The latest snapshot of the region’s real estate market shows it’s hotter than ever thanks to a boost in sales last month and a drop in inventory.
Home sales increased 14 percent last month over March 2015. Some 1,346 homes and condos sold, compared with 1,180 last March. Quarterly sales were up 15 percent year over year. The median price for all areas from January to March this year increased 4.3 percent over the first quarter of 2015.
The average price inched up 1.1 percent in Jefferson County at $175,630 last month. For all local multiple-listing areas, the inventory of available properties was 20 percent lower than at the same time last year. In Jefferson County, the decreased inventory of homes and condos for sale was even more pronounced at 24.7 percent compared with March 2015.
“The sellers’ market is continuing in Louisville with inventory down in some areas over 20 percent compared to last year. This has also led to some fluctuations in the month to month statistics, but in general, our members are seeing steady single-digit appreciation gains versus last year,” Greg Taylor, the association’s president, said in a prepared statement.
Around the country, the realtors association blamed severe winter weather in the northeast and a downturn in the stock market for a slump in sales during February.
Reporter Grace Schneider can be reached at 502-582-4082 or by email, firstname.lastname@example.org.