As a local real estate agent, and also a resident, of the St Matthews neighborhood in Louisville, I probably have driven on, or by, almost every street in the area. Not that I’m bragging, that would be a pretty boring brag, but on occassion, I actually have a video camera with me, or maybe I’ll use my iPhone sometimes, but I like to take really short video clips of different parts of different neighborhoods to give people an idea of what that part of town looks like. On this day, I was on my way to meet someone who lives close to Seneca Park, so up goes my iPhone, and the video below is what you get:
The number of homes sold in the Louisville St Matthews real estate market last year was the second lowest total in the last 12 years, beating only 2008. That marks the two worst years, back to back, that we have seen for Area 3 in Jefferson County, which includes St Matthews and Crescent Hill. I charted the previous totals from the last 12 years in the table below, and you can see that the Louisville St Matthews area only sold 514 units last year, beating the total of 425 units sold in 2008. Other than that sad total, there won’t be another year on the table that is lower than the 514 homes sold in 2009.
Louisville St Matthews Real Estate, # Of Units Sold
The last two posts I have written about the asking price of Louisville St Matthews homes for sale remarked about the unusual spike upwards. This past measuring period shows that asking price is falling back to a more normal level, but that means that the asking price had to go from close to $320,000 all the way down to $300,000, a drop of $20,000. While that sounds bad on the face of it, it is probably more accurate to view the past few weeks as a variance, and not a normal two or three week performance for St Matthews homes.
New listings of homes for sale in the St Matthews neighborhood of Louisville were priced about $10,000 less than the larger pool of all of the listings as of the last data point on the graph below, which was taken this past week. It looks like the gap between the asking price of the new listings and existing listings is getting smaller and smaller, which an encouraging sign for home sellers. Also encouraging is that the median asking price of both groups of listings for Louisville St Matthews real estate is heading up, and has been for the past several weeks or months.
The Days on Market (DOM) measurement for homes for sale in the St Matthews area of the Louisville real estate market is continuing to rise, as the graph below shows. Both the weekly data points, as well as the 90 day rolling average, are on their way up, and I have yet to see any indication of an inflection point, showing an easing of market conditions for length of stay on the market for Louisville St Matthews homes for sale. For the past six months, it looks as if the DOM measurement has risen from 111 days for the average length of time on the market, all the way up to 155 days for the measurement taken this past week.
The past few weeks, I have noticed, and discussed an unexpected and sharp rise in the median asking price of homes in the St Matthews neighborhood of Louisville. For some reason, a bunch of higher end homes came on to the market in the 40207 zip code last month and really pushed the median sales price, or asking price, of homes all the way up to $300,000. However, it looks like things might have settled down a bit, and the median price might be on its way back down. We can see the change of direction in the graph lines on the weekly data points, but they don’t reflect yet on the 90 day rolling average trend line yet, which is still being heavily influenced by the recent rash of higher priced homes hitting the market in St Matthews.
Homes For Sale Louisville St Matthews Price
If you have any questions about homes for sale Louisville St Matthews, 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.
The last couple of weeks have seen a sharp rise in the asking price of homes for sale in St Matthews, as the graph below will illustrate. However, it looks like we might be leveling out just a bit with a median asking price of $300,000 for all of the homes for sale in 40207, which is $30,00o above where we were just six weeks ago!
Louisville St Matthews Homes For Sale Prices
Another, perhaps more interesting, graph that I have prepared shows the relationship, in St Matthews, between three groups of homes. The first, and most expensive, is the entire group of homes currently for sale in St Matthews. The middle priced group are the homes that are just coming on to the market in any given week, priced well below homes already on the market. And bringing up the pack, homes that are leaving the market are priced as the least expensive home.
St Matthews Homes For Sale Price Comparison
If you have any questions about Louisville St Matthews 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.
Watching the local real estate data as closely as I do, I have noticed a very interesting trend developing in the St Matthews neighborhood of Louisville. Many neighborhoods are seeing prices decline, due to a number of factors, and Louisville in general has seen almost 12 straight weeks of flat or declining prices on homes currently for sale. However, St Matthews homes seem to be bucking the trend, as the chart below indicates. Last week marks the sixth straight week for zip code 40207 having rising or flat sales prices for homes currently active on the market.
For the second week in a row, asking prices for homes for sale in Louisville St Matthews have spiked upward, quite a bit. But before we get too excited, there are a few things to keep in mind that might temper your enthusiasm. First, I am looking strictly at zip code 40207, which might leave out a few homes that our local MLS might call St. Matthews. Second, let’s keep in mind what a median price is. The median price simply means that half of the homes for sale are priced above this number, and half of the homes are priced below. It’s better to use than an average, which can be heavily swayed by a few expensive homes coming on the market and moving the average sales price quite a bit. Theoretically however, the median price measurement should better reflect the reality of what kinds of homes are being sold.
Homes For Sale Louisville St Matthews prices
Having said all of that, I did go back and look at what kind of homes have come on to the market in the last two weeks, and there were 24 new listings in 40207. Only 6 were under $200,000, but 9 were over $300,000, with one close to $900,000 and another listing well over $1,500,000. Does this mean that the market has turned and higher end homes are starting to sell better? I doubt it, but will continue to closely watch the market to make sure. I think it is more likely to be a coincidence that will have trouble repeating itself over and over. As a matter of fact, if you look at the median price of homes leaving the market, you will see that the 90 day rolling average has been pretty stable, between $275,000 and $250,000 for the past six months.
If you have any questions about Louisville St Matthews 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.
As a service to my clients, future and past, living in St Matthews, I like to keep up with the sales data for this area to help determine how the market is behaving. As such, I have provided graphs below to show inventory levels for active homes in St Matthews, as well as a graph showing how long homes are staying on the market. As you can see in the first graph, the number of homes on the market has decreased from about 215 homes to about 187, or more than 10% in just one month, or so.
Homes For Sale Louisville St Matthews Inventory
While the reduction in inventory is normally good news and serves as an indication that market conditions are improving, this may not be the circumstance this time around. Usually, a reduction in inventory goes hand in hand with rising home prices and shortening time on the market. Home prices have indeed had a recent rise, and quite a impressive price rise at that. However, the graph below shows that homes are staying on the market even longer than ever. I suppose this just shows that not every theory works perfectly every time! It is apparent that the St Matthews real estate market has not quite decided how stable it is, and whether or not it is going to head up or down in the coming weeks and months.
Louisville Real Estate St Matthews DOM
If you have any questions about Louisville St Matthews 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.
