Louisville Real Estate News

5 Reasons Homeownership Makes "Cents" »

Posted 2017-11-13

Why own a home? Check out the following article for five solid reasons ....

5 Reasons Homeownership Makes "Cents"

Louisville Real Estate Headlines | October 2017 »

Posted 2017-11-07
Inventory Remains Steady
Louisville's home inventory remained steady in October at 4,475 active listings or a 2.9 month supply of homes. The average sale price of $200,000 was up 2% as competition for mid-priced homes continued. Days on the market rose slightly to 56 days, and the number of homes sold fell by 8% on overall short supply. The Greater Louisville Association of Realtors President commented that, "While there appears to be some seasonal slowing, the overall market is extremely strong and there remains a shortage of inventory in the moderate price ranges. The demand is strongest for properties in move-in condition, priced at or near the market value when they are initially listed for sale."

Louisville Ranks #19 in Quality of Life Study »

Posted 2017-10-17
Louisville ranks #19 in recent quality of life study. Life is good in Louisville! Check out the attached article from Business First ...

Louisville Ranks in Top 20 for Quality of Life

Louisville Real Estate Headlines | September 2017 »

Posted 2017-10-10
Louisville Home Inventory Levels Out
Louisville's home inventory steadied in September as the epic seller's market begins to wind down. Total home inventory ticked up to 4,525 active listings or a 2.95 month supply of homes. The average sale price of $210,000 was up 5% as competition for many homes remained strong. Days on the market rose slightly to 54 days, and the number of homes sold fell by 7% on limited overall supply. The Greater Louisville Association of Realtors President 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."

Five Reasons To Sell This Fall »

Posted 2017-10-04
Check out this great perspective on listing your home this Fall. It's written from a nationwide point of view; however, it definitely holds true for the Louisville real estate market ... Five Reasons To Sell This Fall

Louisville Real Estate Headlines | August 2017 »

Posted 2017-09-10

Inventory Advance Pauses

Louisville's steady increase in home inventory slowed in August on heavy buyer demand. Total home inventory remained unchanged at 4,425 active listings or a 2.9 month supply of homes. The average sale price of $215,000 was up 3% as competition for homes remained strong. Days on the market rose slightly to 51 days, and the number of homes sold rose by 7% on tight supply.

The Greater Louisville Association of Realtors President commented, "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."

Louisville Real Estate Headlines | July 2017 »

Posted 2017-08-09
Inventory slowly advanced to a 2.9 month supply and the number of active listings increased to 4,425 in July. The average sale price of $220,000 was up 3% as competition for homes eased a little. Days on the market dropped to 47 days. And, the number of homes sold fell by 2% on tight supply. GLAR President Allison Bartholomew commented that, "Our members are still seeing a dichotomy in the market, where homes under $300k are selling very quickly and homes on the higher end are selling at a slower pace. Inventory in Jefferson County is improving slightly in July, giving buyers more homes to choose from compared to this spring."

Simple Home Staging Tips »

Posted 2017-08-01
Staging is key to getting the most for your home. The attached article provides a few simple tips to help you set the stage. Penava Properties provides a complimentary staging consultation by a local interior designer as part of our listing process. Getting ready to sell? We can help!


5 Simple Staging Tips

Louisville Ranks in the Top 20 Strongest Housing Markets »

Posted 2017-07-21

From Louisville Business First ...

Only 20 U.S. housing markets have bounced back strongly from the Great Recession of 2007-09 — and Louisville is ranked among them. The Louisville metropolitan statistical area shot up from 197.94 points in the first quarter of 2007 to 239.48 in the corresponding period this year, yielding a gain of 21.0 percent in the value of a typical home. Louisville's 10-year increase of 21 percent puts the market in 20th place. Roughly a third of the top 100 markets (37, to be precise) are still underwater, with average house prices that are lower today than before the recession.

Advice for Home Sellers »

Posted 2017-07-19

The listing is live. The sign is up. What do you do next? Here is some excellent advice for home sellers from Inman News ...

11 Things To Do Once The Sign is Up

Louisville Real Estate Headlines | June 2017 »

Posted 2017-07-11
Inventory Continues To Rise
Inventory rose to a 2.8 month supply and the number of active listings grew to 4,300 in June. The average sale price of $226,000 was up 9% as competition for homes continued. Days on the market dropped to 53 days. And, the number of homes sold fell by 4% on tight supply.
GLAR President Allison Bartholomew said, "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%."

Have you Refinanced Lately? »

Posted 2017-06-22
Have you refinanced your home mortgage lately? Falling interest rates and rising home prices can make refinancing an attractive opportunity. The average 30-year fixed mortgage interest rate has dropped below 4% for the first time since the presidential election. And, home prices have been steadily rising on strong demand and short supply. If you're considering refinancing, I have a great lending partner to help make it happen!

