LEXINGTON, Ky. (May 13, 2015) — Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of April 30, 2015 with 963 reported sales totaling $164,115,701.
April sales activity increased 10 percent with 873 sales reported closed in April 2014 compared to 963 sales reported closed in April 2015. Of the 963 sales, 218 sales were to first time homebuyers and 91 sales were to out of state buyers. Residential sales increased 12 percent from 807 sales closed in April 2014 compared to 903 sales closed in April 2015. The residential median sales price decreased three percent from $141,000 in April 2014 to $137,000 in April 2015. The residential average days on market decreased four percent from 95 in April 2014 to 91 days in April 2015.
Townhouses/condos sales decreased nine percent from 66 sales reported closed in April 2014 to 60 sales reported closed in April 2015. The townhouses/condos median sales price increased 20 percent from $107,000 in April 2014 to $127,900 in April 2015. The average days on market decreased 15 percent from 119 in April 2014 to 101 days in April 2015.
According to 2015 LBAR President Larry Freels, “After a quiet start to the year, sales activity picked up greatly throughout the region in April with 963 sales closed. The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence.”
Pending inventory rose significantly with 1,141 pending sales reported in April 2014 compared to 1,392 pending sales reported in April 2015. The active inventory count increased from 5,313 in April 2014 compared to 5,439 active houses on the market in April 2015. Sellers are receiving 96% of their list price.
President Freels continues, “Total sale have been up for five consecutive months. Pending homes have been up for over the last 12 months; pending homes means future sales. Many statistics show a take-off as we begin what should be one of the best recovery years Central Kentucky housing has seen in recent years.”
The year-to-date 2015 residential single family sales increased 13 percent from 2,640 sales to date in 2014 to 2,971 sales to date in 2015. The year-to-date 2015 townhouses/condos sales decreased three percent from 208 sales to date in 2014 to 202 sales to date in 2015. The residential median sales price increased three percent from $133,950 to date in 2014 to $138,500 to date in 2015. The residential average days on market decreased six percent from 97 in to date 2014 to 91 days to date in 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. Visit lbar.com.