Lexington, Ky. – January home sales were up 12 percent compared to January 2015, according to data from the Lexington-Bluegrass Association of Realtors.
In January of this year, there were 640 reported sales, compared to 571 sales reported in January 2015.
The sales in January totaled over $117 million.
“January sales are off to a good start for 2016, indicating that the housing market is heading into the new year in solid shape,” said LBAR President Carl Tackett.
Of the 640 sales 131 sales were to first time homebuyers and 69 sales were to out of state buyers. Residential sales increased 11 percent from 542 sales closed in January 2015 compared to 602 sales closed in January 2016. The residential median sales price increased 11 percent from $136,000 in January 2016 to $151,000 in January 2016. The residential average days on market decreased 17 percent from 93 in January 2015 to 77 days in January 2016.
“Housing inventory fell 29% across the entire MLS to 6.6 months supply in January 2016 that compares to a 9.3 months supply in January 2015,” Tackett said.
Townhouses/condos sales increased 31 percent from 29 sales reported closed in January 2015 to 38 sales reported closed in January 2016. The townhouses/condos median sales price decreased two percent from $129,450 in January 2015 to $127,000 in January 2016. The average days on market increased 73 percent from 49 in January 2015 to 85 days in January 2016.
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