Louisville Real Estate Headlines | May 2017 »

Posted 2017-06-14

Inventory is on the Rise

Inventory rose to a 2.7 month supply and the number of active listings grew to nearly 4,000 in May. The average sale price of $216,000 was up 6% as competition for homes continued. Days on the market held steady at 58 days. And, the number of homes sold increased by 6%.
GLAR President Allison Bartholomew said, "Our members are still working in a strong sellers' market up to the mid-$300s. Multiple offers remain the norm for move-in ready starter homes. Properties over $600k are selling at a more normal pace, which seems slower due to the fast moving market at lower price points."

Louisville Has Become A Hot Real Estate Market »

Posted 2017-05-18
Louisville Has Become A Hot Real Estate Market! From The Courier Journal ...
Tony Lindauer, Jefferson County's property valuation administrator, said Louisville is one of the hottest real estate markets in America, perhaps behind only New Orleans. He said that many Louisville-area homes are selling at or above the asking price and are staying on the market for a very short while – which greatly limits the available inventory of for-sale residences. Lindauer said he has seen "bidding wars" for homes in areas such as St. Matthews, where some homes recently have sold within an hour of being listed
Greater Louisville Association of Realtors president Allison Bartholomew said that "our members are still working in a very strong seller's market for homes up to $400,000.

Louisville Real Estate Headlines | April 2017 »

Posted 2017-05-18

The Greater Louisville Association of Realtors® (GLAR) reported sales up 4.7% year-to-date for 2017. With continued lower inventory, the average price YTD was up 8.6%. The inventory of available properties was 19% lower than last year.

GLAR President Allison Bartholomew commented, "Our members are still working in a very strong sellers' market for homes up to $400k. Between $400-600k the market becomes slightly more balanced and over $600k we're in a buyers' market in most areas due to the influx of new listings."

The NAR Chief Economist, said "buyers came back in force on "the expectation that delaying their home search may mean paying higher interest rates."

First Time Homebuyers Are Back! »

Posted 2017-05-18
First-time buyers are back! From the Wall Street Journal ... First-time buyers are rushing to buy homes after a decade on the sidelines, promising to kick a housing market already flush with luxury sales into higher gear. Tracking home sales to a particular age group is hard, but a series of data points form a mosaic of a generation of young people ready to buy: The number of new-owner households was double the number of new-renter households in the first quarter of this year, the share of first-time buyers is creeping back toward the historical average, and mortgages for first-timers are on the rise. Home builders are beginning to shift their focus away from luxury homes and toward homes at lower price points to cater to this burgeoning millennial clientele. Now, the return of first-time buyers is allaying fears that millennials might eschew homeownership permanently. But it also provides an infusion of new demand while housing supply is tight and home price growth is significantly outstripping wage gains.

Louisville Home Sales & Prices Up; Low Inventory Continues »

Posted 2017-04-18

From the Greater Louisville Association of Realtors press release ...

The Greater Louisville Association of Realtors® (GLAR) reported sales up 4.67% year-to-date (YTD) for 2017. Sales totaled 3,608 for the first quarter versus 3,447 last year. With the continued lower inventory, the average price YTD was up 8.62% and the median price was up 6.55%.

For all MLS areas, the inventory of available properties was 19.14% lower than at the same time last year. In Jefferson County, the inventory of homes and condos for sale was also 21.52% lower than March 2016. Inventory in Oldham and Bullitt Counties was down 13.73% and 18.71%, respectively.

GLAR President Allison Bartholomew commented that, "Our members are still working in a very strong sellers' market for homes up to $400k. Between $400-600k the market becomes slightly more balanced and over $600k we're in a buyers' market in most areas due to the influx of new listings."

Louisville Real Estate Headlines | March 2017 »

Posted 2017-04-10

Has Louisville's Home Inventory Bottomed Out?
Quite possibly.
After dropping steadily since last July, Louisville's home supply held steady in March at a record low 2.5 month supply of homes. And, the number of homes listed for sale in March ticked up to 3,785 active listings. The average sale price was up nearly 10% as intense competition for many homes continued.
However, there is a growing mismatch between home inventory and buyer demand. Starter homes are selling like hotcakes as inventory is almost non-existent. Mid-priced home inventory is somewhat balanced; homes in good condition at this price point are selling briskly. Meanwhile, luxury homes are selling more slowly and inventory is beginning to accumulate.
Key March Data (vs. 2016)

  • Sold Listings: 1,575 (+11%)
  • Average Sale Price: $193,250 (+9%)
  • Active Listings: 3,785 (-18%)
  • Home Supply: 2.5 months (-23%)
  • Average Days on the Market: 73 (-16%)

Sellers: This is a great time to list! Extremely low inventory means less competition and higher prices. Please contact me for a complimentary market analysis on your home. Professional home staging and photographs are key and I provide both.
Buyers: Waiting to buy can be expensive as home prices and mortgage rates are rising. I have the experience and proven buying methods to help you find the right home! And, many sellers require a pre-approval letter before they will consider an offer. As a result, it is more important than ever to get pre-approved before you look. I have a great partner to help make that happen.
I love referrals! Please keep me in mind.

