BeatonMarch610

2 year Review Of Louisville KY Properties for sale

With 2010 all in all, there isn't any better time to think back and take stock and just how truly putrid the Louisville housing market has been and how bad the near future searches for Louisville homes for sale! How do you like this one for a uplifting opening?

Instead of going through a variety of data, I want to look at only two charts today. The very first is going to be for prices and the second is going to be inventory levels of homes actively on the market within the city of Louisville. I won't be checking out surrounding counties, which data doesn't include sold properties, multi-family units or condos, just single family homes for sale in Jefferson County.

I'll open with asking prices, the amount of money that home sellers are placing on their listings when they are on the market and hoping to find a buyer. Normally, when we have a decent market, you would expect incremental increases in prices. To ensure that whenever we compare home prices in December of 2010 to December of 2009, we'd normally want to see a little rise. And when we look even more back than this past year, we would anticipate seeing an even bigger increase.

But that is not the case in our current environment! Our prices today are lower than these were both in 2009 and 2008. Ouch. Which holds true for weekly data points recorded in the last 2 yrs in addition to trend lines within the same period. At this time in 2008, weekly data points show a value of about $149,000 for a median asking price. My most recent measurement now shows a median price of $145,000, a $4,000 drop in 2 years. Rather than increasing home values, we have actually seen an almost 3% drop!

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They are driving the point home further, if we pick almost any date, and appear backwards, we will see that our 2010 values are well off previous measurements. For instance, let's look at median prices of Louisville homes for sale on July 1st for each of history 2 yrs. This year, home prices were $155,000 on the first day of July. Twelve months earlier, asking prices were at $169,000. For that percentage lovers out there, that's over an 8% drop in one year. How about selecting a date within the springtime, like the first day in April? In 2010, data shows median asking prices at $154,000 when compared with $160,000 in 2009.

OK, so now I've established that prices of Louisville homes haven't been burning for the past two years. You're ready to proceed to inventory levels of homes for sale. Back in December of 2008, there were approximately 3,750 single homes for sale in the town of Louisville, based on recorded data points. That number grew to some high water mark of over 5,300 captured before falling back to the newest measurement of around 4,300 available units.

I suppose you could reason that we view a significant reduction in the number of homes on the market, since we dropped about 1,000 properties previously nine or ten months. But that ignores the truth that we currently convey more homes for sale than we did at the moment last year and the year before.

If you are a objective person, you have to look at the data and recognize that our costs are lower now than at this time either in of the two preceding years, and also at the same time frame, we have more homes on the market at this time than either of these two preceding years. Obviously, this is not the sign of a recovering market, but instead a sign that people still have a lot of homes to purchase and equity to restore before we can say our market has rebounded.