Louisville Real Estate News

Louisville Real Estate Headlines | August 2020 »

Posted 2020-09-22
Louisville home inventory at 2,465 active listings was down an incredible 43% vs last year in August. That is yet another record low at a 1.65 month supply of homes. New listings were down 12% and total homes sold were up 5%. This is exacerbating an epic inventory shortage as historic low mortgage rates are driving buyers to the market much faster than sellers. The average home sold in just over a month.

This is an amazing opportunity for sellers!

The Greater Louisville Association of Realtors President said, "Our members are working with sellers of starter and move-up homes, who see their properties sell very quickly due to the extremely low inventory.” She added that, “Buyer activity moderates slightly as you move up in price points.”

The Chief Economist for the National Association of Realtors® commented that "Pending contracts are still very high, up about 10% from one year ago (and that) this will continue for the rest of the year.” He cites large home equity positions, very low interest rates and buyer demand for home office space as drivers in the national residential market into 2021.

Louisville Real Estate Headlines | June 2020 »

Posted 2020-07-21

Louisville home inventory at 2,725 active listings was down a stunning 34% vs last year in June. Total home sales closed were up 4% and pending sales were up 10%, while new listings were down 8%. This is leading to an epic inventory shortage as buyers snap back from the impact of COVID-19 much faster than sellers.

This has created a tremendous opportunity for sellers!

The Greater Louisville Association of Realtors President said, "Closings in June rebounded strongly with pent up demand from buyers. The real issue now is the very low level of inventory. For sellers that are comfortable moving forward, now is the time to make a move."

Interested in selling? Call me at (502) 235-4960 for a free market value estimate on your house!

Louisville Real Estate Headlines | January 2020 »

Posted 2020-02-18
Louisville home inventory hit a record low in January. Total sales of 1,000 homes were down 21% vs December, although they were 5% above prior year. Sales price growth fell to 2% as the market lapped strong price increases in 2019. Homes sold a little more slowly at an average of 72 days, and total home inventory dropped 7% to 3,400 active listings or a 2.3 month supply of homes.

The Greater Louisville Association of Realtors President said that, "Our members saw a continuation of strong demand for entry level homes in January. We hope that continued low interest rates will support the mid and higher price points heading into Spring.”

The Chief Economist for the National Association of Realtors® commented that "The current national home inventory is at a 3 month supply, which matches the lowest amount since the National Association of Realtors® started tracking inventory levels in the 1980s.

Louisville Real Estate Headlines | December 2019 »

Posted 2020-01-13
Louisville area real estate market activity continued to decelerate in December. Total sales of 1,290 homes were down 6% vs November, although they were just above last year. The average sale price was up 6% on even tighter home supply. Homes continued to sell quickly at an average of 60 days, and total home inventory dropped 14% to 3,680 active listings or a 2.5 month supply of homes.

The Greater Louisville Association of Realtors President commented that, "Our members wrapped up 2019 with sales figures similar to 2018, and prices up 4-5% depending on area and price range. We hope to see more sellers put their homes on the market, as there are almost 10% fewer homes available to buyers than at this time last year."
The Chief Economist for the National Association of Realtors® commented that, “favorable conditions are expected throughout 2020 even though the supply of homes for sale is not yet meeting healthy demand. Builder confidence levels are high, so we just need new housing supply to (help) match demand."

Louisville Real Estate Headlines | November 2019 »

Posted 2019-12-13
Louisville area real estate market activity cooled off in November. Total sales of 1,375 homes were down 13% vs October, although they were 5% above last year. The average sale price was up 4% on tight home supply. Homes continued to sell fast at an average of 59 days, and total home inventory was steady at 4,250 active listings or a 2.9 month supply of homes.

The National Association of Realtors Chief Economist Lawrence Yun commented that, "Real estate is on firm ground with little chance of price declines. However, in order for the market to be healthier, more supply is needed to assure home prices as well as rents do not consistently outgrow income gains.”