Lean Inventory Adds Complexity To The Spring Real Estate Market »

Posted 2017-04-05

Lean home inventory is making the spring real estate market interesting as rising prices and interest rates pressure home affordability. Buyers are motivated and time on the market is dropping rapidly.

However, a growing inventory mismatch is adding complexity to the market as starter homes sell like hotcakes and luxury homes begin to accumulate. Additional inventory is the answer and single family home starts hit a 10-year high in February.

The following article from the Wall Street Journal provides a nice perspective ... Buying A Home This Spring Will Be Hardest In Years.

Lack of Home Inventory Taps the Brakes on Louisville's Real Estate Market »

Posted 2017-03-23

The Greater Louisville Association of Realtors® (GLAR) reported sales down 4.5% compared to February 2016. Sales totaled 1,054 this February versus 1,104 last year. Year-to-date (YTD) sales were down just 0.8%, coming off of a strong January. With the lower inventory, the average price YTD was up 8.1%. For all MLS areas, the inventory of available properties was 21% lower than at the same time last year.

GLAR President Allison Bartholomew commented that, "Multiple offer situations for starter and mid-level homes continue to be the norm. Many first time buyers, continue to make offers on more than one home before finding a seller to accept their offer. As was the case last month, homes in higher price ranges are selling at a more normal pace."

The National Association of Realtors'® (NAR) Chief Economist, Lawrence Yun, observed that "Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower and mid-market price range." With regard to new construction, the National Association of Home Builders (NAHB) now expects, "solid 10 percent growth in single-family construction in 2017, adding to the gains of 2016." NAHB Chief Economist Robert Dietz, also added that ongoing concerns include, "rising mortgage interest rates as well as a lack of (building) lots and access to labor."

Louisville Real Estate Headlines | February 2017 »

Posted 2017-03-09
Competition for homes is heating up!
There simply aren't enough homes on the market in Louisville to meet buyer demand. Record low home inventory is driving prices up and mortgage rates are rising. This is reducing home affordability and tapping the brakes on the Louisville real estate market.
The number of homes for sale fell again in February to 3,650 active listings. This represents yet another new low at just a 2.5 month supply of homes. Inventory and market activity vary based on price point and location.
Homes located closer in and priced under $300,000 continue to sell rapidly. The market for properties priced in the $300,000 - $500,000 range is somewhat balanced. Homes priced at $500,000+ and located farther out are selling more slowly.
Key February Data (vs. 2016)
  • Sold Listings: 1,050 (-5%)
  • Average Sale Price: $191,500 (+11%)
  • Active Listings: 3,650 (-21%)
  • Home Supply: 2.5 months (-26%)
  • Average Days on the Market: 76 (-18%)
Sellers: This is an excellent time to list! We are entering the Spring buying market with extremely low inventory. Please contact me for a complimentary market analysis on your home. Professional home staging and photographs are key and I provide both.
Buyers: Home prices and mortgage rates are rising. As a result, waiting to buy can be expensive. I have the experience and proven buying methods to help you find the right home! And, many sellers require a pre-approval letter before they will consider an offer. As a result, it is more important than ever to get pre-approved before you look. I have a great partner to help make that happen.

Lack of Starter and Move-up Inventory Continues in Louisville »

Posted 2017-02-24

The Greater Louisville Association of Realtors® (GLAR) reported January 2017 sales up 1.8% compared to January 2016. The average price was up 5.3%. For all MLS areas, the inventory of available properties was 20.3% lower than at the same time last year.

GLAR President Allison Bartholomew commented that, "The lack of inventory of starter and move-up homes continues to be the dominant story in the Louisville market. Many first-time buyers end up having to make offers on more than one home. At the same time, the pace of sales in higher price ranges is more normal. Rates have ticked up slightly, but affordability in Louisville is still very good relative to larger cities."

NAR President William E. Brown recently commented that, "The prospect of higher mortgage rates and more home shoppers in coming months should be enough of an incentive for those serious about buying to start their search now." He continued by saying, "There are fewer listings on the market, but also a little less competition than what's expected this spring. Buyers may find just the home they're looking for at a good price and without the possibility of having to outbid others."

Good Reasons to Act Now if You Plan to Buy This Year »

Posted 2017-02-16

Interest rates and home prices are both rising. Two excellent reasons to act now if you intend to buy a home this year.

