Local Market

Greater Louisville Association of Realtors®

Residential Sales Statistics

Single Family Residential & Condo

Louisville Area Home Sales Up 2.2% Year-To-Date with Median Price Up 4.9%

The Greater Louisville Association of Realtors® (GLAR) reported sales up 2.19% year-to-date (YTD) for 2017. Sales in November were 1,343 versus 1,375 last November. The average price YTD was up 5.34% and the median price was up 4.94%.

In Jefferson County, the average price in November 2017 was $213,146 and the median was $169,900. For all MLS areas, the inventory of available properties was 3.07% lower than at the same time last year. In Jefferson County, the inventory of homes and condos for sale was 7.5% lower than November 2016.

GLAR President Dave Parks commented that, “the inventory of starter homes remains low, but the inventory of mid and higher priced homes is beginning to return to historic levels.” He also noted that, “interest rates have remained low this year, maintaining affordability for buyers in the area.”

The National Association of Realtors®’ Chief Economist, Lawrence Yun, recently observed that national sales activity in October picked up for the second straight month, with increases in all four major regions. “Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home,” he said. “While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.”

Pat Durham, the Executive Vice President of the Building Industry Association of Louisville, commented that, “Building permit activity for new construction residential is up 19% year to date over 2016. We are seeing activity increase in all price points. Most of this increase is due to custom home building for a particular customer, not necessarily speculative construction. As a result, our builder members can help the need for new housing by building a limited amount of speculative product to help ease market demand.”