LOUISVILLE, Ky. (Aug. 17, 2017) — The Greater Louisville Association of Realtors (GLAR) reported sales up 2.63% year-to-date (YTD) for 2017. Sales in July were 1,679 versus 1,670 last July representing a modest 0.54% increase. With the continued lower inventory, the average price YTD was up 6.39% and the median price was up 6.88%.
In Jefferson County, the average price in July 2017 was $214,532 and the median was $177,000. For all MLS areas, the inventory of available properties was 15.42% lower than at the same time last year. In Jefferson County, the inventory of homes and condos for sale was 12.54% lower than July 2016. Inventory in Oldham and Bullitt Counties was down 8.11% and 23.76%, 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 continue to see a very strong seller’s market this summer for starter and move-up homes. The pace of sales doesn’t taper off until you get into the $400s and higher. Sales are only limited by the amount of inventory available to buyers.”
The National Association of Realtors®’ (NAR) Chief Economist, Lawrence Yun, observed that, “Those (buyers) able to close on a home last month are probably feeling both happy and relieved. Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.”
Pat Durham, the Executive Vice President of the Building Industry Association (BIA) of Louisville, commented regarding this year’s Homearama. “Seven of the nine homes sold before the show even opened. These homes averaged over one million dollars each, which shows us that the right product in the right location will sell even in the upper ends of the real estate market price point.”
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