MccarronCaver619
Two Year Overview of Louisville KY Properties for sale
With 2010 wrapping up, there is no better time to think back and take stock and the way truly putrid the Louisville housing market continues to be and how bad the near future searches for Louisville properties for sale! How do you like this one for a uplifting opening?
Rather than dealing with a variety of data, I want to take a look at only two charts today. The first will be for asking prices and also the second is going to be inventory levels of homes actively on the market in the city of Louisville. I will not be checking out surrounding counties, which data doesn't include sold properties, multi-family units or condos, just single family homes easily obtainable in Jefferson County.
I'll open with asking prices, the amount of money that home sellers are placing on their listings when they are available on the market and searching for a buyer. Normally, when we possess a decent market, you realized incremental increases in prices. So that whenever we compare home prices in December of 2010 to December of 2009, we would normally need to see a small rise. And when we look even further back than this past year, we would expect to see a level bigger increase.
But that is not the case in our current environment! Our prices today are less than these were both in 2009 and 2008. Ouch. Which holds true for weekly data points recorded over the past 2 yrs as well as trend lines over the same period. At this time in 2008, weekly data points show a value around $149,000 for a median selling price. My most recent measurement now shows a median cost of $145,000, a $4,000 drop in two years. Rather than increasing home values, we have actually seen a nearly 3% drop!
They are driving the point home further, if we pick almost any date, and appear backwards, we will see that our 2010 values are well off previous measurements. For instance, let's consider median asking prices of Louisville properties for sale on July 1st for every of history 2 yrs. This year, home values were $155,000 on the first day's July. One year earlier, asking prices were at $169,000. For that percentage lovers available, that's over an 8% drop in a single year. How about selecting a date in the springtime, like the first day in April? This year, data shows median asking prices at $154,000 when compared with $160,000 last year.
OK, now I've established that asking prices of Louisville homes haven't been burning within the last two years. 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 family homes for sale in the town of Louisville, based on recorded data points. That number grew to some high water mark well over 5,300 earlier this year before falling back to the newest measurement of around 4,300 available units.
I guess you could reason that we view a serious reduction in the amount of homes available on the market, since we dropped about 1,000 properties previously nine or ten months. But that ignores the truth that we currently convey more homes for sale than we did at this time this past year and the year before.
If you are an objective person, you need to consider the data and notice that our prices are lower now than at the moment either in of the two preceding years, and at the same time, we have more homes available on the market at the moment than either of the two preceding years. Obviously, this isn't the sign of a recovering market, but instead a sign that people still have a lot of homes to buy and equity to restore before we can say our market has rebounded.
