GuilloryDupont919
Two Year Overview of Louisville KY Homes For Sale
With 2010 all in all, there is no better time for you to think back and take stock and the way truly putrid the Louisville housing market has been and how bad the future looks for Louisville homes for sale! How can you like this one for any uplifting opening?
Rather than dealing with a variety of data, I wish to look at only two charts today. The very first will be for prices and also the second will be inventory amounts of homes actively available on the market in the town of Louisville. I will not be looking at surrounding counties, and this data does not 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 own listings when they are on the market and hoping to find a buyer. Normally, when we possess a decent market, you would expect incremental increases in prices. So that when we compare home values in December of 2010 to December of 2009, we would normally need to see a little rise. And if we glance even further back than last year, we'd expect to see an even bigger increase.
But that's incorrect within our current environment! Our prices today are less than these were in both 2009 and 2008. Ouch. And that holds true for weekly data points recorded in the last two years as well as trend lines over the same period. At this time in 2008, weekly data points show something of about $149,000 for any median selling price. My most recent measurement now shows a median cost of $145,000, a $4,000 drop in two years. Instead of increasing home values, we have actually seen a nearly 3% drop!
They are driving the point home further, if we pick just about any date, and appear backwards, we will see that our 2010 values are well off previous measurements. For example, let's look at median asking prices of Louisville homes for sale on July 1st for every of history two years. In 2010, home prices were $155,000 on the first day's July. One year earlier, asking prices were at $169,000. For the percentage lovers available, that is over an 8% drop in a single year. How about selecting a date within the springtime, such as the first day in April? This year, data shows median prices at $154,000 compared to $160,000 in 2009.
OK, so now I've established that asking prices of Louisville homes haven't been burning for the past 2 yrs. You're ready to move on to inventory amounts of homes for sale. In December of 2008, there were approximately 3,750 single homes for sale in the city of Louisville, according to recorded data points. That number grew to some high water mark well over 5,300 captured before falling to the most recent measurement of around 4,300 available units.
I suppose you can reason that we have seen a serious decrease in the number of homes available on the market, since we dropped about 1,000 properties in the past nine or ten months. But that ignores the fact that we currently have more properties for sale than we did at this time last year and also the year before.
If you are a objective person, you have to look at the data and notice that our prices are lower now than at this time in either of the two preceding years, and also at the same time frame, we've more homes available on the market at this time than either of these two preceding years. Obviously, this isn't the manifestation of a recovering market, but instead an indication that people still have lots of homes to purchase and equity to restore before we can say our market has rebounded.
