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Two Year Overview of Louisville KY Homes For Sale

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

Rather than going through a variety of data, I want to look at only two charts today. The first will be for asking prices and the second is going to be inventory amounts of homes actively on the market in the city of Louisville. I will not be looking at surrounding counties, which 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 own listings when they are on the market and hoping to find a buyer. Normally, whenever we possess a decent market, you would expect incremental increases in prices. So that whenever we compare home prices in December of 2010 to December of 2009, we would normally need to see a little rise. And when we look even more back than this past year, we'd anticipate seeing an even bigger increase.

But that's not the case within our current environment! Our prices today are lower than they were both in 2009 and 2008. Ouch. Which holds true for weekly data points recorded over the past 2 yrs in addition to trend lines over the same period. At this point in 2008, weekly data points show a value of about $149,000 for a median asking price. My most recent measurement now shows a median price of $145,000, a $4,000 drop in two years. Rather than increasing house values, we have actually seen an almost 3% drop!

Louisville neighborhoods

To drive the point home further, as we pick just about any date, and appear backwards, we will see our 2010 values are very well off previous measurements. For instance, let's consider median prices of Louisville homes for sale on July 1st for every of the past two years. This year, home values were $155,000 on the first day's July. Twelve months earlier, asking prices were at $169,000. For that percentage lovers available, that is over an 8% drop in a single 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 when compared with $160,000 last year.

OK, so now I've established that asking prices of Louisville homes haven't been burning for the past two years. It's time to move on to inventory levels 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 captured before falling to the newest measurement of approximately 4,300 available units.

I guess you can argue that we view a significant decrease in the number 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 have more properties for sale than we did at this time last year and 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 either in of the two preceding years, and at the same time frame, we've 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 instead a sign that we still have a lot of homes to purchase and equity to revive before we are able to say our market has rebounded.