This is not a surprising post, or finding, but Louisville homes for sale are staying on the market longer and longer, and are staying on the market way longer today than they were this time last year.  Looking at the graph below, you can see that in late February of 2009, Louisville homes were staying on the market an average of 100 days, according to the actual data points shown on the black line below.  That number has grown to 180 days, or about 6 months.  The gold line, which shows the trend line, calculated by rolling the average on a 90 day basis, also shows a huge increase over the same time frame, from 90 days to 175 days.

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

The asking price of homes for sale in Louisville have been dropping, and quite substantially at that, over the past few months.  The black line below shows weekly data points for the past full year, and you can see that last weeks data point for the asking price for Louisville homes for sale is $20,000 less than it was just this past summer.  In addition, the asking price now sits very close to it’s lowest point that it has been in a year, sitting just one or two thousand dollars higher than this time last year.  Even as recent sales data looks somewhat positive, this recent dive in asking prices is sure to show up in the next few months worth of sales data that our local real estate board will publish soon.

Homes For Sale Louisville Pricing

If you have any questions about Louisville real estate in general, please visit my website at www.GregFly.com.  Also, please feel free to call anytime or send me an email at greg@gregfly.com.

As we all prepare for Thanksgiving in just a few days, I wanted to sneak a peek at what was happening to prices on homes for sale in Louisville, Ky.  The last few times I have written about this subject, it seems that prices have been dropping just a bit, and today doesn’t seem to be much different.  Here is a graph I have put together just to see what our 90 day trend lines is doing, as well as our weekly data points.

Homes For Sale Louisville Prices

As you can see, the 90 day trend line started bending down back in August and hasn’t really made any movements back up since then.  The same is pretty much true for the weekly data points for prices for homes for sale in Louisville, with prices mostly going down since late summer, with just a very little drop this past week.

If you have any questions about homes for sale Louisville, please visit my website at www.GregFly.com.  Also, please feel free to call anytime or send me an email at greg@gregfly.com.

As an ongoing service to clients, past, present and future, I like to track the asking price of homes for sale in Louisville, to better gauge the market and where we might be headed, in regards to real estate.  Today, I put together two graphs looking at the pricing of homes on the Louisville market, with the first graph showing what homes currently for sale are doing.  Over the past few months we have seen prices dropping from late summer highs, but the past few weeks have seen a bit of a leveling out of prices, as you can see below, with the last 5 weekly measurements all being within a few hundred dollars of each other.

Homes For Sale Louisville Prices

Another graph that I put together show two different prices.  The first is for the large pool of all of the homes currently on the market for sale while the second line on the graph shows only the price of homes that just came on the market that week.  In our current economic climate, it should not be a huge surprise to see that new listings are asking less than the larger group of homes already on the market, probably to make sure that they are competitive and giving themselves a good shot of getting sold.

Homes For Sale Louisville New Listings Prices

If you have any questions about Louisville real estate in general, please visit my website at www.GregFly.com.  Also, please feel free to call anytime or send me an email at greg@gregfly.com.

I just finished a short article about home prices for Louisville real estate, and wanted to finished up today with a bit more information about inventory levels and how long homes are staying on the market.  It is now late October, and we are looking fall and winter square in the face, and many sellers are not going to be thrilled with that prospect, and may start taking their homes off the market, so keep that in mind as we look at some statistics and how they may be affecting our local market.

Homes For Sale Louisville Inventory

The first graph I have included shows the inventory levels for Louisville.  Instead of dropping, with sellers anticipating a slower market coming up, we are actually seeing a rise in inventory levels.  There are now about 200 more homes on the market than there were just a few weeks ago.

Homes For Sale Louisville DOM

This last graph shows how long homes for sale are staying on the market, on average.  It appears that we may be leveling out a bit, or at least not increasing quite as quickly as we had been in months past.  When we look at all the relevant factors, dropping prices, rising inventory levels and flat or rising time on market, it doesn’t appear that the Louisville real estate market is just about to turn the corner any day now into a bright sunny Seller’s Market.

If you have any questions about homes for sale Louisville in general, please visit my website at www.GregFly.com.  Also, please feel free to call anytime or send me an email at greg@gregfly.com.

A few weeks ago, I was quoted in the local paper, The Courier Journal, saying that I though home prices were going to drop for awhile, even after we had just had a pretty decent run up in home prices.  The article was written because a well known home sales “indicator” had just been released trumpeting the rising of home prices across the country.  However, this “indicator” tracks sold properties, which normally trail current market conditions by a few months, because that is how long it takes to close a real estate transaction.

After this article came out, and I was quoted being a bit of a pessimist, I took a fair amount of heat from other Realtors around the city for being down on the industry.  I wasn’t trying to dog other agents, or the economy, but I have to report it as I see it.  And now that another few weeks have gone by, I have another chart of current prices for homes for sale, and it shows 9 straight weeks of either flat or declining asking prices for homes for sale in Louisville.  Nine straight weeks.  My bet is that when the “indicator” comes out again, we are going to see a decline in prices in solds, just as we are seeing a decline in active home prices right now.

Louisville Real Estate Asking Prices

If you look at the chart above, you will see that in early May, the median asking price for Louisville real estate was $165,000.  In early August we were up to $170,000, but since that point, we have had nine straight weeks of flat or declining prices, down to about $158,000.

If you have any questions about Louisville real estate in general, please visit my website at www.GregFly.com.  Also, please feel free to call anytime or send me an email at greg@gregfly.com.

The past eight or nine weeks have seen the prices for homes for sale in Louisville fall from about $170,000 to just under $160,000.  Before that time, we had seen a pretty decent run up in the pricing of active homes on the market, but it now appears that the market has taken a turn for the worse.  There are probably a few reasons contributing to that finding, such as the winding down of the $8,000 first time home buyer’s tax credit and the seasonal slow down of fall and winter.

Homes For Sale In Louisville Price Drops

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According to the latest numbers I have access to, the prices for homes for sale in Louisville has dropped over the past few months, from a sustained high in July, all the way back down to April 2009 levels.  Some of this price decrease can be attributed to seasonal fluctuations, and the $8,000 tax credit also helped prop up some extra home sales, which usually pushes prices higher.  However, I am not convinced that we are out of the woods or that the worst is behind us.

Homes For Sale Louisville Prices

I am hearing from several sources and other agents across the country that they expect 2010 to be as bad, if not worse, in the volume of short sales that we see, which will continue to negatively affect home prices for the rest of us not involved in short sales.  In addition, if the $8,000 tax credit runs out, there won’t be the same counter balance to depressed sales that we have had this year, and my guess is that prices will be flat again next year, depending upon location of course.

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