Realtors: Home shortage to linger

Home buyers are demanding move-in ready residences. And the inventory of homes for sale is extremely
low, a trend that is likely to persist.
Those are among the predictions for the 2016 Louisville-area housing market newly forecast by the Greater
Louisville Association of Realtors. The association recently reported that the area last year saw increased
home sales and currently sports a strong real estate market.
Home sales in the association’s area – Oldham, Jefferson and Bullitt counties – were up 12.5 percent in
December 2015 (1,258 units), as compared to home sales in December 2014 (1,118 units).
The association, based on sales indicators and discussions with clients, has forecast these trends for this year
in the threecounty, real estate market:
» Buyers are increasingly wanting move-in ready homes. As move-in ready homes conveniently require little,
if any work, this allows the buyers to enjoy the comforts of their new home as soon as they purchase the
property, the association said.
» Home inventory in Louisville has been low for some time, and currently it is extremely low. Low inventory
creates competition between buyers for great listings that hit the market, the association said, adding that
“buyers will need to be prepared to act quickly.”
» Buyers are looking for homes near the newest amenities in town, like the two new bridges and the recently
completed Parklands of Floyds Fork. The accessibility that the bridges provide and the benefits of the newly
formed green spaces will continue to attract home buyers to those areas in Greater Louisville.
» New construction will be increasingly important and desired, as pent-up demand, low inventory and
sustained job growth prove to be important factors in the 2016 market.
» Condominium purchases will continue to increase because those units offer a home with fewer maintenance
demands, and usually have convenient access to public transit, employment, entertainment and shopping.
Last year, 16,279 homes and condos were sold in the three Louisville-area counties, compared to 14,540 in
The median price for single-family homes and condos in all areas in 2015 increased 5.8 percent compared to
2014. The average price for a singlefamily home or condo also increased 6.2 percent.
In Jefferson County, the average price in 2015 was $190,764 and the median was $152,500. In Jefferson
County last year, 11,258 homes changed ownership, a 13.1 percent gain over the 9,950 sold in 2014. In
Oldham County, 1,051 homes sold at an average price of $291,467 in 2015. In Bullitt County, 1,095 homes
were at an average price of $167,393.
Reporter Sheldon S. Shafer can be reached at (502) 582-7089, or email sshafer@courier-journal. com.
Tuesday, 02/