Has Louisville's Home Inventory Bottomed Out?
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)
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.
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