According to the latest numbers I have access to, the prices for homes for sale in Louisville has dropped over the past few months, from a sustained high in July, all the way back down to April 2009 levels.  Some of this price decrease can be attributed to seasonal fluctuations, and the $8,000 tax credit also helped prop up some extra home sales, which usually pushes prices higher.  However, I am not convinced that we are out of the woods or that the worst is behind us.

I am hearing from several sources and other agents across the country that they expect 2010 to be as bad, if not worse, in the volume of short sales that we see, which will continue to negatively affect home prices for the rest of us not involved in short sales.  In addition, if the $8,000 tax credit runs out, there won’t be the same counter balance to depressed sales that we have had this year, and my guess is that prices will be flat again next year, depending upon location of course.

In addition to home prices falling over the past few weeks and months, the time properties are spending on the market has increased steadily.  Here is a chart to illustrate that point.

This is a statistic that should be taken into consideration along with the price drop I mentioned at the top.  If prices are falling, and homes are staying on the market longer, I think it is fair to say that the overall real estate market in Louisville is softening a bit, and there simply aren’t enough buyers out there right now willing to step up and write an offer.

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.

Tags: Homes for sale in Louisville, Homes for sale Louisville, Homes for sale Louisville Ky, Houses for Sale in Louisville, Louisville Home Listings, Louisville KY real estate, Louisville real estate, Louisville Real Estate Agent

This entry was posted on Monday, October 5th, 2009 at 4:27 pm and is filed under Homes For Sale In Louisville Ky. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.