Louisville Real Estate Headlines | October 2019 »

Posted 2019-11-26
Louisville area real estate market activity was steady in October. Total sales of 1,585 homes were flat vs September and 2% above last year. The average sale price was up 7.5% driven mainly by an increased mix of higher-end home sales. The average home continued to sell fast at 55 days. Home inventory was steady at 4,300 active listings or a 2.9 month supply of homes.

Louisville Real Estate Headlines | September 2019 »

Posted 2019-10-30
The Louisville area real estate market continued to slow down in September. Total sales of 1,575 homes were down 10% vs August and just above prior year. Prices were up 6%, and the average home sold fast in just under 50 days. Home inventory was steady at 4,325 active listings or a 2.9 month supply of homes.

The Greater Louisville Association of Realtors President commented that "The current absorption rate is still below 3 months, indicating a seller’s market, but it really depends on the location and price range of the property. Our members anticipate decent showing activity through mid-November when things typically slow down heading into the holiday season."

Louisville Real Estate Headlines | August 2019 »

Posted 2019-09-16
The Louisville area real estate market slowed down a little in August as the school year started. Total sales of 1,775 homes were flat vs. July and below prior year. Prices were up 5%, and the average home sold fast in just under 50 days. Home inventory was steady at 4,300 active listings or a 2.9 month supply of homes.
The Greater Louisville Association of Realtors President commented that "We're continuing to see the trend of prices up 4-5% with unit sales down 2-3%. Multiple offers are still common for clean starter homes, and activity in the upper price ranges is more normal."

Louisville Real Estate Headlines | July 2019 »

Posted 2019-08-09
The Louisville area real estate market was as hot as the weather in July. Over 1,750 homes were sold, with prices up 5% and the average home selling very fast in just 49 days. Home inventory was up slightly to 4,250 active listings or a 2.9 month supply of homes. The Greater Louisville Association of Realtors President commented that "Starter homes continue to sell very quickly, and the average days on market for all properties is now less than 2 months. New listings are hitting the market, and we're steady at about 4,000 homes available to buyers."

Louisville Real Estate Headlines | May 2019 »

Posted 2019-06-25
The Louisville area real estate market is hot. Home inventory is at 3,800 active listings or a 2.6 month supply of homes. The total number of properties sold in May was up 20% vs. April. The average sale price was up 10% vs last year driven by higher home prices and an increased mix of higher-end home sales. The average home sold fast in just under 60 days.

The Greater Louisville Association of Realtors President commented that, "We are still technically in a sellers' market with the absorption rate and average days on market both around 2 months. However, it's still a tale of two markets where homes under $250,000 are selling very quickly and higher end homes are selling more slowly."

Louisville Real Estate Headlines | April 2019 »

Posted 2019-05-07
Louisville area real estate activity steadied in April. Home inventory rose slightly to 3,725 active listings or a 2.5 month supply of homes. The total number of properties sold in April was down 12% vs prior year; however, it was up 1% vs March. And, the average home sold quickly at just over 60 days on the market.

The Greater Louisville Association of Realtors President commented that, "Our members continue to see average priced homes sell quickly, making it good for sellers. New listings of homes in the mid and upper price ranges have also improved buyer selection slightly in recent months. We anticipate the inventory to grow slightly heading into May."

Louisville Real Estate Headlines | March 2019 »

Posted 2019-04-12
Louisville area real estate activity began to accelerate in March. Home inventory rose slightly to 3,650 active listings or a 2.5 month supply of homes. The total number of properties sold in March was down 6% vs prior year; however, it was up 24% vs February. And, the average home was on the market for 75 days.

The Greater Louisville Association of Realtors President commented that, "Our members are now seeing the typical early spring pick-up in listings and showings. We continue to see move-in ready, moderately priced homes sell quickly. Homes that are priced slightly above market value will sit for longer periods."

