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Two Year Review Of Louisville KY Homes For Sale

With 2010 wrapping up, there is no better time to think back and take stock and just how truly putrid the Louisville real estate market continues to be and just how bad the future looks for Louisville homes for sale! How can you like that one for any 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 asking prices and also the second is going to be inventory amounts of homes actively on the market within the town 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 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 searching for a buyer. Normally, whenever we possess a decent market, you realized incremental increases in prices. To ensure that when we compare home values in December of 2010 to December of 2009, we would normally want to see a little rise. And if we look even more back than this past year, we'd expect to see an even bigger increase.

But that is not the case within our current environment! Our prices today are less than these were in both 2009 and 2008. Ouch. Which is true for weekly data points recorded in the last two years 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 any median selling price. My newest measurement now shows a median price of $145,000, a $4,000 drop in 2 years. Instead of increasing home values, we have actually seen an almost 3% drop!

St Matthews Louisville Ky real estate

They are driving the point home further, if we pick just about any date, and appear backwards, we will have 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 the past 2 yrs. This year, home prices were $155,000 around 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. What about selecting a date in the springtime, such as the first day in April? This year, data shows median asking prices at $154,000 when compared with $160,000 in 2009.

OK, now I've established that prices of Louisville homes haven't been on fire within the last two years. It's time to proceed to inventory amounts of properties for sale. Back in December of 2008, there were approximately 3,750 single family homes for sale in the city of Louisville, based on recorded data points. That number grew to a high water mark of over 5,300 captured before falling back to the most recent measurement of around 4,300 available units.

I suppose you can argue that we have seen a serious reduction in the number of homes available 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 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 costs are lower now than at the moment in either 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 these two preceding years. Obviously, this isn't the sign of a recovering market, but rather an indication that we have a lot of homes to buy and equity to restore before we can say our market has rebounded.