Home sales return to high pace of 2007; inventory shortages create Sellers market!

The Greater Louisville Association of Realtors reported Tuesday that year-to-date sales were up 11.6 percent, with 10,951 homes and condos sold in Jefferson, Oldham and Bullitt counties through August, versus 9,808 at the same time last year.

Sales were up 0.9 percent in August 2015 (1,532 units) compared to August 2014 (1,518 units).

Prices in August 2015 were up 3 percent, compared to August 2014.

The year-to-date statistics showed a 6.4 percent increase in values. In Jefferson County, the average price was $200,058 and the median sale price of a dwelling was $158,000.

For all three counties, the inventory of available properties was 20.5 percent lower than the same time last year.

Association president Paula Colvin said, “Inventory shortages are still contributing to a strong seller’s market in some areas inside the Watterson Expressway. Properties located farther out, and at higher price points, are selling at a more normal pace.”

At the national level, Lawrence Yun, chief economist for the National Association of Realtors. said that “demand for buying has drastically improved this year and is propelling home sale to a pace not seen since 2007. As local job markets continue to expand, the pool of homebuyers will increase.”