Louisville Real Estate Headlines | February 2019 »

Posted 2019-03-14
Overall Louisville area real estate activity continued to decelerate in February. Home inventory fell 4% to 3,600 active listings or a 2.5 month supply of homes. The total number of properties sold was down 9% vs prior year. And, the average home was on the market for just over 70 days.

Our real estate market is rebalancing with fewer buyers pursuing less listings. The Greater Louisville Association of Realtors President commented that, "The absorption rate (supply of homes expressed in terms of months sales) is still relatively low at 2.5 months of inventory, indicating a seller's market. We're starting 2019 similar to how 2018 left off. Clean, correctly priced homes are selling well in most areas."

Sellers:
Late winter is a great time to list as there is less competition from other listings, and buyers are serious this time of year. What's your home worth? Click this link for a Free Market Snapshot on local market activity. Professional home staging and architectural photographs are key and we provide both.

Buyers: Mortgage interest rates remain near historic lows. That makes this a great time to snap up a historically low rate. Waiting can be expensive as home prices and interest rates are both forecast to continue rising. We can help you find the right home! Be sure to get pre-approved for financing before you look. We have a great partner to help make that happen.

We love referrals! Please keep us in mind.

Louisville Real Estate Headlines | January 2019 »

Posted 2019-02-07
Cold weather and the government shutdown kept many buyers and sellers on the real estate sidelines in January. Louisville area home inventory fell 7% to 3,750 active listings or a 2.5 month supply of homes. The total number of properties sold was down 11% vs prior year. And, the average home was on the market for nearly 70 days.

Our local real estate market continues to re-balance as reduced buyer activity is matched with low home supply. The Greater Louisville Association of Realtors President commented that, "Our market has about 3 months of inventory, so it's still technically a seller's market, but it really depends on your neighborhood." She added that, "In today's market, on average, listings that do sell are taking about 2 months to go under contract."

Sellers:
Winter is a great time to list as there is less competition from other listings, and buyers are serious this time of year. What's your home worth? Click this link for a Free Market Snapshot on local market activity. Professional home staging and architectural photographs are key and we provide both.

Buyers: Mortgage interest rates have fallen nearly 1/2 percent over the last few weeks. That makes this a great time to snap up a historically low rate. Waiting can be expensive as home prices and interest rates are both forecast to continue rising. We can help you find the right home! Be sure to get pre-approved for financing before you look. We have a great partner to help make that happen.

What's The Cost of Waiting Until Next Year To Buy? »

Posted 2019-01-31
Thinking about buying a new home? Waiting until next year can be expensive with interest rates and home prices both rising. This article provides an interesting perspective ... INFOGRAPHIC


Buying vs. Renting in Louisville »

Posted 2019-01-09

Is it better to buy or rent in Louisville? Much less expensive to buy! Take a look at this article from Louisville Business First ... Buying vs. Renting a Home in Louisville

Louisville Real Estate Headlines | December 2018 »

Posted 2019-01-09
Louisville area real estate activity took a break during the Holidays. Some sellers delayed listing their homes, and higher mortgage rates, political uncertainty, & rising home prices kept many buyers on the sidelines. Home inventory fell 9% to 4,050 active listings or a 2.7 month supply of homes. The total number of properties sold was down 10% vs prior year.
Our local real estate market is beginning to come into balance as low home inventory is offset by reduced buyer activity. The Greater Louisville Association of Realtors President commented that, "Our members are reporting a normalizing market with the total number of homes sold, and available for sale, similar to that of last year." She added that, "In today's market, it's important for sellers to have their property in move-in ready condition and priced competitively."

Louisville Real Estate Headlines | November 2018 »

Posted 2018-12-06
Happy Holidays!
Louisville area home inventory leveled off in November at 4,425 active listings or a 2.9 month supply of homes.
The total number of homes sold was down 10% vs prior year as higher mortgage rates, continued political uncertainty, and rising home prices kept many buyers on the sidelines. The average sale price of $222,000 was up 2% vs last year, and the average property sold quickly in just under 2 months.
We remain in a Seller's market, particularly for low to mid-price range properties. However, the market for higher-end homes is somewhat balanced. The Greater Louisville Association of Realtors President commented that, "Selection of homes for buyers has improved slightly and homes are selling at a steady pace."