An excellent perspective on the impact of interest rate increases from the Wall Street Journal: A Harsh Reality Is Hitting The Housing Market

Louisville Real Estate Headlines | January 2017 »

Posted 2017-02-10
Where Are All The Sellers? Many of them remain on the sidelines! The number of homes for sale dropped again in January to 3,875 active listings. This represents another new low at just a 2.6 month supply of homes. Inventory and market activity depend on price and location. Homes located closer in and priced under $300,000 are selling very quickly. The market for properties priced in the $300,000 - $500,000 range is somewhat balanced. Homes priced at $500,000+ and located farther out are selling more slowly.
Key January Data (vs. 2016)
  • Sold Listings: 965 (+2%)
  • Average Sale Price: $197,800 (+5%)
  • Active Listings: 3,875 (-20%)
  • Home Supply: 2.6 months (-26%)
  • Average Days on the Market: 74 (-21%)
Sellers: This is an excellent time to sell your home. Inventory is extremely low and buyers at this time of year are serious. Please contact us for a complimentary market analysis on your home. Professional home staging and photographs are key and we provide both. Buyers: Low inventory makes it harder to find the right home. We have the experience and proven buying methods to help! And, many sellers require a pre-approval letter before they will consider an offer. As a result, it is more important than ever to get pre-approved before you look. We have a great partner to help make that happen. We love referrals! Please keep us in mind.

Kentucky Real Estate Market at All Time Highs; Inventory Remains an Issue »

Posted 2017-02-05

From the Kentucky Association of Realtors ...

Total volume of all homes sold in Kentucky broke the $9 billion mark for the first time with $9.17 billion in sales. This surpasses the $8.21 billion sold in 2015.

"2016 was a unique year for real estate in Kentucky," stated Mike Becker, 2017 president of KAR. "Low inventory was an issue in just about every region of the state, but with low interest rates and a continuous demand from qualified buyers, homes didn't stay on the market long if they were priced appropriately."

At the end of the year, housing inventory across Kentucky was down 25 percent from 2015. Having 4.6 months of inventory to close out 2016 (compared to 6.1 months in 2015) puts the state into what is characteristically a seller's market, but consumers are seeing affordable prices on the buying side. Days on market (DOM), an indicator that shows housing demand, dipped 5.7 percent to 131.9 days in 2016. In larger metro areas in Kentucky such as Lexington and Louisville, days on market are down into the range of two to three months.

Even though official figures aren't yet available for 2017, local associations across Kentucky are remaining optimistic for another banner year. Reports are showing a strong economy, lower unemployment rates and the federal interest rate was left unchanged at its last meeting.

"Kentucky's economy remains stable and that is always a good thing for real estate," says Becker. "Our low cost of living compared to most of the country and the momentum carried over from an active 2016 is the foundation needed to sustain a healthy real estate market throughout the year."

On the national level, as it was echoed throughout many Kentucky regions, inventory is the biggest variable on how 2017 shapes up for real estate. New construction seems to be the main factor related to inventory. Lawrence Yun, chief economist for the National Association of REALTORS® (NAR) said, "Housing options for both buying and renting remains a pressing concern because of another year of insufficient home construction. Given current population and economic growth trends, housing starts should be in the range of 1.5 million to 1.6 million completions and not stuck at recessionary levels. More needs to be done to address the regulatory and cost burdens preventing builders from ramping up production." In fact, nationally, total housing inventory was at the lowest level since NAR began tracking the supply 18 years ago.

"We are at a time where, in most areas, well priced homes are moving fast due to low inventories. It has become a low supply versus high demand issue and buyers who want to get in the market have to move quickly to secure a home," continued Becker. "Boosting home construction should give buyers more options and help sellers feel more comfortable putting their homes on the market. Home building may ramp up going forward but if you need to sell now, the market seems primed."

Buyer's Market or Seller's Market? »

Posted 2017-01-19

In Louisville the answer depends on the property's price point.

The Greater Louisville Association of Realtors® (GLAR) reported (full year) 2016 sales up 8% compared to 2015. Sales in December 2016 were up 1.3% compared to December 2015. The average price was 3.0% higher than in 2015. For all MLS areas, the inventory of available properties was 18.8% lower than at the same time last year.

GLAR President Allison Bartholomew commented that, "Our members continue to see a strong sellers market for entry-level homes and a relatively balanced market for move-up homes. Depending on the area and price range, the luxury home market is slightly in favor of buyers due to the larger relative inventory to choose from."

How Low Can Home Inventory Go? »

Posted 2017-01-11
The number of homes for sale fell yet again in December to 4,325 active listings. This represents a new low at just a 2.9 month supply of homes. In other words, if no additional homes were listed for sale, they would all be sold in less than three months. However, inventory and market activity vary widely by price point. There is a strong seller's market for homes under $300k (a 2 month supply). Properties in the $300- $500k price range continue to sell briskly (a 4 month supply). Homes priced at $500k+ (an 8 month supply) are selling more slowly.
Key December Data (vs. 2015)
  • Sold Listings: 1,325 (+2%)
  • Average Sale Price: $194,250 (-2%)
  • Active Listings: 4,325 (-18%)
  • Home Supply: 2.9 months (-25%)
  • Average Days on the Market: 70 (-13%)
Sellers: This is an excellent time to sell your home. Inventory is very low and buyers are serious. Please contact me for a complimentary market analysis on your home. Professional home staging and photos are key and I provide both. Buyers: Low inventory makes finding the right home difficult. I have the experience and proven buying tactics to help! And, many sellers require a pre-approval letter before they will consider an offer. As a result, it is more important than ever to get pre-approved before you look. I have a great partner to help make that happen.

