Bluegrass real estate sales totaled $1.28 billion through June

6,718 total sales

LEXINGTON, Ky. (July 11, 2017) — Lexington-Bluegrass Association of Realtors (LBAR) sales through June of 2017 totaled 6,718 for $1,282,242,347.

Total sales in 2017 are up five percent from 2016 when 6,402 sales were reported through June. Residential single family sales increased four percent from 6,002 to 6,253. The residential median sales price increased four percent from $154,000 to $160,000. The residential average days on market decreased 16 percent from 69 days to 58 days. The year-to-date 2017 townhouses/condos sales increased 16 percent from 400 to 465.

“The first half of 2017 has been strong with total sales activity up 5 percent and new listings up 4 percent,” said LBAR President Ty Brown. “Sellers who sold enjoyed lower days on market with single family sales at an average of 58 days; and townhouse/condo sales at an average of 68 days. The entire LBAR area remains dominated by a seller’s market but beware, it could be a buyer’s market in your neck of the woods. Whether listing your home or writing an offer, make sure to use a LBAR Realtor member.”

June sales activity increased one percent from 1,419 to 1,428. Of the 1,428 sales 321 were to first time homebuyers and 160 were to out of state buyers. Residential sales increased one percent from 1,319 to 1,338. The residential average days on market decreased 11 percent from 53 days to 47. The residential median sales price increased one percent from $164,900 to $167,000.

Townhouses/condos sales decreased 10 percent from 100 sales to 90 sales. The townhouses/condos median sales price increased 15 percent from $140,000 to $160,500. The average days on market decreased eight percent from 65 to 60.

“Buyer interest is solid, but there is just not enough supply to satisfy demand,” Brown said. “Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast. There is 2.9 months of inventory, down 6 percent compared to June 2016. Sellers are receiving 97.4 percent of their list price.With the lack of listings in the affordable price range, now is a good time for those interested in listing their house to contact their realtor.”