Louisville Real Estate Data: What you have been waiting for!
Like the guarantee of death and taxes in life, we can always rely on Louisville to be popular (more buyers than sellers) and give us small data sets from which to try and read the market! As such, I again caution you to enjoy the Louisville real estate data but remember that with small data sets, comes the “skew-ability” that gives us more volatile results – especially in only looking at one month in particular.
|Sales Q1&2 2014||60 (-22.1%)||18 (+28.6%)|
|Sales Q1&2 2013||77||14|
|Average Days to Contract 2014||13 (-50%)||43 (+53.6%)|
|Average Days to Contract 2013||26||28|
|Median Sales Price 2014||$475,000 (-2.1%)||$265,000 (+26.8%)|
|Median Sales Price 2013||$485,000||$209,000|
Louisville Real Estate Data – Detached properties:
Days to accepted contract has fallen 50%. Inventory is still low and buyers are still snapping up the good ones (priced appropriately for the value that they bring). An overpriced home will sit on the market, so Sellers, don’t be greedy and miss the best selling season you have seen in years while trying to get more for your house than the market will bear. The truth is that a home that is priced right or under-priced will generate offers – multiple offers. If you’ve accidentally or purposefully incorporated this into your selling strategy, you can be sure the price will bid itself up and the home will sell quickly to the most qualified (lowest risk to terminate) Buyer. If your vision is clouded by the dollar signs in your eyes or you have selected your listing agent based on the high price they tell you they alone can fetch for you home, you might end up doing the “walk of shame” with the listing price…. All the while letting potential buyers know you are getting more desperate and have some understanding that you failed to price appropriately from the get-go. Get ready for a lower offer and an almost zero chance of that bidding war that we all love to hate.
The pie chart represents all listings that entered the market between June 1st and June 30th. Contract to Closing normally takes around 4-5 weeks, so consider the listings put on the market in early June had time to get to closing before the end of the month, but those listed after June 15th may have gone under contract quickly, but didn’t get to closing before the end of the month. ACTIVE listings had not received an acceptable contract by June 30th. If listed earlier in the month, they may be over priced for the value they bring, if listed later in the month they may be under contract by now.
Louisville Real Estate Data – Attached Properties:
Sales are up and so is days to contract. Yeah… ultra small set of data and should be taken with a grain of salt! Just know that if you are buying or selling a property, there are other buyers out there. Interest rates are still decent and demand for rental properties is too. Consider if buying is better than renting for you. Do you have an income? A down payment? Would like some tax advantages and that feeling that ownership brings? Call me to have a conversation that covers the pro’s and con’s if you like.
We have a seasonal market (see chart below). It’s possible to sell your property at any time, but its more likely to fetch more and sell quicker in the peak spring-summer market. As they say on Game Of Thrones “winter is coming”. Selling strategies and negotiation techniques need to be amended to fit the market. It’s about time to start looking at the adjustments your marketing campaign might require in a couple of months and analyzing the cost of not getting the property sold by the end of August.
Buyers, you need to be doing similar. The number of new listings and also the number of sold listings starts to fall in August each year. Are you planning on moving before the kids go back to school? Want to be in the new place before Thanksgiving and Xmas … and snow? Need to renew a lease or consider whether going “month to month” is an option for you? Again, it’s totally possible to buy and sell year round (I do it!) but the market is a little slower and you may well have better things to do with your time on December 15th, than shovel your way to your car and cruise through for sale properties, when there is shopping, travel and parties to attend to! Make the most of the daylight, warm temperatures and options for buying that even a low inventory market affords you, while you can.
A look at historic Louisville real estate data:
I think this Louisville real estate data speaks for itself! Yes, more appreciation is typically seen in detached dwellings than attached. In both cases you make out better if you plan on holding for the long term (at least 5 years). Every market has its ups and downs. Historic appreciation does not necessarily equal future appreciation, but in saying that, Louisville has been a well sought after location for many years. Quality of life, location, price and that small town feel with strong community values make it widely appealing. IMHO, as long as folks will keep paying to be a part of this low crime, good schools, conveniently located town… real estate here will be a good investment.