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 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
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.
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.
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.
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.
