All the local Louisville, KY Realtors are talking about it.
Even the Courier-Journal has written a few articles about it. I’m sure you know what I’m talking about, right? Everyone says the Louisville, KY real estate market is turning around and that we are looking at smooth sailing ahead! Ok, maybe that’s over stating it, but the market is certainly picking up.
But I haven’t been able to find anyone willing to go on the record and tell us why things are looking better than the past few years.
At least for sellers. Buyers have had a great time of it lately, getting to pick through a ton of houses and get a substantial discount on whichever one they decide to purchase.
And that’s exactly what has changed, and why people are saying the market has turned around. There simply aren’t as many homes for sale in Louisville, KY?as in years past. At this point in 2009, there were approximately 4,400 homes for sale in the City Of Louisville. In 2010, that number climbed over 4,500, and around 4,300 in 2010.
But since that point, we have seen fewer and fewer homes available each and every month. From July of last year to January of this year, our local market lost over 1,000 available units! That’s huge; no wonder the sellers who are still trying to sell their homes feel like they have more power, over 25% of their competition is gone!
The trick now for sellers is to figure out if they happen to live in a community or neighborhood where the overall trends are mirrored.
Not every zip code has seen reduced inventory, and if you live in an area where there are still a high number of homes for sale, the news might not be quite as rosy for you as the newspaper has made it seem.
Our guest blog author is Greg Fleischaker. For more information and statistics about the Louisville, KY real estate market and about specific communities within our market, please visit http://gregfly.com where Greg Fleischaker frequently updates his blog about the most recent trends affecting Median Asking Prices, Inventory Levels and Days On Market for a wide variety of communities including the Highlands, St. Matthews, Anchorage, Prospect and many others.