There remains a tremendous amount of inventory on the market currently. For the metropolitan Louisville real estate market, inventory is currently sitting at approximately 9-10 months. (What that means is, if no new homes came on the market, the properties currently on the market, and demand for purchasing a Louisville home remained steady, those homes would expect to sell in approximately 9-10 months.)

Some areas within the metropolitan Louisville real estate market have dramatically much higher inventory. One example, would be the Shelbyville KY homes for sale currently on the market. At the current rate of demand, there is almost 2 years worth of inventory. [Which incidentally - is primarily due to inflated pricing for Shelbyville KY real estate. The homes that are priced appropriately are moving, but a tremendous amount of properties in Shelby County are, to be blunt, delusional (or ignorant) in their pricing valuations for today’s market conditions and demand for homes in Shelby County KY. These elevated prices have many homes just sitting on the market……..waiting…..and waiting…..and waiting.] Additional pressures and concerns for rising fuel prices also are making many persons wanting to live closer to their work and the larger metropolitan areas, rather than further away in the country.

As expected though for the Louisville real estate market - it continues to show its resiliency relative to the national overall perspective, the median price for homes in the metropolitan area were actually up from a year ago.

From our own perspective, it appears the most active markets are the 2 extremes: Those properties under $150,000, and those properties in the $1.2 - $2 million range seem to be the most in demand presently. Many homes in the several hundred thousand range, are seeing little activity with most persons seemingly waiting for what they perceive to be the “bottom” of the real estate market. [Here’s a hint everyone: prices were UP, not down - for January & February 2008, despite the excess inventory. That would indicate that you’ve already missed the bottom end of the Louisville KY real estate market - and you should be pulling the trigger now.]

Dominion Homes of Kentucky LTD - to Angela & Kevin Veeley - lot 40 Cloverbrook Farms, phase 1 section 1 - $142025

Charterwest Mortgage LLC through Countrywide Home Loans & Christy Reese - to The Bank of New York - lot 5 Ardmore Subdivision - $1

David & Stacey Monteleone - to Prudential Relocation Inc. - tract A, Rockbridge Heights II - $293000

Prudential Relocation Inc - to Jennifer Payne & Trevor Rowe - Tract A Rockbridge Heights II - $293000

Bank of New York acting as successor Trustee, Raymundo & Carmelina Nava - to The Bank of New York Trust Company - lot 36 Midland estates section 2 - $1

Chase Bank USA - Jeffrey Waldridge - to Federal National Mortgage Association - tract 1 Hillview Estates - $1

AKL Properties LLC - to Michael & Gwynne Brunzo - lot 20 Knobview Estates - $189000

Kevin Browning - to Joseph & Johnna Griffith - property in Shelby County - $55500

National City Mortgage Company, Roy Lay Senior - to Federal Home Loan Mortgage Corporation - lot 6 Grove Subdivision - $1

Nancy & Charles Wells - to Kelly Cannon - lot 44 Orchard Crossing - $109500

Aurora Loan Services & Edna Parr - to Secretary of Veteran’s Affairs - property located at Watson and Main Street - $1

Wells Fargo Bank acting as trustee, and Scott & Suzanne Frech - to Wells Fargo Bank trustee - lot 42 Cardinal Club Estates - $1

Louisville and Nashville Railroad - to Glen & Lise Sageser - property located at James Quincy Estate - $100

Glenn & Lise Sageser - to James & Lisa Sams - property near Christianburg Kentucky - $300

James & Lisa Sams - to Aurora Farms LLC - 2 tracts in Shelby County KY - $165000

Andrew & Lisa Cheak - to Paul Castro - Lot 32 Woodfield Subdivision section II - $172000

Jo Ann Dillen & Mary Goldey - to Jo Ann Dillen & Mary Goldey - lot 42 Estates of Osprey Cove - $1

As you can tell by looking at the Shelbyville KY homes transfers this week, a majority of the homes are in the more conservative end of the spending market. There were no luxury homes sold this week as the most expensive property was $293000. Again, this would indicate a softening in the luxury Shelby county real estate market - and prices SHOULD come down. [How long it takes for persons to realize this is anyone’s guess.] The tremendous glut of inventory on the market combined with weakening demand for living in Shelby County is basic Economics 101: excess Shelbyville Kentucky homes inventory + weakening demand = should equate to lower prices. Hopefully the Shelbyville Kentucky real estate market will start actually looking at the data - rather than just shooting from the gut, or worse - just listing the properties for whatever the home owner wants. Look at the data.

53 new RE/MAX offices opened during that same 3 month time frame.  Some of the other countries that are experiencing strong REMAX growth are as follows:

United Kingdom - 19 new REMAX offices

Portugal - 18 new REMAX offices

Australia & Italy - 17 new offices

Canada - 16 new offices

Turkey - 15 new offices

Quite good locally, nationally, and internationally.

Of course, if you are looking for a Louisville Kentucky REMAX office - you’ve certainly reached the right place.  Our office of REMAX Properties East represents what we consider to be the best that the real estate industry has to offer.  From dedicated support staff, to expert professional technical assistance - there is manpower to support the full time real estate professional with whatever they may need to help succeed and grow their business - and we are proud to be a member of the leading Louisville REMAX office.