A Tale of Three Markets ... »

Posted 2016-12-21

From the Greater Louisville Association of Realtors December press release ...

The Greater Louisville Association of Realtors® (GLAR) reported year to date (YTD) sales up 8.4% compared the same time last year. Sales in November 2016 were up 24.5%, vs November 2015, with 1,341 homes and condos sold. For all MLS areas, the inventory of available properties was 21.5% lower than at the same time last year.

GLAR President Allison Bartholomew commented that, "Our members continued to see a strong sellers' market for homes and condos under $300k, with just a 2 month supply of inventory. Properties in the $300- 500k price range continued to sell at a pretty brisk pace, with just a 4 month supply of inventory. Buyers at $500k and higher had a wider selection of homes to choose from, with an 8 month supply of inventory."

Home Inventory Drops to a New Low »

Posted 2016-12-09
The number of homes for sale fell to 4,600 active listings - a 3 month supply of homes. This is the fourth consecutive monthly decline and represents a new low. Lack of inventory is continuing to drive the seller's market. Home prices are steadily rising. And, the average number of days on the market fell to just 60 days.
Key November Data (vs. 2015)
  • Sold Listings: 1,350 (+22%)
  • Average Sale Price: $203,500 (+6%)
  • Active Listings: 4,600 (-21%)
  • Home Supply: 3.1 months (-26%)
  • Average Days on the Market: 60 (-28%)
Sellers: This remains a great time to sell your home. Inventory is low and buyers are serious. Please contact me for a complimentary market analysis on your home. Professional home staging and photos are key and I provide both.
Buyers: Low inventory makes finding the right home harder. I have the experience and proven buying tactics to help! And, many sellers require a pre-approval letter before they will consider an offer. As a result, it is more important than ever to get pre-approved before you look. I have a great partner to help make that happen.

U.S. Home Prices Are Back From The Abyss »

Posted 2016-11-29

An update on U.S. home prices from the Wall Street Journal. The news is good ...

Home Prices Recover Ground Lost During Bust

Lack of Inventory and Low Mortgage Rates Drive Louisville Market »

Posted 2016-11-16

From the Greater Louisville Association of Realtors October press release ...

The Greater Louisville Association of Realtors® (GLAR) reported sales in October 2016 were up 1.6% vs October 2015. The median price was up 5.1% YTD and the average was 3.2% higher YTD. For all MLS areas, the inventory of available properties was 23.2% lower than at the same time last year.

GLAR President Allison Bartholomew commented that, "The lack of inventory continued in October, especially in price ranges below $300k. Near record low mortgage rates helped to sustain positive sales gains. Additionally, the expanding inventory of new apartment units in Louisville has absorbed some of the new household formation and kept annual price appreciation in the 3-5% range."

The National Association of Realtors® (NAR) Chief Economist, Lawrence Yun, commented recently that, "Mortgage rates around historical lows and solid local job creation was a winning formula for sustained home buying demand all summer long. Unfortunately, for house hunters in several of the top job producing metro areas around the country, deficient supply levels limited their options and drove prices higher--especially in the West and South."

Tight Inventory Slows the Louisville Market »

Posted 2016-11-06

Limited home inventory tapped the brakes on Louisville's real estate market in October. The number of homes for sale fell to 4,800 active listings, or a 3.3 month supply of homes. Total homes sold were below prior year, and home price gains decelerated. That said, we remain in a seller's market with the average home selling in just 65 days.

Key October Data (vs. 2015)

  • Sold Listings: 1,475 (-1%)
  • Average Sale Price: $198,500 (+5%)
  • Active Listings: 4,800 (-22%)
  • Home Supply: 3.3 months (-28%)
  • Average Days on the Market: 65 (-11%)

Sellers: This fall is a great time to sell your home. Inventory is low and buyers are motivated. Please contact me for a complimentary market analysis on your home. Professional home staging and photos are key and I provide both. Buyers: Low inventory continues to make finding the right home difficult. I have the experience and proven buying tactics to help! And, many sellers are requiring a pre-approval letter before they will consider an offer. As a result, it is more important than ever to get pre-approved before you look. I have a great partner to help make that happen.

Starter homes selling rapidly; higher-end activity moderate »

Posted 2016-10-18

From the Greater Louisville Association of Realtors September press release ...

