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2 year Review Of Louisville KY Properties for sale

With 2010 all in all, there isn't any better time to look back and take stock and just how truly putrid the Louisville real estate market continues to be and how bad the near future looks for Louisville properties for sale! How do you like this one for a uplifting opening?

Rather than dealing with all sorts of data, I wish to take a look at only two charts today. The very first will be for asking prices and the second is going to be inventory amounts of homes actively on the market within the city 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 asking prices, the dollar amount that home sellers are placing on their listings when they're available on the market and hoping to find a buyer. Normally, whenever we possess a decent market, you would expect incremental increases in prices. To ensure that whenever we compare home values in December of 2010 to December of 2009, we would normally need to see a small rise. And when we glance even further back than this past year, we'd expect to see a level bigger increase.

But that is incorrect within our current environment! Our prices today are lower than these were in both 2009 and 2008. Ouch. Which is true for weekly data points recorded over the past two years in addition to trend lines over the same period. At this time in 2008, weekly data points show something of about $149,000 for a median asking price. My newest measurement now shows an average price of $145,000, a $4,000 drop in 2 years. Rather than increasing house values, we've actually seen an almost 3% drop!

Louisville homes

To drive the purpose home further, as we pick almost any date, and look backwards, we will see our 2010 values are well off previous measurements. For example, let's consider median asking prices of Louisville properties for sale on July 1st for every of the past 2 yrs. In 2010, home values were $155,000 around the first day's July. Twelve months earlier, asking prices were at $169,000. For the percentage lovers out there, that's 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 prices at $154,000 when compared with $160,000 last year.

OK, so now I've established that asking prices of Louisville homes have not been burning for the past two years. You're ready to proceed to inventory amounts of homes for sale. In December of 2008, there were approximately 3,750 single 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 could argue that we view a serious 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 right now we convey more homes 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 recognize that our costs are lower now than at this time either in of these two preceding years, and at the same time, we have more homes 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 a sign that we have lots of homes to buy and equity to restore before we can say our market has rebounded.