LOUISVILLE, Ky. (Sept. 15, 2017) — The Greater Louisville Association of Realtors® (GLAR) reported sales up 3.63% year-to-date (YTD) for 2017. Sales in August were 1,811 versus 1,686 last August representing a 7.41% increase. The average price YTD was up 5.89% and the median price was up 5.23%.
In Jefferson County, the average price in August 2017 was $204,575 and the median was $170,000. For all MLS areas, the inventory of available properties was 14.15% lower than at the same time last year. In Jefferson County, the inventory of homes and condos for sale was 11.01% lower than August 2016. Inventory in Oldham and Bullitt Counties was down 9.66% and 14.92%, 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, “Homes under $300k are still selling at a very brisk pace. At the same time, the inventory of homes in higher price ranges is improving for buyers and making it a little tougher for sellers.”
The National Association of Realtors’® (NAR) Chief Economist, Lawrence Yun, observed that, “The demand for buying a home is as strong as it has been since before the Great Recession. Listings in the affordable price ranges continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines. The good news is that sales are still running slightly above last year’s pace despite the persistent market challenges.”
Pat Durham, the Executive Vice President of the Building Industry Association (BIA) of Louisville, commented that, “Local demand for new homes is still strong, and our builders still are managing the ongoing challenge to build mid-priced homes with current lot/land costs, material costs and limited availability of skilled contractors. Next year’s Homearama site at Catalpa Farms will feature homes from $350,000. With continued low interest rates, it’s a great time to buy a new home.”