Over the past few weeks, and maybe even months, I have talked about inventory levels of Louisville homes for sale, and how they have dropped since the highest levels we have seen this past year.  Today, I want to extend the timetable and look at inventory levels for the Louisville real estate marketplace, and see just how well, or poorly, we are doing.  On the graph below, I have pushed the dates all the way back to January 1st, 2009 and then graphed the number of homes currently for sale at any given point in the Louisville area.

The most interesting point to take away from the graph above is just how high recent levels of homes for sale in Louisville have been recently.  While it is true that the last few weekly measurements of how many single family homes are for sale in Louisville have been decreasing, it is interesting to see just how much higher the measurement is today than it was in the beginning of 2009.  (more…)

Normally when I write an article updating readers about Louisville homes for sale, I use charts that go back one full year.  But not today, I wanted to bring in a bit more, if possible, to provide a little more context.  I was able to generate a graph dating back to January 1st of 2009 with the median prices of single family homes for sale in the Louisville real estate market.

This graph has a sine shape to it, which is not unusual in itself, for real estate activity in Louisville, or most any other market.  The seasons have a habit of influencing our local market, and prices will follow along with the demand, or lack thereof.  As you can clearly see from the graph, the median asking price of Louisville homes seems to be at it’s lowest in the winter time, or the very beginning of the year.  Again, not very surprising.  But by adding a (more…)

Almost immediately following May 1st 2010, the Days On Market measurement for Louisville homes for sale dropped like a lead weight.  In just one week’s time, the weekly data points went from about 177 days to 142, a reduction of over one full month’s worth of market time!  This is unheard of.  I have spoken to a few other agents, and most seem to have some trouble coming up with a decent explanation of why the length of time homes are spending on the Louisville real estate market would drop so suddenly, but I feel strongly that it must be connected somehow to the expiration of the Federal tax credit.  Just how it is related, I’m not sure, but that just seems to be too much of a coincidence that the tax credit expired on the last day of April, and the first full data check in May shows a dramatic decrease. hmmm….

One year ago, the number of homes for sale in Louisville, Ky stood at 4,250, with a trend line measurement of just under 4,200.  Just a few months ago, those numbers had swelled to great heights, with weekly data points reaching close to 5,400 homes for sale and the trend line swelled to a bit over 4,800.  But a recent run of high activity in the Louisville real estate market has pushed our inventory levels back down.  Not quite as low as last year’s levels, but much lower than March and April levels.  As of this past week’s measurements, the weekly data points showing the actual number of single family homes for sale in Jefferson County showed a data point of 4,400 units.  The trend line is also heading down, with the most recent measurement coming in at just under 4,600 units.

For the better part of the last year, there existed a price gap between what Louisville homes for sale were asking, when you compared homes that were already on the market to homes that were just coming on to the market.  On the graph below, you will notice that our existing inventory in the Louisville real estate market is shown in gold.  The black line on the graph shows the median asking price of the group of listings that just came on to the market that one week.  Normally we see that new listings show up on the market asking less than homes that have been on the market.  This makes a lot of sense, in a bad or slow market.  If you keep noticing that your neighbors can’t sell their homes at the prices they are asking, doesn’t it make sense that if you were to decide to sell, that you would ask less than the home down the street?

But what if you notice that all of the homes on your street are selling?  And maybe they are even getting the prices they were hoping for?  In that situation, we would expect to see new listings start asking more than before, and maybe even catch up to what the existing homes for sale are asking.  And that’s exactly what we have seen in the past month or so.  The median price of homes for sale has just about equalized for both groups of homes.

A new listing has just hit the market and this Louisville Highlands home for sale is truly spectacular.  What was once a distressed property has been totally gutted, expanded and finished to standards you are more likely to see in an east end million dollar home.  With everything you would hope to find in new construction, such as hardwood floors, granite counter tops, open floor plan, etc… this home located in the heart of the Louisville Highlands real estate neighborhood is in great shape and ready for it’s newest owner.

Louisville Highlands Real Estate | Completely Renovated Home For Sale

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$679,900 Single Family Home For Sale Main Features 4 Bedrooms 3 Bathrooms Interior: 3600 sqft Location 1734 Gresham Rd Louisville, KY 40205

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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.