The Greater Louisville Association of Realtors® (GLAR) reported year-to-date (YTD) sales up 6.6% compared with the same time last year. Sales in September 2016 were up 7.7%, vs September 2015, with 1,600 homes and condos sold. The median price was up 4.8% YTD and the average was 3.0% higher YTD. For all MLS areas, the inventory of available properties was 22.5% lower than at the same time last year. GLAR President Allison Bartholomew commented that, "The tight inventory of starter homes continued during September, translating into quick sales. At the same time, activity at the higher end was at a more moderate pace. Our members are looking forward to a healthy fall market with reasonable gains in sales and prices." The National Association of Realtors® (NAR) Chief Economist, Lawrence Yun, commented recently that, "Healthy labor markets in most of the country should be creating a sustained demand for home purchases. However, there's no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn't picking up to tame price growth and replace what's being quickly sold."

Louisville Seller's Market Steady »

Posted 2016-10-07
Louisville Market Steady As Fall Begins
The Louisville seller's market remained steady in September. Home inventory was unchanged at a 3.4 - 3.5 month supply for the third month in a row. The number of active listings fell slightly to about 4,900 homes. And, the average home sale price dropped by 3% from August. That said, the average home is selling in just 65 days and home inventory is still historically low.


Key September Data (vs. 2015)

  • Sold Listings: 1,600 (+6%)
  • Average Sale Price: $200,000 (+9%)
  • Active Listings: 4,900 (-22%)
  • Home Supply: 3.4 months (-27%)
  • Average Days on the Market: 65 (-7%)
Sellers: Fall is an excellent time to sell your home. Inventory is low and buyers are generally motivated. Please contact me for a complimentary market analysis on your home. Professional home staging and photos are key and I provide both.
Buyers: Low inventory continues to make finding the right home a struggle. I have the experience and proven buying tactics to help! And, many sellers are requiring a pre-approval letter before they will consider an offer. As a result, it is more important than ever to get pre-approved before you look. I have a great partner to help make that happen.
I love referrals! Please keep me in mind.

Nationwide Existing Home Sales Soften »

Posted 2016-09-28

From the National Association of Realtors (9/22/16 Press Release)

WASHINGTON (September 22, 2016) — Existing-home sales eased up in August for the second consecutive month despite mortgage rates near record lows as higher home prices and not enough inventory for sale kept some would-be buyers at bay, according to the National Association of Realtors®.

Total existing home sales declined 0.9 percent to a seasonally adjusted annual rate of 5.33 million in August from a downwardly revised 5.38 million in July. After last month's decline, sales are at their second-lowest pace of 2016, but are still slightly higher (0.8 percent) than a year ago (5.29 million).

Lawrence Yun, NAR chief economist, says recent job growth is not yielding higher home sales. "Healthy labor markets in most the country should be creating a sustained demand for home purchases," he said. "However, there's no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn't picking up to tame price growth and replace what's being quickly sold."

Added Yun, "Hopes of a meaningful sales breakthrough as a result of this summer's historically low mortgage rates failed to materialize because supply and affordability restrictions continue to keep too many would-be buyers on the sidelines."

Greater Louisville Association of Realtors reports homes under $250k selling fast. Higher end homes have slowed. »

Posted 2016-09-21

From the Greater Louisville Association of Realtors August press release ...

The Greater Louisville Association of Realtors® reported year to date ("YTD") sales up 5.9% compared to the same time last year. Sales in August 2016 were up 2.9% vs August 2015, with 1,622 homes and condos sold. The median price was up 3.9% YTD and the average price was 2.3% higher YTD. For all MLS areas, the inventory of available properties was 19.2% lower than at the same time last year.

GLAR President Greg Taylor commented that, "The number of homes placed under contract in August 2016 increased 1.9% vs August 2015, which is above the national statistic of 1.3%." He added that, "Our members are continuing to see quick sales of homes under $250k, at the same time that showings of higher end homes have slowed a bit."

The National Association of Realtors® (NAR) Chief Economist Lawrence Yun commented last week that, "Amidst tight inventory conditions that have lingered the entire summer, contract activity last month was able to pick up at least modestly in a majority of areas. More home shoppers having success is good news for the housing market heading into the fall but, buyers still have few choices and little time before deciding to make an offer on a home available for sale."

The National Association of Home Builders (NAHB) Chairman Ed Brady recently remarked that, "While labor shortages and regulatory burdens remain…lot shortages are preventing our builders from responding to growing demand for housing." Although Louisville does not have a lot shortage per se, the price of land and rising development costs mean that most new subdivisions will not feature new homes for first time buyers.

Louisville Seller's Market Slowly Cools Off »

Posted 2016-09-07
The Louisville seller's market is continuing to show signs of age. Home inventory remains at a 3.5 month supply for the second month in a row. The number of active listings appears to be stabilizing at around 5,000 homes. And, average home sale price growth is tapering off. That said, the average home is selling in just 60 days and home inventory is still historically low.


Key August Data (vs. 2015)

  • Sold Listings: 1,600 (+2%)
  • Average Sale Price: $207,000 (+3%)
  • Active Listings: 5,000 (-18%)
  • Home Supply: 3.5 months (-24%)
  • Average Days on the Market: 60 (-20%)
Sellers: Act now while the seller's market persists. Inventory is low and list prices are up double digits. Please contact me for a complimentary market analysis on your home. Professional home staging and photos are key and I provide both. Buyers: Low inventory continues to make finding the right home a struggle. I have the experience and proven buying tactics to help! And, many sellers are requiring a pre-approval letter before they will consider an offer. As a result, it is more important than ever to get pre-approved before you look. I have a great partner to help make that happen.

