Here is a look at the current Louisville, KY real estate market statistics, plus a comparison to the same time-frame last year. I used the month of April because most of the pending home sales from April should have posted to the system. It is possible that a number of homes are still pending and will not post for some time.
Looking at the numbers, the pace of selling has slowed slightly, but the average sales price has risen overall. This is not a major market fluctuation. Our challenges in the Louisville market remain an unusually high inventory of unsold homes, plus lenders have tightened underwriting requirements removing a significant amount of capital available to purchase a home.
I recommend all persons interested in buying a home take advantage of this market. Improve your credit score, get professional financial guidance, and save your money. There are numerous viable loan options still on the table for a majority of buyers.
April 2008
Number of Houses Sold This Month……………..1006
Average Selling Price This Month…………………$170,244
Average Days on the Market This Month……….89
Median Selling Price This Month………………….$132,000
April 2007
Number of Houses Sold This Month……………..1320
Average Selling Price This Month…………………$168,673
Average Days on the Market This Month……….85
Median Selling Price This Month………………….$135,600
Number of Houses on the Market this Month (As of 5/20/2008 12:10:44 AM) 10438
Contact me so I can help you make plans to take advantage of this buyer’s market, or if you would like any expert buying guidance. You can search the Louisville MLS for free to find your new home.
All statistics are based on information from the Greater Louisville Association of REALTORS® and from Metro Search, Inc., and are current for the date of this post.
