LasherBeecher58

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2 year Review Of Louisville KY Homes For Sale

With 2010 wrapping up, there isn't any better time to think back and take stock and just how truly putrid the Louisville real estate market has been and how bad the future searches for Louisville homes for sale! How can you like that 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 will be for prices and the second will be inventory amounts of homes actively available on the market within the city of Louisville. I won't 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 dollar amount that home sellers are placing on their listings when they're on the market and hoping to find a buyer. Normally, whenever we have a decent market, you would expect incremental increases in prices. So that whenever we compare home values in December of 2010 to December of 2009, we would normally need to see a little rise. And if we look even further back than this past year, we'd anticipate seeing an even bigger increase.

But that's incorrect within our current environment! Our prices today are less 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 within the same period. At this point in 2008, weekly data points show a value of about $149,000 for a median selling price. My most recent measurement now shows an average price of $145,000, a $4,000 drop in 2 years. Instead of increasing house values, we've actually seen an almost 3% drop!

Louisville real estate listings

To drive the purpose home further, if we pick just about any date, and appear backwards, we will see our 2010 values are very well off previous measurements. For example, let's consider median prices of Louisville homes for sale on July 1st for each of history two years. This year, home values were $155,000 on the first day's July. One year earlier, prices were at $169,000. For the percentage lovers out there, that is 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 compared to $160,000 last year.

OK, so now I've established that asking prices of Louisville homes have not been burning for the past 2 yrs. You're ready to proceed to inventory amounts of properties for sale. In December of 2008, there were approximately 3,750 single homes easily obtainable in the town of Louisville, according to recorded data points. That number grew to a high water mark well over 5,300 earlier this year before falling to the most recent measurement of around 4,300 available units.

I guess you could argue that we have seen a significant decrease in the amount of homes 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 convey more properties for sale than we did at the moment this past year and also the year before.

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