Limited home inventory pressuring the national market. Good news - it's getting better in Louisville! »

Posted 2016-08-24
Limited home inventory is pushing national home prices up and restricting sales activity. We're seeing much the same in Louisville. The good news - locally - is that home inventory is now beginning to grow. The attached article from the Wall Street Journal provides a nice national perspective.


US Existing Home Sales Fall For The First Time Since February

Searching for a Home in Louisville? It should be getting easier! »

Posted 2016-08-16

From the Greater Louisville Association of REALTORS July 2016 Press Release ...

The Greater Louisville Association of Realtors® (GLAR) reported year-to-date (YTD) sales up 6% compared the same time last year ... and the median selling price was up 3.2% YTD. For all MLS areas, the inventory of available properties was 18.9% lower than at the same time last year. In Jefferson County, the inventory of homes and condos for sale was 21.1% lower than July 2015.

GLAR President Greg Taylor commented that, "The inventory issue facing buyers is getting better overall, but the most popular areas still have fewer homes available for buyers to choose from." He added that, "As expected, showing activity has dropped off somewhat concurrent with school getting back in session."

Louisville Seller's Market Begins to Weaken »

Posted 2016-08-10

The Louisville seller's market is showing signs of age. Home inventory grew for the second month in a row and is now at a 3.5 month supply. There were more than 5,000 active listings in July. And, home sales in July were down vs. last month and vs. last year. That said, home inventory is still historically low, prices are rising and homes continue to sell quickly.

Key July Data (vs. 2015)

  • Sold Listings: 1,650 (-7%)
  • Average Sale Price: $212,000 (+11%)
  • Active Listings: 5,075 (-18%)
  • Home Supply: 3.5 months (-26%)
  • Average Days on the Market: 64 (-17%)

Sellers: This remains an excellent time to take advantage of the seller's market. Inventory is lean and list prices are up 17% vs. last year. Please contact me for a complimentary market analysis on your home. Professional home staging and photos are key and I provide both. Buyers: Low inventory continues to make finding the right home difficult. I have the experience and proven buying tactics to help! And, many sellers are requiring a pre-approval letter before they will consider an offer. As a result, it is more important than ever to get pre-approved before you look. I have a great partner to help make that happen.

Looking for Norton Commons style living with space and privacy? »

Posted 2016-08-04

This stunning 2014 Homearama ranch feels like new and is packed with upgrades. The home offers an open plan, lots of natural light, a high-end chef's kitchen, and 5 bedrooms with 3 full baths. Features include 11 foot custom ceilings, wide-plank hardwood floors, quad-zone A/C, custom built-ins, granite throughout, as well as alarm & sound systems. The listing is available at 1305 Kennesaw Creek Way

Louisville Home Sales Up; Inventory Shortage Starts to Improve »

Posted 2016-07-27

From the Greater Louisville Association of REALTORS June 2016 Press Release ...

The Greater Louisville Association of Realtors® (GLAR) reported year-to-date sales up 8.3% compared to the first half of 2015. June 2016 sales were comparable to June 2015 sales, at 1,801 and 1,873 respectively. The median price for all areas in January-June 2016 was up 1.9% compared last year, and the average price was up 0.4% versus last year. In Jefferson County, the average price in June 2016 was $207,619 and the median was $168,000. For all MLS areas, the inventory of available properties was 20.6% lower than at the same time last year. In Jefferson County, the decreased inventory of homes and condos for sale was 24.8% lower than June 2015. GLAR President Greg Taylor commented that, "Our members are seeing some signs that the inventory shortage is improving, with sellers putting their homes on the market in June. However, compared to this time last year, the inventory of homes and condos available for sale is still down almost 25% in Jefferson County. Homes that are priced correctly, and are move-in ready, sell quickly in today's market."

Has Louisville Home Inventory Finally Bottomed Out? »

Posted 2016-07-11

From "Louisville Real Estate Headlines - June 2016" by Steve Penava.

Has Louisville Home Inventory Finally Bottomed Out?

Quite possibly. Louisville's home inventory ticked up to a 3.4 month supply in June after trending near 3.2 months since February. June sold listings are down. And, active listings - while down - are down less than they've been lately. That said, Louisville remains a seller's market. Overall inventory is still low, prices are rising and homes are selling very rapidly.

