HernandezJoubert493
2 year Review Of Louisville KY Homes For Sale
With 2010 wrapping up, there isn't any better time to look back and take stock and just how truly putrid the Louisville real estate market has been and how bad the future looks for Louisville homes for sale! How can you like that one for a uplifting opening?
Instead of going through all sorts of data, I wish to take a look at only two charts today. The very first will be for prices and also the second is going to be inventory amounts of homes actively available on the market in the town of Louisville. I won't be looking at surrounding counties, and this data doesn't include sold properties, multi-family units or condos, just single family homes easily obtainable in Jefferson County.
I'll open with prices, the dollar amount that home sellers are placing on their own listings when they're available on the market and searching for a buyer. Normally, when we possess a decent market, you would expect incremental increases in prices. So that whenever we compare home values in December of 2010 to December of 2009, we'd normally want to see a little rise. And if we look even more back than this past year, we would anticipate seeing a level bigger increase.
But that is not the case in our current environment! Our prices today are lower than these were both in 2009 and 2008. Ouch. And that holds true for weekly data points recorded over the past 2 yrs as well as trend lines over the same period. At this point in 2008, weekly data points show something around $149,000 for any median asking price. My newest measurement now shows a median cost of $145,000, a $4,000 drop in 2 years. Rather than increasing house values, we have actually seen an almost 3% drop!
They are driving the purpose home further, as we pick just about any date, and look backwards, we will see that our 2010 values are well off previous measurements. For example, let's look at median asking prices of Louisville homes for sale on July 1st for every of the past two years. This year, home prices were $155,000 around the first day of July. Twelve months earlier, asking prices were at $169,000. For that percentage lovers available, that's over an 8% drop in one year. What about selecting a date within the springtime, such as the first day in April? In 2010, data shows median asking prices at $154,000 compared to $160,000 in 2009.
OK, so now I've established that prices of Louisville homes have not been burning within the last 2 yrs. It's time to move on to inventory amounts of homes for sale. Back in December of 2008, there have been approximately 3,750 single homes easily obtainable in the town of Louisville, based on recorded data points. That number grew to some high water mark of over 5,300 earlier this year before falling back to the most recent measurement of around 4,300 available units.
I suppose you can argue that we have seen a serious reduction in the number of homes available on the market, since we dropped about 1,000 properties in the past nine or ten months. But that ignores the fact that we currently convey more properties for sale than we did at the moment this past year and the year before.
If you are an objective person, you need to look at the data and notice that our prices are lower now than at this time in either of these two preceding years, and also at the same time, we have more homes on the market at the moment than either of these two preceding years. Obviously, this isn't the manifestation of a recovering market, but rather a sign that we have lots of homes to purchase and equity to revive before we are able to say our market has rebounded.
