Ok, I am still developing a market index for Louisville. (Actually, the index is done, I am just gathering data to make it relevant). However, I wanted to share the February numbers with everyone.
February was not a good month for Louisville home sales. I'd like to blame it on the weather (snow and tornadoes <--only in Kentucky do these happen in the same week!!), but it still seems like buyers are just being too cautious.
802 Home owners managed to sell their homes or condos. Ignoring January, this was the lowest total since January 2005. This total is over 20% lower than 1032 homes and condos sold in February 2007. Inventory levels came down a little and are now at 11.6 months, but this is still higher than any point last year.
On the bright side, the average selling price in Louisville is up 2% over last February. Additionally, most experts are predicting that rates will remain unchanged or decline slightly over the next 30 -90 days. Note to Buyers - this does not mean you should sit around and wait for a drop. Click here and here for additional thoughts.
March is shaping up to be slow as well. I predict that we will not be down 20% again, but expect 10%. House prices will continue to hold. Home builders are going to be a key factor over the next few months. They need to show patience as the peak building season approaches or the additional flood of homes will drive prices down.
Whether you are ready to buy or sell a home in Louisville, Shepherdsville, Mt. Washington, or anywhere else in the metro area, please contact me..
I am here to help.
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