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2 year Review Of Louisville KY Homes 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 has been and just how bad the future looks for Louisville properties for sale! How can you like that one for a uplifting opening?

Rather than going through a variety of data, I wish to look at only two charts today. The first is going to be for asking prices and also the second will be inventory levels of homes actively on the market within the city of Louisville. I will not 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 prices, the dollar amount that home sellers are placing on their 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. So that whenever we compare home prices in December of 2010 to December of 2009, we would normally want to see a small rise. And if we look even more back than this past year, we'd anticipate seeing a level 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 is true for weekly data points recorded in the last 2 yrs 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 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've actually seen a nearly 3% drop!

Louisville homes

They are driving the purpose home further, if we pick almost any date, and appear backwards, we will see our 2010 values are very well off previous measurements. For instance, let's look at median prices of Louisville homes for sale on July 1st for every of history two years. In 2010, home prices were $155,000 around the first day's July. Twelve months earlier, prices were at $169,000. For the percentage lovers available, that is over an 8% drop in a single year. What about choosing a date in the springtime, like the first day in April? In 2010, data shows median prices at $154,000 compared to $160,000 last year.

OK, now I've established that prices of Louisville homes haven't been burning within the last 2 yrs. It's time to proceed to inventory amounts of homes for sale. Back 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 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 argue that we have seen a serious reduction 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 right now we convey more properties for sale than we did at the moment last year and also the year before.

If you are an objective person, you need to consider the data and recognize that our costs are lower now than at this time either in of these two preceding years, and also at the same time, we've more homes on the market at this time than either of the two preceding years. Obviously, this isn't the sign of a recovering market, but instead an indication that people have a lot of homes to buy and equity to restore before we can say our market has rebounded.