In the past two months, the Louisville real estate market has seen a huge run up in the number of single family homes that have come on to the market looking for a buyer, topping out at over 5,300 units available. Just in the past week or two, that number has dropped, but is still holding at what would normally be historic highs. In fact, the trend line, shown in gold, is still trending up and is at year long highs for Louisville homes for sale. The next factor many people are waiting on to see how the market unfolds is the termination of the Federal Tax Credit for home buyers. The thinking goes that without the incentive to buy, the market will dry up even more. I don’t buy into that theory too much, because buying levels are already low, and I don’t believe that the tax credit created any buyers, just rewarded those lucky enough to be buying at this time in history when Uncle Sam was willing to hand out $8,000 just for being a home buyer.
OK, here we go, the first installment of my Louisville photo identification contest. Not having done this before, I’m not real sure how difficult or easy to make it, so please let me know any suggestions you might have on panning in, panning out or subject choice. To win the contest, you must be the first person to correctly identify the location of the picture below, on my GregFlyRealty Facebook Fan Page. I will have an entry there on my wall, and you must make a comment with the correct location. I will not reveal the answer until a few days have passed in the hopes of generating a few wrong and entertaining guesses. Winner receives a $25 gift certificate to the movies, unless I’m related to her, in which case I’ll give my sister a high-five.
In the coming months, Louisville custom home builders will be opening their Norton Commons homes for sale for curious home buyers to stop by and take a look during the development’s “Welcome Home” tour. In May, the builders in Norton Commons will open a few of their homes to let everybody see the high quality homes which are available in one of Louisville’s most desired neighborhoods on the East side of Louisville and into Prospect. As an example of what you will see if you come out to visit, I have provided a picture provided by one of the builders. This picture is of the detail of the ceiling of the front porch on one of the homes you will be able to see when you come to Norton Commons in May.
Louisville homes for sale have seen quite a drop in asking prices over the past six or seven months, but that trend may be turning around just a bit. The last few weeks have seen a healthy increase in the median asking price that homes for sale in the Louisville real estate market are asking. In the beginning of March, the median asking price for a single family home for sale in Louisville was right at $145,000. Now, only four weeks later, that number has risen to $155,000, or a $10,000 increase! Not bad. Is this the sign of a recovery? Or maybe a sign that there are still a few buyers out there who waited until the last moment to try and grab their federal tax dollars?
After months of declining or stagnant prices for Louisville homes for sale, we may be seeing the beginning of a rebound in asking prices. In the past two or three weeks, the median asking price of single family homes in the Louisville real estate market has risen about $5,000, or a bit over 3%. Does this mean that the worst is behind us, or might this be more of a temporary reprieve? My thought is that this increase in pricing is more seasonal than anything. With spring fully upon us, this is the season when we see the highest number of buyers, which would likely drive up prices a bit. In addition, many buyers are coming out now fearful of missing out on the Federal Tax Credit. The real test of this price increase will come during the summer, when spring optimism has faded and the tax credit is no longer available.
Louisville real estate agent Greg Fleischaker was interviewed earlier today by WLKY TV to give his opinion on the fate of a local restaurant caught up in a possible real estate transaction. The full video can be found at WLKY’s web site.
The Louisville Woods Of St Thomas real estate subdivision is nice solid neighborhood, where there are never too many homes for sale because home owners stay so long. I’ve been looking at sales in a lot of different neighborhoods, and most have tons of homes available, and very few recorded sales. But there are only 8 Louisville Woods Of St Thomas homes for sale on the market right now, and there have already been two closed sales so far in 2010. That rivals subdivisions much larger than The Woods Of St Thomas. Another oddity, the average sales price of homes that have sold in The Woods Of St Thomas is way higher than the normal price point we see selling across Louisville in general, so they seem to be bucking the trend in a few different ways.
Here is a video of a home built by Stonecroft Homes in the Poplar Woods real estate development in Oldham County, Ky. This development features large lots, most an acre or more, with plenty of trees, open spaces and water features. The homes are all built by the finest Louisville home builders and are a delight to visit.
I recently had a listing presentation for a home owner in the Louisville Highlands real estate market. As part of my normal presentation, I assembled sales statistics for the area for the past few years, and included them in my presentation. In my video below, I share a few pages of that same presentation, and show you how today’s real estate values in the Highlands compare with years past.
If you have been following this blog site, or any of my other sites, for any amount of time, you know that I like to keep up with market statistics. For years, I have tracked the average sales price, median sales price and a few other items for Prospect Ky real estate, and have compiled them into a short presentation. Below, in a short video, I share just a piece of the presentation with you.
