The number of days that homes for sale in Louisville Ky are staying on the market is still trending up, from 80 days one year ago, all the way up to 170 days as of last week.  The gold line on the graph is the 90 day rolling average, or the trend line, while the black line shows actual weekly data points.  As you can see, it looks like there has only been one or two downward spikes in the weekly data, which isn’t enough to influence the trend line and bend it down.  As a result, the trend line has moved unfailingly in one direction over the past year for the entire Louisville real estate market.

Louisville homes for sale inventory levels spiked quite a bit this past week, with over 500 homes coming on to the market, taking the total number of single family homes for sale in the city of Louisville to a hair over 4,500 properties.  Just last week, that measurement was at 3,950, meaning there are about 550 more homes for sale today than there were just last week, which works out to be a 14% rise in the number of available properties.  As spring continues to approach, and hope springs eternal, I wouldn’t be surprised to see a continue run of new listings coming on to the market.  Another thought is that there might be a large number of home owners who failed to sell their home last year, who waited the holidays out, and are now getting ready to try again, which would be a second group of sellers on top of the normal spring surge.  If this doubly large surge is coupled with a continued shortage of buyers, the time on market for sellers is going to rise through the roof.

Inventory levels of homes for sale in Louisville Kentucky are heading down, according to the 90 day trend line shown on the graph below.  Looking at all of the homes for sale in Louisville, I have put together a graph showing both the trend line, as well as weekly data points, which are shown in black.  The data points show a steady decline in inventory since late October, when inventory levels were right at 4,4oo.  Every week has seen the number of homes currently on the market decrease down to 3,900, but last week saw the first increase in inventory levels, up just a bit.  This decrease in weekly levels of inventory is why the gold line, the 90 day rolling average trend line, has also been trending down since early October.

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The asking price for Louisville homes for sale continues to drop from summer time highs.  This time last year, it appears that the asking price of homes was trending up, as evidenced by the graph below.  But this year, it appears that most of the movement has been in a downward trend, shown by the gold line below.  The black line tracks individual weekly data points, and the last time we saw an increase in the asking price, even a small increase, was back in October, and that increase was pretty close to inconsequential.  We might have to go back to summer time to find two successive weeks of price increases, and as  you can see, we are off by over $20,000 since those summer highs.

Louisville Ky Real Estate Prices

Louisville luxury homes have seen their asking price drop almost $40,000 from highs seen in the summer months.  Luxury homes, defined here as the most expensive 25% of homes on the market, started 2009 with a median price of $357,000 or so, rose to $415,000 in June, and have since fallen to current levels of $375,000.  These are not sales prices, so this graph does not mean that homes are necessarily selling for more or less, but rather this chart is all about asking prices of homes for sale in Louisville.

Louisville Luxury Homes Prices

Even though inventory levels for Louisville homes for sale have been falling the past few months, from a high in late October of 4,400 homes, down to our current level of 3,900 homes, we are still over 10% higher than we were one year ago.  Early in 2009, there were just short of 3,500 homes for sale in Louisville, compared to the 3,900 available today.  That’s a difference of 400 homes, up over 10% from one year ago.  I suppose that means that earlier this year, the Louisville Real Estate market was carrying 20% more homes on the market than it held in early 2009.

Louisville Homes For Sale Inventory

This time last year, Louisville homes for sale were taking about 95 days to leave the market.  As of the latest data point collect this past week, homes are now taking an average of 180 days to leave the market, an increase of 85 days, or almost 100%!  This measurement is for single family homes in Louisville, or more precisely, Jefferson County, since they are one and the same now.  If you were to look at the gold line on the graph below, you would see an even greater change in the time on the market.  The gold line shows a rolling 90 day average to smooth out the graph line, and is a less volatile measurment.  But I still prefer to look at the data points, shown by the black line, when available.

Louisville Homes For Sale DOM