Today I noticed that many of the areas around the Louisville real estate market have started seeing a decline in the Days On Market measurement, at least minimal declines.  But I did run across one area that bucked that trend, Prospect Ky homes for sale.  I have charted the two areas, Greater Louisville against Prospect, on the chart below.  Louisville is shown in black and Prospect, or 40059, is shown in gold, and both are looking only at single family homes, not condos, farms or other property.  Clearly, a few weeks ago, in early April, the Louisville measurement hit an inflection point and started moving down.  On the other hand, homes for sale in Prospect continue to see their Days On Market measurement rise.

Why the difference?  My thought is price.  Obviously, the average home in Prospect is valued at well over the average Louisville home.  To be more exact, the average home in Prospect is asking a bit more than three times what the average home in Jefferson County is asking, about $475,000 to $155,000, give or take.  There simply aren’t as many higher end buyers in the market today as there are more modest priced buyers.

But there might be one more factor, that affects Louisville homes in a greater proportion than Prospect.  The Federal Tax Credit that is coming to an end within the next few days.  The $8,000 tax credit may be an incentive for people to run out and buy that home they were looking at, and buy it soon.  But people moved by $8,000 are more likely to be buying a home closer to the Louisville average than the Prospect average.  I doubt that the tax credit has had any effect on homes for sale in Prospect.

So I guess my question is this:  Is the trend line we see for Prospect closer to what we will see for Louisville when the tax credit ends and no artificial stimulus exists for buying a home?  Or is Prospect it’s own market, and any market that has an average asking price of $500,000 and higher is just out there on their own taking gas?

One more fact to help you make up your mind:  Did you know that it will take about 5 years to go through all of the million dollar listings here at our current rate of absorption, if no one else tries to sell their home?

The days on market measurement for homes for sale in Prospect continues to rise, as has been the case for the bulk of the last six months and even longer.  In early June of this year, homes in Prospect were taking an average of 142 days to leave the market if you look at the actual data points.  But now, as of the latest measurement point taken this past week, that time has risen to 205 days on the market, an increase of a full two months worth of market time for Prospect Ky homes for sale.

Prospect DOM

The number of homes for sale reducing their asking price in Prospect Ky has fallen dramatically over the past few weeks, as the graph below illustrates.  The black line shows the actual data points, taken once a week, while the gold line shows a 90 day rolling average.  In mid-October, almost 45% of all homes in Prospect had reduced their asking price, but now, as of last week, that number had fallen to closer to 36%.  Without some other info, it’s hard to tell if this is a positive sign for home sellers, or merely an abnormality.  At this point, with high asking prices, and long times on the market, I would be surprised to see a significant easing of the Prospect Ky real estate market.

Prospect Ky Homes For Sale Price Decline

Instead of looking at all of the homes for sale in Prospect, today I separated out the most expensive 25% of homes currently for sale in Prospect, and looked at how all of the luxury homes in Prospect have been behaving, price wise.  I have included two lines on the graph to look at, the gold line which shows the 90 day trend line for luxury homes in Prospect, which is a rolling average of all of the weekly data points over the past 90 days.  The black line graphs the actual data points, every week.  If you remember from graphs past, all of the homes for sale in Prospect have a median sales price of just around $500,000, but the Prospect Luxury Homes currently on the market have a median asking price of around $950,000, making it one of the more expensive areas in the Greater Louisville real estate market place.

Prospect Luxury Homes Prices

If you’d like more information on Luxury Homes For Sale Louisville or high end homes in general, please make sure to visit my website and I’ll be happy to answer your questions.

For the past few months, the asking price of homes for sale in Prospect Ky has been amazingly stable, right at $500,000 for the median price.  Instead of looking at that same info, today I wanted to look at the median price for homes for sale in Prospect that are new listings, that is, just the new listings that came on to the market in the preceding week.  Against that measurement, I wanted to see what the median price was for homes that left the market, by either being sold or simply leaving the market without a contract.  Here is what I found:

Homes for sale Prospect Ky Prices

Not surprisingly, the homes that are leaving the market, or being absorbed, were consistently priced lower than the homes just coming on to the market.  If I had included the median price of the homes already on the market, you would have seen an even bigger difference in price.

If you have any questions about homes for sale Prospect Ky, or 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.

For the past several weeks, I have been marveling at how steady the asking price of homes for sale in Prospect have been, sitting right at $500,000 for basically months now, with almost no variation at all.  Well, here we go again!  Nothing to report here, except what I have been reporting, $500,000 seems to be the median price of homes for sale for the past six months at least.

Homes For Sale Prospect Ky | Asking Prices Remain Steady

However, that is simply the larger group of homes that are on the market already, with $500,000 being the median priced home.  What happens if we look at only the homes that are coming on the market in any given week, and then compare that number to the asking price of homes already on the market?  Will the asking price in Prospect look as stable or will we see a bit more movement?

Prospect Ky Real Estate Price New Listings

Oops.  There’s quite a difference between what owners are asking for if they are just entering the market, compared to what owners are asking for if they have been on the market for quite awhile.  Six months ago it looks like new listings were priced about $23,000 less, while this past week, new listings were priced $55,000 lower!  How’s that for competition from the new kids on the block?

If you have any questions about Prospect Ky real estate, or 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.

Often, after a home owner, or Realtor, has set an asking price and listed the property, they stop looking at the prices of homes on the market.  Or perhaps they look only at the whole group of homes currently on the market.  That gives you one idea of how the market is behaving, but doesn’t really give you the whole picture.  For instance, what would you think if I told you that the homes that are coming on the market right now are priced well below the median price of homes already on the market?  Isn’t that something worth considering?

Homes For Sale Prospect Complete Pricing Info

Let’s look at this graph for homes for sale in Prospect.  I have graphed three different values:  1) Median asking price for all of the homes currently on the market, 2) Median asking price for homes that came on the market this week, or new listings, and 3) Median asking price of homes leaving the market, homes that were sold or simply taken off the market.  It is pretty clear that there is a major difference, and has been for the past six months, in what homes are sitting on the market for, and what they are actually leaving the market at.  It is also apparent that homes just coming on the market see the negative pressure and are pricing their houses more affordably in order to better compete with the homes already being offered for sale.

Sometimes it really does pay to have a Realtor who knows the market inside and out, and who pays for the tools necessary to properly dissect the home sales market.

If you have any questions about Prospect Ky real estate, or 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.

If you follow real estate as closely as I do, sometimes you run across data from week to week that contradicts the larger trend.  This is not abnormal and is actually just a little variation in the current real estate market.  Much like the stock market, there are daily ups and downs, even if the market as a whole is moving in one direction or another.  This is just one of those weeks, in regards to the number of homes for sale in Prospect.  The overall trend is down, with fewer and fewer homes being on the market, even though the inventory hasn’t fallen in the last two weeks.  However, looking at the chart below, you will see that sometime in late June and early July, the number of homes on the market has been decreasing pretty steadily.

Homes For Sale Prospect Ky Inventory

Here is another chart with weekly data that doesn’t quite match up to the longer view trend line.  If you were to look just at the black line, you might get a bit excited and say that homes sold a bit quicker last week than the week before.  Which is true, but the change was so small as to be somewhat insignificant, and the overall trend is still pretty much heading up, and has been pretty steadily for the past six months, maybe even longer.

Homes For Sale Prospect DOM

If you have any questions about Prospect Ky real estate, or 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.