (April 22, 2015) — Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of March 31, 2015, with 2,168 reported sales totaling $369,551,602.
Even with the bad snow storm, the month of March was an active one in central Kentucky real estate. Total sales activity for March 2015 increased 15 percent compared to March 2014 with 771 sales closed to March 2015 with 884 sales closed. Residential sales increased 15 percent over March 2014 from 712 to 822 sales reported closed in March 2015.
Townhouses/condos sales also increased five percent over March 2014 from 59 to 62 sales reported closed in March 2015. Average days on market for residential properties fell 11 percent from 104 days in March 2014 to 93 days in March 2015; average days on the market for townhouses/condos had no percentage of change at 124 days in March 2014 and March 2015.
Pending inventory continues to rise significantly; active inventory rose slightly. In March 2014 there were 912 pending sales reported compared to 1,142 pending sales reported in March 2015. The active inventory count rose slightly from 5,213 in March 2014 compared to 5,284 active houses on the market in March 2015.
According to 2015 LBAR President Larry Freels, “We are excited about the significant increase of 15 percent in total activity for March 2015 compared to March 2014. Even with the bad snow storms, transactions were not cancelled. The Central Kentucky Real Estate industry has several positive indicators – residential sales are up, median sale price is increasing, days on the market are decreasing, and low mortgage rates continue.”
Total year to date sales activity increased 10 percent in the first three months of the year, with 1,974 sales reported closed in first quarter 2014 compared to 2,168 sales reported closed in first quarter 2015. Residential sales increased 11 percent with 1,832 sales closed in first quarter 2014 compared to 2,032 sales closed in first quarter 2015. The residential median sales price increased eight percent from $129,900 in first quarter 2014 to $139,900 in first quarter 2015. The days on the market decreased six percent from 98 days in first quarter 2014 to 92 days in first quarter 2015.
Townhouses/condos sales fell four percent from 142 sales reported closed in first quarter 2014 to 136 sales reported closed in first quarter 2015. The townhouses/condos median sales price decreased three percent from $139,500 in first quarter 2014 to $135,000 in first quarter 2015. The average days on market decreased 16 percent from 120 in first quarter 2014 to 101 days in first quarter 2015.
As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,400 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties.