Homes Sold and Closed Continue to Fall
As a Realtor here in Lousiville, I have to keep an eye on the market, pretty much daily. Sure there may be some days that I don’t deep dive into the statistics, but most days I do have a pretty good idea of any trends we are seeing here in the Louisville area real estate market.
Of late, a trend that I am seeing in many areas, and price points of the city, are that homes are not selling as quickly as mid-summer.
Of course at this time of year, we would not expect as many homes to list, or be sold, now that fall is upon us, and school has started.Yet, this year appears different than in years past.
Usually during the fall market, you do see a trailing off of new listings coming to market, and those that have been on market, often languish a bit longer. Of those priced right, they do sell. This year we are seeing something a bit different than either of those scenarios.
What I am finding is when looking at the history of homes closing, I am finding that homes are not always selling with an ample profit to clear the fees associated with selling the home. In some cases, just clearing the fees (commissions), but not much more profit.
In several transactions I researched, I am seeing homes selling for about what the person bought the home for last. In some cases if the home has not been held for 5 or more years, the home is selling for less than what the seller paid for the home.
In some cases, if the home has been bought in the past ten (10) years, I am seeing the home sold at, or near that number. That is distressing for the home seller, and contrary to what we had been seeing over the past couple of years.
Below are this weeks year-over-year statistics for the Louisville real estate market. Numbers to watch are sold transactions as compared to last year. As you can see, they are down substantially.
Numbers to not make as much note of, is the new listings number showing an increase in homes listed, as compared to the same week last year.
As I have mentioned in the past, the new listings number is often inflated, due to Realtors cancelling listings, only to re-list them again. I do wish our local, and national Boards of Realtors would change that, or stop reporting this as an accurate number.
If you have questions, or comments about the stats below, post in the comment section, send me an email through the contact form on the site, or text/call 502-619-4185.
September 30th – October 6th, 2017 = 506
September 30th – October 6th, 2018 = 537
September 30th – October 6th, 2017 = 323
September 30th – October 6th, 2018 = 275