HarkinsDaughtry144
Two Year Overview of Louisville KY Homes For Sale
With 2010 all in all, 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 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 wish to look at only two charts today. The very first is going to be for asking prices and also the second will be inventory amounts of homes actively available on the market within the town of Louisville. I will not be looking at surrounding counties, which data doesn't include sold properties, multi-family units or condos, just single family homes easily obtainable in Jefferson County.
I'll open with prices, the dollar amount that home sellers are placing on their own listings when they're 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'd normally want to see a little rise. And if we look even further back than last year, we'd anticipate seeing an even bigger increase.
But that is incorrect within our current environment! Our prices today are lower than they were both in 2009 and 2008. Ouch. Which holds true for weekly data points recorded in the last two years 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 cost of $145,000, a $4,000 drop in two years. Instead of increasing house values, we have actually seen an almost 3% drop!
To drive the point home further, as we pick just about any date, and look backwards, we will see that our 2010 values are well off previous measurements. For example, let's look at median prices of Louisville properties for sale on July 1st for every of history 2 yrs. This year, home prices were $155,000 around the first day's July. Twelve months earlier, asking prices were at $169,000. For that percentage lovers out there, that's over an 8% drop in a single year. What about selecting a date in the springtime, like the first day in April? In 2010, data shows median asking prices at $154,000 compared to $160,000 last year.
OK, now I've established that asking prices of Louisville homes have not been on fire for the past 2 yrs. It's time to move on to inventory levels of homes for sale. In December of 2008, there have been approximately 3,750 single homes easily obtainable in the town of Louisville, according to recorded data points. That number grew to some high water mark of over 5,300 captured before falling back to the most recent measurement of around 4,300 available units.
I guess you could reason that we have seen a significant 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 truth that right now we convey more properties for sale than we did at the moment this past year and the year before.
If you are a objective person, you need to consider the data and recognize that our prices are lower now than at this time in either of the two preceding years, and 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 buy and equity to restore before we can say our market has rebounded.
