Today I noticed that many of the areas around the Louisville real estate market have started seeing a decline in the Days On Market measurement, at least minimal declines.  But I did run across one area that bucked that trend, Prospect Ky homes for sale.  I have charted the two areas, Greater Louisville against Prospect, on the chart below.  Louisville is shown in black and Prospect, or 40059, is shown in gold, and both are looking only at single family homes, not condos, farms or other property.  Clearly, a few weeks ago, in early April, the Louisville measurement hit an inflection point and started moving down.  On the other hand, homes for sale in Prospect continue to see their Days On Market measurement rise.

Why the difference?  My thought is price.  Obviously, the average home in Prospect is valued at well over the average Louisville home.  To be more exact, the average home in Prospect is asking a bit more than three times what the average home in Jefferson County is asking, about $475,000 to $155,000, give or take.  There simply aren’t as many higher end buyers in the market today as there are more modest priced buyers.

But there might be one more factor, that affects Louisville homes in a greater proportion than Prospect.  The Federal Tax Credit that is coming to an end within the next few days.  The $8,000 tax credit may be an incentive for people to run out and buy that home they were looking at, and buy it soon.  But people moved by $8,000 are more likely to be buying a home closer to the Louisville average than the Prospect average.  I doubt that the tax credit has had any effect on homes for sale in Prospect.

So I guess my question is this:  Is the trend line we see for Prospect closer to what we will see for Louisville when the tax credit ends and no artificial stimulus exists for buying a home?  Or is Prospect it’s own market, and any market that has an average asking price of $500,000 and higher is just out there on their own taking gas?

One more fact to help you make up your mind:  Did you know that it will take about 5 years to go through all of the million dollar listings here at our current rate of absorption, if no one else tries to sell their home?

If you have any questions, please don’t hesitate to visit the most complete website about homes for sale Prospect at www.GregFly.com.  You can also call me anytime at 1-888-GREG-FLY or email me at greg@gregfly.com.

I want to take just a minute or two of your time, and break down the inventory levels for homes in Prospect.  Usually, I have a graph that simply states whether the total inventory levels are rising or falling, and the graph I normally use has a 90 day rolling average, which smooths out the normal week to week variance of the market into a more visually appealing line.  Today, I want to look at two graphs, one for homes coming on the market, and a second graph, for homes leaving the market.  Each graph is set up to report on a 7 day rolling average, which won’t be as smooth a line, but will give us more of a pinpoint look at what is happening right now.

Homes For Sale In Prospect - New Listings

It looks like 15 homes came on the market last week.  Now let’s compare that to the number of homes that left the market last week, and we will see what our net number is.

Homes For Sale Prospect Ky - Listings Absorbed

It looks like we had 21 homes being absorbed, or leaving the market, which would leave us with a net loss of 6 homes in the standing inventory levels.  If we can have a few more weeks or months of that kind of activity, perhaps we will see a strengthening of our Prospect real estate market.

If you have any questions, please don’t hesitate to visit the most complete website about homes for sale in Prospect at www.GregFly.com.  You can also call me anytime at 1-888-GREG-FLY or email me at greg@gregfly.com.

Homes for sale in Prospect are taking longer to sell, which isn’t too much of a surprise.  Prospect homes continue to be some of the higher end homes available in town, and as we all know, the higher end homes are taking longer to sell.  Plus, add in the fact that we are heading into the slower time of year for real estate activity, and it is no wonder that time on the market for homes is rising.  One bit of good news in the chart below is that it looks as if inventory levels are dipping just a bit over the past week or two.  If we can clean some of the homes out of the standing inventory, that will help to push this buyer’s market back to a more neutral market.

Homes For Sale In Prospect - DOM and Inventory Levels

In order to get homes off the market, a few things need to happen.  One possibility is that a home is properly priced for a sale, and a buyer is found and places a contract on the home.  Another possibility is that the home owners simply get frustrated, don’t sell, and take their home off the market.  And then we have people who are somewhere in between, who really want to sell, but haven’t given up yet, and have decided to reduce their asking price.  As we can see from the graph below, more and more home owners are reducing their price in order to try and generate an offer.

