July home sales impressive in Louisville

July home sales impressive in Louisville – Insider Louisville


Photo of home in Bellemeade Louisville KY by Tre Pryor Realtor

There were 1,173 homes sold in Jefferson County in July. That’s 14.3 percent more than last year. To say our real estate market is red hot would be an understatement.

But that doesn’t mean any homeowner can list their home and expect a quick sale. Sure, there are buyers out there, financing conditions are highly favorable, and Louisville housing inventory is absurdly low.

At the same time, there are properties that aren’t selling.

Charts of Louisville home sales and home values for 12-month period ending July 2015

As most of you would expect, homes that are in “rough” condition are currently taking a great deal of time to sell. The one caveat is when these properties have owners who understand the value of a proper listing price.

There are investors/agents across the city checking new listings daily hoping to find homes to flip. When priced correctly, these “fixers” are typically selling in the first two days. Yes, you read that correctly … just two days.

There are still a number of these properties where unrealistic pricing has kept them on the market longer than needed. With that said, 2015 is lightyears ahead of where we were just three years ago.

We should be thankful.

Another exception to the rule are luxury homes. Due to the fact that there are fewer buyers looking to purchase in the higher-price tiers, it’s logical to conclude these properties sell less often.

Below you’ll see the average number of days it took to sell homes for each price tier during July 2015.

Price Tier Days to Sell
$0-$150,000 52.7
$150,001-$300,000 35.8
$300,001-$600,000 49.9
>$600,001 65.6

It’s a bit surprising to see the least expensive tier didn’t have an even lower value. The affect of extremely low-priced homes in less desirable areas must be taking a toll.

Back in 2009 and 2010, the highest price tier showed triple-digit values for their Days on Market totals.

Changing gears, when looking at Louisville home values, the median home sale value for the month was $159,500. This is down from the high of $165,000 in June but still 0.6 percent better year-over-year.

The 12-month trend-line is 4.6 percent greater than at this point last year. This is above average yearly appreciation for our city.