Louisville Area Home Sales Up 2.4% Year-to-Date and Median Price Up 7.5% with Continued Low Inventory

Posted by Jeff Levein on Friday, September 22nd, 2017 at 9:51am.

 The Greater Louisville Association of Realtors® (GLAR) reported sales up 2.42% year-to-date (YTD) for 2017.

Sales totaled 8,625 for the first half of the year versus 8,421 last year. With the continued lower inventory,
the average price YTD was up 8.05% and the median price was up 7.53%.
 
In Jefferson County, the average price in June 2017 was $230,666 and the median was $182,750. For all MLS areas, the inventory of available properties was 14.97% lower than at the same time last year. Sales in June 2017 dipped 4.23% compared to June 2016 due to the reduced inventory, but sales year to date are still up 2.4% compared to last year.
 
In Jefferson County, the inventory of homes and condos for sale was 9.47% lower than June 2016. Inventory in Oldham and Bullitt Counties was down 0.62% and 28.85%, respectively.
 
GLAR President Allison Bartholomew commented that, "Our members are still seeing a dichotomy in the market, where homes under $300k are selling very quickly and homes on the higher end are selling at a slower pace. Inventory inJefferson County is improving slightly in July, giving buyers more homes to choose from compared to this spring."
 
The National Association of Realtors®’ (NAR) Chief Economist, Lawrence Yun, observed that national sales activity expanded, "as more buyers overcame increasingly challenging market conditions prevalent in many areas." Across the country, NAR reported median prices up 5.8% and inventory down 8.4% versus this time last year.

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