Key June Data (vs. 2015)
  • Sold Listings: 1,800 (-5%)
  • Average Sale Price: $210,000 (+2%)
  • Active Listings: 4,870 (-20%)
  • Home Supply: 3.4 months (-29%)
  • Average Days on the Market: 60 (-25%)
Sellers: This is a great time to sell your home. Inventory is lean and list prices are up 20% vs. last year. Please contact me for a complimentary market analysis on your home. Professional home staging and photos are key and I provide both. Buyers: Low inventory makes finding the right home harder. I have the experience and proven buying tactics to help! And, many sellers are requiring a pre-approval letter before they will consider an offer. As a result, it is more important than ever to get pre-approved before you look. I have a great partner to help make that happen.

Kentucky Humane Society Shouts Out to Penava Properties »

Posted 2016-06-30

Kentucky Humane Society Shouts Out to Penava Properties

Have You Refinanced Lately? »

Posted 2016-06-21

Defying expectations, mortgage rates are near record lows. Have you refinanced lately? If not, the attached article from the June 17th Wall Street Journal is worth a look.

Mortgage Refis Return as Interest Rates Plummet (from the WSJ)

A Tale of Two Markets (June 8, 2016) »

Posted 2016-06-14

A tale of two markets (from Louisville Real Estate Headlines by Steve Penava)

Louisville remains a seller's market. Overall inventory is low, prices are rising and homes are selling quickly. That said, homes closer-in and below $225,000 are flying off the shelf. Meanwhile, actively listed homes farther-out and at higher price points are starting to accumulate.

Key May Data (vs. 2015)

  • Sold Listings: 1,565 (+3%)
  • Average Sale Price: $209,000 (+5%)
  • Active Listings: 4,525 (-24%)
  • Home Supply: 3.2 months (-32%)
  • Average Days on the Market: 75 (-18%)


Sellers: This remains an excellent time to sell your home. Inventory is lean and list prices are up significantly. Please contact me for a complimentary market analysis on your home. Professional home staging and photos are key and I provide both.

Buyers: Low inventory makes finding the right home harder. I have the experience and proven buying tactics to help! And, many sellers are requiring a pre-approval letter before they will consider an offer. As a result, it is more important than ever to get pre-approved before you look. I have a great partner to help make that happen.


I love referrals! Please keep me in mind.

U.S. New Home Sales Rise; Prices Set a Record »

Posted 2016-05-26

From the Wall Street Journal by Jeffrey Sparshott (May 24, 2016) ...

WASHINGTON—U.S. new-home sales posted their strongest month in more than eight years while prices jumped to a record level, suggesting healthy demand alongside limited supplies across the housing market.

Purchases of new, single-family homes jumped 16.6% from a month earlier to a seasonally adjusted annual rate of 619,000, the Commerce Department said Tuesday. That was the fastest pace since January 2008.

The median price of a new home—the point at which half of homes were sold above and half sold below—rose to $321,100 last month. That was up 9.7% from a year earlier and the highest level on record. Prices aren't adjusted for seasonal factors.

"The fundamentals for new home sales are good, and getting better: more jobs, rising wages, more household formations, and very low mortgage rates," said Gus Faucher, deputy chief economist at PNC Financial Services .

Newly built homes make up just a 10th of all home purchases, and figures are often subject to large revisions. April's report came with a margin of error of plus or minus 15.4 percentage points.

But broader trends suggest the market has regained its footing after a choppy first quarter. Sales of existing homes, which account for the bulk of the market, rose for the second straight month in April, the National Association of Realtors said Friday. A separate Commerce Department report out last week showed housing starts rebounded in April, leaving builders on pace to break ground on 778,000 single-family homes this year.

To read the complete article please follow this link ... Complete Article

Louisville Real Estate Update - Seller's Market Continues »

Posted 2016-04-20

Our seller's market continues! Key excerpts from the Greater Louisville Association of Realtors April press release ....

"The Greater Louisville Association of Realtors (GLAR) reported March 2016 sales up 14% with 1,346 homes and condos sold versus 1,180 last March. Year-to-date, compared with January-March 2015, home sales were up 15.1%.

The median price for all areas in January-March 2016 was up 4.3% compared last year, and the average price was up 1.1%.

For all MLS areas, the inventory of available properties was 20% lower than at the same time last year. In Jefferson County, the decreased inventory of homes and condos for sale was even more pronounced at 24.7% lower than March 2015.

GLAR President Greg Taylor commented that, "The sellers' market is continuing in Louisville with inventory down in some areas over 20% compared to last year. This has also led to some fluctuations in the month to month statistics, but in general our members are seeing steady single digit appreciation gains versus last year."

New Home Sales Rising »

Posted 2016-03-23

Good to see new home sales rising. Overall home inventory is very lean. And, we need more supply!

"Sales of newly built homes are rising amid steady job growth and a scarcity of older homes on the market, another sign the U.S. economic expansion remains stable despite troubles abroad.

New-home sales grew 2% in February from a month earlier, hitting an annual pace of 512,000, the Commerce Department said Wednesday. That put the industry on track to eclipse the 501,000 homes sold throughout 2015, the best year since 2007."

http://www.wsj.com/articles/u-s-new-home-sales-rose-2-in-february-1458742001