2 year Overview of Louisville KY Homes For Sale
With 2010 all in all, there is no better time to think back and take stock and just how truly putrid the Louisville housing market continues to be and just how bad the future searches for Louisville properties for sale! How can you like this one for any uplifting opening?
Rather than dealing with a variety of data, I want to look at only two charts today. The first will be for prices and the second will be inventory amounts of homes actively on the market within the city 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 homes for sale in Jefferson County.
I'll open with 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 realized incremental increases in prices. So that when we compare home values in December of 2010 to December of 2009, we'd normally need 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 incorrect within our current environment! Our prices today are lower than they were both in 2009 and 2008. Ouch. And that is true for weekly data points recorded in the last two years in addition to trend lines within the same period. At this point in 2008, weekly data points show something around $149,000 for a median asking price. My newest measurement now shows an average cost of $145,000, a $4,000 drop in two years. Rather than increasing home values, we have actually seen an almost 3% drop!
They are driving the purpose home further, if we pick just about any date, and look backwards, we will see our 2010 values are very well off previous measurements. For example, let's consider median asking prices of Louisville properties for sale on July 1st for every of history 2 yrs. This year, home values were $155,000 around the first day of July. One year earlier, asking prices were at $169,000. For the percentage lovers out there, that is over an 8% drop in a single year. How about choosing a date within the springtime, like the first day in April? This year, 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 have not been on fire within the last two years. It's time to proceed to inventory levels of homes for sale. Back in December of 2008, there were approximately 3,750 single family homes for sale in the town of Louisville, according to recorded data points. That number grew to some high water mark of over 5,300 earlier this year before falling back to the most recent measurement of approximately 4,300 available units.
I suppose you can reason that we view a significant reduction in the amount of homes available 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 this past year and also the year before.
If you are an objective person, you have to consider the data and recognize that our costs are lower now than at the moment either in of the two preceding years, and also at the same time, we have more homes available on the market at the moment than either of the two preceding years. Obviously, this is not the manifestation of a recovering market, but rather a sign that we still have a lot of homes to buy and equity to restore before we can say our market has rebounded.