Home For Sale Prospect Price Decreases

If you have any questions about homes in Prospect, please don’t hesitate to visit the most complete  website for homes for sale in Prospect at www.GregFly.com.  You can also call me anytime at 1-888-GREG-FLY or email me at greg@gregfly.com.

As part of my ongoing weekly series of covering different parts of town each day of the week, I will now cover homes for sale in Prospect.  All of the following data is for active homes currently on the market and does not include data from homes recently sold.  The chart below is for asking prices in Prospect, but has two lines to follow.  One is the asking price, but is averaged over the past 90 days, which gives us a more visually appealing graph and a smoother line to follow.  The more jagged line is a more detailed look at what is happening to home prices in Prospect, and only has a 7 day rolling average.  In general terms, let’s look at the 90 day rolling average, and we can see that asking prices are relatively stable.  If you want to drill down a little bit, you can see more variation on the 7 day graph line, and see that the median asking price for homes for sale in Prospect actually went down just a tiny percentage this past week.

Asking Price For Homes For Sale In Prospect, KY

If you have any questions about homes in Prospect, please don’t hesitate to visit the most complete  website for homes for sale in Prospect Ky at www.GregFly.com.  You can also call me anytime at 1-888-GREG-FLY or email me at greg@gregfly.com.

Sorry for the lateness, but here is my final post of the day on Prospect Ky real estate activity.  I have already covered a few topics and posted a couple of charts about homes sales in Prospect, but right now I want to look at the Action Market Index.  Each time I cover a certain part of town, I always make sure to end with the Market Action Index to give people a quick snapshot of the market conditions in their part of town.  Here is this week’s chart for Prospect, which shows an index level of around 15, which is well into the Buyer’s Market territory.  As you might recall from earlier discussions, anything below 30 is a buyers market, with the lower the number signaling the deeper you are into a buyer’s market.  We’re pretty deep in it now.

Market Action Index for Prospect Ky homes

If you have any questions about homes in Prospect, please don’t hesitate to visit the most complete Prospect Ky real estate website at www.GregFly.com.  You can also call me anytime at 1-888-GREG-FLY or email me at greg@gregfly.com.

The number of homes in Prospect that are reducing their asking price is on the rise.  And that number has been rising steadily for the past few months, since spring time.  And to top that off, it doesn’t even look like the rise is leveling off, it is just going up and up…  Apparently, more and more Prospect home sellers are feeling the pressure to sell and want to sell badly enough that they are willing to reduce their asking price to make that happen.

More Homes in Prospect Are Reducing Their Asking Price

While we are talking about Prospect Ky real estate, let’s also look at how long homes are staying on the market.  Here’s another graph that looks at two measurements, how long homes are staying on the market, as well as current inventory levels.  There was just the smallest of dips in the inventory level, but it looks as if homes are still taking longer and longer to sell, which might be one reason more sellers are reducing their asking prices, as we talked about above.

Homes in Prospect Ky are taking longer to sell

If you have any questions about homes in Prospect, please don’t hesitate to visit the most complete Prospect Kentucky real estate website at www.GregFly.com.  You can also call me anytime at 1-888-GREG-FLY or email me at greg@gregfly.com.

It’s Thursday, and that means that it’s time to look at real estate activity for the Prospect area. First up on my list of benchmarks to review is asking price for homes currently available in Prospect. It looks like not much has changed the past week, with prices holding pretty steady. By itself, this is not an indication of much, we will have to check out some other indicators, such as how many Prospect homes are coming on to the market, how many sellers are reducing their asking price, how many homes are leaving the market…  However, it is interesting to notice that since early spring, prices have generally been drifting up, which would normally indicate a strengthening market.  We will have to keep an eye on that to see if it simply a seasonal move up in prices, or a deeper market turn.

Home Prices For Prospect

If you have any questions, please don’t hesitate to visit the most complete homes in Prospect Ky website at www.GregFly.com.  You can also call me anytime at 1-888-GREG-FLY or email me at greg@gregfly.com.