MadelineGarrett362

2 year Overview of Louisville KY Properties for sale

With 2010 wrapping up, there isn't any better time for you to think back and take stock and the way truly putrid the Louisville real estate market continues to be and just how bad the near future searches for Louisville properties for sale! How do you like this one for a uplifting opening?

Instead of dealing with a variety of data, I wish to look at only two charts today. The very first will be for prices and the second will be inventory levels of homes actively on the market in the city of Louisville. I won't be checking out surrounding counties, and this data doesn't include sold properties, multi-family units or condos, just single homes easily obtainable in Jefferson County.

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

But that's incorrect in our current environment! Our prices today are lower than these were both in 2009 and 2008. Ouch. And that is true for weekly data points recorded over the past 2 yrs 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 newest measurement now shows a median price of $145,000, a $4,000 drop in two years. Rather than increasing home values, we have actually seen an almost 3% drop!

Louisville real estate listings

They are driving the purpose home further, as we pick almost any date, and appear backwards, we will have that our 2010 values are very well off previous measurements. For instance, let's consider median asking prices of Louisville properties for sale on July 1st for each of the past 2 yrs. This year, home prices were $155,000 around the first day's July. Twelve months earlier, prices were at $169,000. For that percentage lovers out there, that is over an 8% drop in a single year. What about choosing a date within the springtime, like the first day in April? In 2010, data shows median prices at $154,000 when compared with $160,000 in 2009.

OK, so now I've established that asking prices of Louisville homes haven't been on fire for the past two years. It's time to proceed to inventory levels of homes for sale. In December of 2008, there have been approximately 3,750 single family homes easily obtainable in the city of Louisville, according to recorded data points. That number grew to a high water mark of over 5,300 captured before falling to the most recent measurement of around 4,300 available units.

I suppose you can argue that we view a serious decrease in the number of homes on the market, since we dropped about 1,000 properties previously nine or ten months. But that ignores the fact that we currently convey more properties for sale than we did at this time last year and the year before.

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