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 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.
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.
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.
The asking price of Louisville homes for sale has hit it’s year long low at $150,000, which it last hit about this time last year. The black line on the graph below shows weekly data points, and you can clearly see one or two data points about a year ago at $150,000. Asking prices then ramped up for the Lousville real estate market to a summer time high around $170,000, but has fallen back down, and has seen $150,000 measurements for the past few weeks.
The percentage of sellers with Anchorage Ky homes for sale who have reduced their asking price is dropping. A few months ago, nearly 50% of all sellers in Anchorage had reduced their price. It looks like that was a pretty big spike, but since the September high, the percentage has dropped down to close to 30%. Of course, that is if you look at the weekly data points, shown in black. But the 90 day rolling average, shown in gold, shows the same basic trend. One year ago, just under 30% of homes had reduced their price, that number rises to close to 42%, and now is headed back down to 36%.
The median asking price for the most expensive 25% of Louisville Luxury Homes for sale in St Matthews is inching up towards $900,000 and appears to be only a few thousand away from that mark. The graph below shows the median asking price of the highest priced Louisville luxury homes for sale in 40207 for the past year, and the median asking price has risen from a low of about $700,000 to it’s current level, a rise of almost $200,000! Of course, that is just the asking price, that doesn’t mean that the sellers are getting that kind of price. I suppose that’s the bad news for sellers. High end homes simply aren’t selling like they used to, and there are simply more of them on the market than normal, thereby driving up the median and average asking price of homes that are for sale. The prices of homes that have sold are actually declining.
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
50% of Louisville Highlands homes for sale in zip code 40205 have reduced their asking price, close to a year long high. One year ago, only 48% of homes in 40205 had reduced their asking price, and that number dipped down to about 36%, but has climbed lately back to the 50% mark early in 2010. Homes for sale in 40204 have behaved a little differently, starting around 40% one year ago, before dropping to under 30% earlier this year. However, homes for sale price reductions have climbed again to 43% for homes in 40204.
Earlier this week, on a cold winter day in early 2010, I drove through the Louisville subdivision The Woods Of St Thomas on the eastern side of Jefferson County. Luckily, I had my video camera with me, and opened it up as I drove through, just to let people see the layout of the subdivision, in case anyone is interested in moving to this particular destination.
If you have any questions about Louisville real estate, or Louisville Woods Of St Thomas homes for sale, please visit my website at www.GregFly.com. Also, please feel free to call anytime or send me an email at greg@gregfly.com.