7 Reasons to List Your House During the Holidays »

Posted 2018-11-28

Waiting until after the Holidays to list your house? The following article makes a good case for listing your house now ... 7 Reasons to List Your House During the Holidays

Louisville Real Estate Headlines | October 2018 »

Posted 2018-11-08

Louisville area home inventory ticked up slightly in October to 4,450 active listings or a 2.9 month supply of homes. The total number of homes sold was flat vs prior year as higher mortgage rates, political uncertainty, and rising prices restricted demand. The average sale price of $217,000 was up 9% driven by an increased percentage of higher-end sales. And, the average property sold in just under 50 days.

The Greater Louisville Association of Realtors President commented that, "Our members are seeing the typical seasonal slowing of activity, coupled with a broader normalization in the market. With that said, we're still seeing move-in ready moderately priced homes sell quickly."

A Historic Housing Shortage »

Posted 2018-10-09
Housing is in short supply nationwide. Louisville ranks in the top 10 cities with the biggest drop in inventory over the last three years. Details in the attached article ... A Historic Housing Shortage.
Thankfully, inventory has been rising recently offering buyers more choices!

5 Reasons You Should Sell This Fall »

Posted 2018-09-12

Fall is a great time to sell! Check out this article with 5 excellent reasons why that is the case ... 5 Reasons You Should Sell This Fall

The Net Worth of a Homeowner is 44X That of a Renter! »

Posted 2018-08-28

America's best investment? Real estate! Home ownership is a great way to build net worth. Take a look at the attached article for a nice perspective on the wealth effect of home ownership ... Home Ownership Pays!

Louisville Real Estate Headlines | July 2018 »

Posted 2018-08-07
Home Supply Is Beginning to Rebuild
Louisville area home inventory increased slightly in July to 4,200 active listings or a 2.8 month supply of homes. The number of homes sold was down 5% vs prior year and the average sale price of $238,000 was up 9%. Homes sold fast on limited supply, with the average property selling in just over 45 days.

The Greater Louisville Association of Realtors President said, "Move-in ready homes under $250,000 are still selling at a brisk pace, but sales at higher price points have moderated." He added that, "The inventory situation is getting slightly better for buyers, with over 4,000 homes for sale in our system compared to 3,000 just a few months ago."

The #1 Reason to List Your House Now! »

Posted 2018-07-24
Home supply is not satisfying demand. This is true nationwide, and even more so in Louisville. That makes it a great time to list your house! Check out the details in the attached article ... The #1 Reason to List Your House Now!

Louisville Real Estate Headlines | June 2018 »

Posted 2018-07-06
Reduced Affordability & Lack of Inventory Slow the Market
Rising mortgage interest rates and increasing home prices are making homes in the Louisville area less affordable. The combination of reduced home buyer purchasing power and a continued lack of housing inventory began to slow the Louisville real estate market in June.
That said, home inventory and mortgage rates are both still historically low. Louisville remains a seller's market, and it is an excellent time to list your house. Starter and mid-priced homes continue to sell faster than higher-end homes, making it a great time to trade-up.The Greater Louisville Association of Realtors President said, "The inventory situation has improved slightly for buyers, but we are still a long way from normal inventory levels, especially for homes under $300,000. We look to see some clients move up their timeframes to make a move, in anticipation of rising mortgage interest rates later in the year." Louisville area home inventory increased 10% in June to 4,100 active listings or a 2.7 month supply of homes. The number of homes sold was down 11% vs prior year and the average sale price of $237,000 was up 6%. Homes sold fast on limited supply, with the average property selling in just less than two months.

Four Reasons Why Summer is a Great Time to Buy! »

Posted 2018-06-27

Thinking about buying a home this summer? Take a look at this article for a few reasons why that might be a great idea! 4 Reasons Why Summer is a Great Time to Buy!

