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.

Prospect DOM

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.

Prospect Ky Homes For Sale Price Decline

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.

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.

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.

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.

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.

For the past few weeks, it seems that every time I have discussed home prices for homes for sale in Prospect, it has been about the same as the week before.  This week doesn’t seem to be any different.  Amazingly, the median sales price for active homes for sale in Prospect has stayed amazingly close to $500,000 even for the past few weeks and even months!

Homes For Sale Prospect Ky Prices

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Not a whole lot to say here, other than what I’ve been saying for the past few weeks.  The asking price for homes for sale in Prospect has been holding steady, amazingly so, at $500,000, for the past several weeks now with very little variance.  So let’s move on to some other graphs for the zip code of 40059.

Louisville Real Estate | Prospect Real Estate Home Prices

While prices for homes for sale in Prospect have been holding pretty steady, what has been happening to inventory levels?  Well, it looks like they have actually been declining a bit over the past several weeks. (more…)

Almost 40% of all homes for sale in Prospect have reduced their price at some point in the past six months.  I know that sounds bad, but keep in mind there are some parts of town that have over 50% of homes with price reductions.  However, even if some parts of the Louisville real estate market may be in worse shape, that doesn’t help Prospect home owners.  I will be interested to watch as we go forward to see if more and more home owners reduce their asking price to keep up with the other sellers who are lowering prices, or if some owners have more staying capabilities and can afford to wait longer to sell than some other, lower priced, areas of town.

Homes For Sale In Prospect - Price Reductions

Here’s one more graph for Prospect real estate, and then I will leave you alone for another week, at least as far as Prospect is concerned.  This chart is the Median Market Action Index, and shows whether or not we are in a buyers or sellers market.  Prospect is still well within a buyers market, but you can see that the movement is up, which is getting us closer to a neutral market, if not exactly a sellers market.  However, with the first time home buyer’s program running down, and move up buyers on the decline, along with seasonal changes, I wouldn’t hold my breath that this trend will continue, and would actually expect to see a further movement into the strong buyer’s market territory.

Homes For Sale In Prospect Action Index

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