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2 year Overview of Louisville KY Properties for sale

With 2010 all in all, there isn't any better time for you to look back and take stock and just how truly putrid the Louisville housing market has been and how bad the near future searches for Louisville homes for sale! How can you like that one for a uplifting opening?

Instead of going through all sorts of data, I want to take a look at only two charts today. The very first is going to be for asking prices and also the second will be inventory levels of homes actively on the market within the city of Louisville. I won't be looking at surrounding counties, which data does not include sold properties, multi-family units or condos, just single homes for sale in Jefferson County.

I'll open with prices, the amount of money that home sellers are placing on their listings when they are available on the market and hoping to find a buyer. Normally, whenever we possess a decent market, you realized incremental increases in prices. To ensure that whenever we compare home prices in December of 2010 to December of 2009, we'd normally need to see a small rise. And when we look even more back than last year, we would anticipate seeing an even bigger increase.

But that's incorrect within our current environment! Our prices today are lower than these were in both 2009 and 2008. Ouch. And that holds true for weekly data points recorded over the past two years in addition to trend lines within the same period. At this point in 2008, weekly data points show something of about $149,000 for a median asking price. My most recent measurement now shows an average price of $145,000, a $4,000 drop in 2 years. Instead of increasing home values, we've actually seen an almost 3% drop!

St Matthews Louisville Ky real estate

They are driving the point home further, as we pick just about any date, and appear backwards, we will have our 2010 values are very well off previous measurements. For instance, let's look at median prices of Louisville homes for sale on July 1st for every of the past two years. In 2010, home values were $155,000 on the first day of July. One year earlier, prices were at $169,000. For that percentage lovers available, that is over an 8% drop in one year. How about choosing a date in the springtime, like the first day in April? In 2010, data shows median prices at $154,000 when compared with $160,000 last year.

OK, now I've established that asking prices of Louisville homes have not been on fire for the past two years. It's time to proceed to inventory amounts of properties for sale. Back in December of 2008, there were approximately 3,750 single 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 captured before falling back to the newest measurement of around 4,300 available units.

I suppose you can reason that we view 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 this time this past year and also the year before.

If you are an objective person, you have to consider the data and notice that our costs are lower now than at this time either in of these two preceding years, and at the same time frame, we've more homes available on the market at this time than either of the two preceding years. Obviously, this is not the sign of a recovering market, but instead an indication that we have lots of homes to purchase and equity to restore before we can say our market has rebounded.