Louisville Real Estate Headlines | May 2018 »

Posted 2018-06-06
Rising mortgage interest rates gently tapped the brakes on Louisville's real estate market in May. Rates on 30-year fixed mortgages were up nearly 0.75% since year-end, putting a crimp in home buyer purchasing power. Starter and move-up homes sold very rapidly, while higher-end homes moved more slowly. However, home inventory and mortgage rates both remain historically low, making this an excellent time to list your house, and an even better time to trade-up.
The Greater Louisville Association of Realtors President remarked that, "Multiple offers for homes under $250,000 are still common, and move-in ready homes continue to sell within the first 1-2 weeks. It's a great market for move-up buyers, who can sell their existing homes quickly and have a decent amount of larger homes to choose from.
Overall Louisville area home inventory increased slightly in May to 3,750 active listings or a 2.5 month supply of homes. The number of homes sold was down 9% vs prior year and the average sale price of $217,000 was up 2%. Homes sold fast on limited supply, with the average property selling in just over 50 days.

America's Favorite Investment? Real Estate! »

Posted 2018-05-22
What is America's favorite long term investment? It's real estate! Check out this article for a graphical perspective ... America's favorite long term investment? Real estate!

Louisville Real Estate Headlines | April 2018 »

Posted 2018-05-08
An extraordinary inventory shortage continues to drive a strong Spring seller's market for entry-level to mid-priced homes. Higher-end homes are moving somewhat more slowly and inventory levels are improving. This makes it a great time to list your house, and an even better time to trade-up! Historically low mortgage rates are still providing an affordability boost. The Greater Louisville Association of Realtors President noted that, "Multiple offers for move-in ready starter homes continues to be the norm, and 55% of homes are selling in 30 days or less. Our members are working diligently with prospective sellers to get their homes ready for the Spring and Summer markets." Overall Louisville area home inventory remained steady in April at 3,500 active listings or a 2.3 month supply of homes. The average sale price of $223,000 was up 10% on limited supply. The number of homes sold increased, while average days on the market rose slightly.

Thinking About Buying a Home? How Big Should it Be? »

Posted 2018-04-20

Thinking about buying a new home? How big should it be? Check out the attached article for some thought provoking questions to consider ... How Big a Home Do You Need?

Louisville Real Estate Headlines | March 2018 »

Posted 2018-04-10

It Remains an Excellent Time to Trade-Up

A protracted inventory shortage continues to drive a very strong Spring seller's market for entry-level to mid-priced homes. Higher-end homes are moving more slowly and inventory is returning to historical levels. This makes it a great time to trade-up! Historically low mortgage rates are still providing an added affordability boost.


The Greater Louisville Association of Realtors President noted that, "The local market is still strong despite the fact that the current inventory of homes for sale is roughly 30% compared to 10 years ago. There is very strong competition for starter and move-up homes, and more normal levels of inventory for higher end homes." Overall Louisville area home inventory ticked up slightly in March to 3,475 active listings or a 2.3 month supply of homes. The average sale price of $211,000 was up 8% on continued limited inventory. The number of homes sold accelerated, while average days on the market remained steady.

Spring is a Great Time to Sell! »

Posted 2018-04-04

Spring is a great time to sell! Here is a nice summary on why that can be a good idea ... 5 Reasons Why to Sell This Spring

It is a great time to sell! »

Posted 2018-03-27
The attached article provides a nice perspective on the national home market. We're in a nationwide home seller's market, with inventory at a lean 3.4 month supply of homes. Louisville's home inventory is even tighter at a 2 month supply. It is a great time to sell! Latest NAR Data Shows Now Is a Great Time to Sell!

The Next Housing Crisis? A Shortage of Homes »

Posted 2018-03-21

Louisville is in a strong seller's market. Much like the rest of the nation. The attached Wall Street Journal article provides an excellent explanation on why this is happening.

