For the past few months, the asking price of homes for sale in Prospect Ky has been amazingly stable, right at $500,000 for the median price.  Instead of looking at that same info, today I wanted to look at the median price for homes for sale in Prospect that are new listings, that is, just the new listings that came on to the market in the preceding week.  Against that measurement, I wanted to see what the median price was for homes that left the market, by either being sold or simply leaving the market without a contract.  Here is what I found:

Homes for sale Prospect Ky Prices

Not surprisingly, the homes that are leaving the market, or being absorbed, were consistently priced lower than the homes just coming on to the market.  If I had included the median price of the homes already on the market, you would have seen an even bigger difference in price.

If you have any questions about homes for sale Prospect Ky, 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.

For the past several weeks, I have been marveling at how steady the asking price of homes for sale in Prospect have been, sitting right at $500,000 for basically months now, with almost no variation at all.  Well, here we go again!  Nothing to report here, except what I have been reporting, $500,000 seems to be the median price of homes for sale for the past six months at least.

Homes For Sale Prospect Ky | Asking Prices Remain Steady

However, that is simply the larger group of homes that are on the market already, with $500,000 being the median priced home.  What happens if we look at only the homes that are coming on the market in any given week, and then compare that number to the asking price of homes already on the market?  Will the asking price in Prospect look as stable or will we see a bit more movement?

Prospect Ky Real Estate Price New Listings

Oops.  There’s quite a difference between what owners are asking for if they are just entering the market, compared to what owners are asking for if they have been on the market for quite awhile.  Six months ago it looks like new listings were priced about $23,000 less, while this past week, new listings were priced $55,000 lower!  How’s that for competition from the new kids on the block?

If you have any questions about Prospect Ky 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.

Louisville St Matthews Real Estate Prices

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Often, after a home owner, or Realtor, has set an asking price and listed the property, they stop looking at the prices of homes on the market.  Or perhaps they look only at the whole group of homes currently on the market.  That gives you one idea of how the market is behaving, but doesn’t really give you the whole picture.  For instance, what would you think if I told you that the homes that are coming on the market right now are priced well below the median price of homes already on the market?  Isn’t that something worth considering?

Homes For Sale Prospect Complete Pricing Info

Let’s look at this graph for homes for sale in Prospect.  I have graphed three different values:  1) Median asking price for all of the homes currently on the market, 2) Median asking price for homes that came on the market this week, or new listings, and 3) Median asking price of homes leaving the market, homes that were sold or simply taken off the market.  It is pretty clear that there is a major difference, and has been for the past six months, in what homes are sitting on the market for, and what they are actually leaving the market at.  It is also apparent that homes just coming on the market see the negative pressure and are pricing their houses more affordably in order to better compete with the homes already being offered for sale.

Sometimes it really does pay to have a Realtor who knows the market inside and out, and who pays for the tools necessary to properly dissect the home sales market.

If you have any questions about Prospect Ky 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.

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.

If you follow real estate as closely as I do, sometimes you run across data from week to week that contradicts the larger trend.  This is not abnormal and is actually just a little variation in the current real estate market.  Much like the stock market, there are daily ups and downs, even if the market as a whole is moving in one direction or another.  This is just one of those weeks, in regards to the number of homes for sale in Prospect.  The overall trend is down, with fewer and fewer homes being on the market, even though the inventory hasn’t fallen in the last two weeks.  However, looking at the chart below, you will see that sometime in late June and early July, the number of homes on the market has been decreasing pretty steadily.

Homes For Sale Prospect Ky Inventory

Here is another chart with weekly data that doesn’t quite match up to the longer view trend line.  If you were to look just at the black line, you might get a bit excited and say that homes sold a bit quicker last week than the week before.  Which is true, but the change was so small as to be somewhat insignificant, and the overall trend is still pretty much heading up, and has been pretty steadily for the past six months, maybe even longer.

Homes For Sale Prospect DOM

If you have any questions about Prospect Ky 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.

This past week prices for St Matthews homes for sale spiked upward, and by a surprisingly large amount.  Seeing small variations from week to week in home prices is not uncommon, but look at the graph below and you will see an unusually large spike upwards in the past week, from roughly $279,000 all the way up to $290,000!  Quite the jump.  I will keep checking on this statistic to see if this is simply a temporary spike, or really the sign of some trend that we need to keep our eyes on.  If you look back even further, just a few more weeks back, you will see that prices have rebounded all the way up from closer to $270,000.

Louisville St Matthews Homes For Sale Prices

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.

Even as prices hold steady for Prospect real estate, it is taking longer and longer for homes to leave the market.  I have included a graph below showing the average days on market for active homes for sale in Prospect.  As you can see, since late April or early May, the trend has been pretty steady, with the average time on market going from about 125 days all the way up to last weeks measurement of almost 190 days.  That increase is more than two months worth of mortgage payments!  And in Prospect, the average home for sale is right around $500,000, so you can imagine what kind of financial impact that is having.

Prospect Ky Homes For Sale Days On Market

Another interesting note about homes for sale in Prospect, is that the trend for the past few months has been for the inventory level to drop.  However, as the 90 day trend line continues to drop, it is interesting to note that last week’s data point showed an increase in the number of homes currently on the market after quite a few weeks on a decrease in inventory levels.  Is this the beginning of a new trend, or simply normal variation in an otherwise downward move?  Stay tuned for more details…

Prospect Ky Homes For Sale Inventory

If you have any questions about Prospect real estate, or homes for sale Louisville, please visit my website at www.GregFly.com.  Also, please feel free to call anytime or send me an email at greg@gregfly.com.