LOUISVILLE (June 15, 2017) — The Greater Louisville Association of Realtors® (“GLAR”) reported sales up 3.65% year-to-date (YTD) for 2017. Sales totaled 6,794 for the first five months of the year versus 6,555 last year. With the continued lower inventory, the average price YTD was up 7.99% and the median price was up 6.58%.
In Jefferson County, the average price in May 2017 was $216,285 and the median was $176,002. For all MLS areas, the inventory of available properties was 17.09% lower than at the same time last year. In Jefferson County, the inventory of homes and condos for sale was also 15.15% lower than May 2016. Inventory in Oldham and Bullitt Counties was down 3.33% and 29.93%, respectively.
GLAR releases monthly statistics mid-month to allow for the most accurate and comprehensive reporting possible. Local REALTORS report their residential sales totals to GLAR, and publishing the statistics mid-month allows for the activity that takes place late in the month to be counted. This ensures that the totals reported show the truest depiction of the local housing market.
GLAR President Allison Bartholomew commented that, “Our members are seeing a slight improvement in inventory of available properties, but move-in ready homes under $250k are still in very short supply with multiple offer situations still the norm. Financing is available to most borrowers and 30 year rates have been around a historical low of 4%.”
The National Association of Realtors’® (“NAR”) Chief Economist, Lawrence Yun, observed that national sales contract activity has faded this spring, “because significantly weak supply levels are spurring deteriorating affordability conditions.” He added that the low supply levels are not likely to go away soon because, “homebuilding activity (nationally) has not picked up enough this year and too few homeowners are listing their homes for sale.”
Pat Durham, the Executive Vice President of the Building Industry Association of Greater Louisville, commented that, “Our registered builders and remodelers remain busier than they have been in years. It is a strong market with pent up demand. We encourage our builders to find that “hot spot” in the market and add a market ready home or two to help ease the demand from the buying public.”