The Next Housing Crisis: A Historic Shortage of New Homes

There Has Never Been a Better Time to Trade-Up »

Posted 2018-03-07

A prolonged inventory shortage is driving an epic Spring seller's market for entry-level to mid-priced houses. Higher-end homes are moving more slowly and inventory is beginning to accumulate. This makes it a great time to trade-up! Historically low mortgage rates provide an added boost.

The Greater Louisville Association of Realtors President noted that, "The starter home market is still a hot sellers' market. Sales of mid-priced move-up homes are also strong, and the upper end of the market is more dependent on location and condition." Overall Louisville area home inventory dropped again in February to 3,350 active listings or a 2.2 month supply of homes. The average sale price of $205,000 was up 8% on continued limited inventory. Average days on the market, as well as the number of homes sold, were both flat on persistently short supply.

Spring Comes Early in Real Estate! »

Posted 2018-02-28
Spring comes early in real estate! The market is already rolling and continued limited inventory makes it a seller's market in Louisville for entry level to mid-priced houses. This is a great time to sell. And, and even better time to trade-up! This following article provides a nation-wide update ... 2018's Housing Market is Off And Running: What You Need to Know

Why Sell Now? »

Posted 2018-02-21
This article makes a simple and great point. Motivated buyers and limited inventory make winter an excellent time to sell!

The #1 Reason to Sell Now Before Spring!

Louisville Real Estate Headlines | January 2018 »

Posted 2018-02-06

A Lack Of Inventory Greets The New Year

Louisville's home inventory dropped again in January to 3,475 active listings or a 2.3 month supply of homes. The average sale price of $215,000 was up 10% as competition for entry-level homes continued. Days on the market increased slightly to 65 days, and the number of homes sold was flat on persistent short supply.

The GLAR President commented that, "2017 turned out to be a year of continued low inventory for starter homes and normalizing conditions for mid-priced and higher end homes. We will likely see 30 year mortgage rates move towards 5%, but that should not have a big impact on affordability for buyers in the greater Louisville area."

Millennials Entering The Real Estate Market in Record Numbers »

Posted 2018-01-31
Millennials are entering the real estate market in record numbers as they form households, get married and have children. A strong job market and easier credit are providing a strong tail wind. Here are five reasons they're choosing to buy ... 5 Reasons Millennials Are Buying Homes

Considering A Major Home Renovation This Year? »

Posted 2018-01-23
If you're considering a major home renovation this year, the payback may not be what you think. It's often better to repair or replace than renovate. And as always, curb appeal matters! Details by project in the attached article.

What The Top 20 Home Renovations Are Really Worth This Year

Home ownership builds wealth! »

Posted 2018-01-15

Home ownership pays! Here's a nice example of how home equity grows ...

Home Ownership Builds Wealth

Louisville Real Estate Headlines | December 2017 »

Posted 2018-01-10

Inventory Drops at Year-end

Louisville's home inventory dropped along with the temperature in December to 3,850 active listings or a 2.5 month supply of homes. The average sale price of $217,000 was up 11% as competition for entry-level and mid-priced homes continued. Days on the market ticked up to 60 days, and the number of homes sold was down 3% on limited supply.

Greater Louisville Association of Realtors President Dave Parks commented that, "the inventory of starter homes remains low, but the inventory of mid and higher priced homes is beginning to return to historic levels." He also noted that, "interest rates have remained low this year, maintaining affordability for buyers in the area."


5 Reasons To Sell This Winter! »

Posted 2017-12-16
A great viewpoint on the rationale for listing this winter. Reason #4 is particularly true in the Louisville area. There may never be a better time to trade up!

5 Reasons To Sell This Winter

The Market Is Starving For Affordable New Homes »

Posted 2017-11-30
The attached article from the Wall Street Journal provides an interesting perspective on the widespread home shortage. Nationwide home inventory is at 4.9 month supply. Louisville's real estate market is even tighter at a 3 month inventory of homes.

Entry-Level Buyers Drive Solid New Home Sales

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