The Greater Louisville Association of REALTORs (GLAR) have provided the latest homes prices figures. Louisville house prices have declined 5% in the past year (from October 2007 through October 2008). The current average value for a Louisville home now stands at $130,000. And if you look at it from a multi-county perspective of including Jefferson, Bullitt and Oldham County, there has been a decrease of 22% fewer homes being sold in 2008, relative to the same time frame in 2007. Still, compared to many other markets nationally, Louisville is still holding steady and fairing the tough economic conditions quite well. Many markets saw an 11% decrease last month alone.
From an “on the ground” perspective, we’ve begun noticing an increase in activity right now. There are fewer persons looking, but the ones that are – are generally serious. [So, if you have someone wanting to schedule a showing to get in to see your home - its probably in your best interest to try to accommodate them to get in to see it.] Additionally to the homes that are being sold, many Louisville home sellers are tiring of their home being for sale on the market, and pulling their listing. The sales, combined with the withdrawls (or cancellations), is reducing the overall inventory on the market. This should give buyers less to pick from and not suffer quite as much from choice overload – all of which should help strengthen the Louisville real estate market.
We anticipate a stronger real estate market here in Louisville in 2009, than we saw in 2008. Our job market remains relatively strong, and our home prices didn’t grow, generally speaking, at unsustainable rates like it did in the markets that have been hardest hit – as such, we should be among the first in the country to experience a rebound. We think we are getting close to the “bottoming out” that everyone is always looking for – and if you are wanting to get into a new home, the next month or two are probably your golden opportunity to get in at the lower end of the market.
Louisville House Prices Decline 5%
From an “on the ground” perspective, we’ve begun noticing an increase in activity right now. There are fewer persons looking, but the ones that are – are generally serious. [So, if you have someone wanting to schedule a showing to get in to see your home - its probably in your best interest to try to accommodate them to get in to see it.] Additionally to the homes that are being sold, many Louisville home sellers are tiring of their home being for sale on the market, and pulling their listing. The sales, combined with the withdrawls (or cancellations), is reducing the overall inventory on the market. This should give buyers less to pick from and not suffer quite as much from choice overload – all of which should help strengthen the Louisville real estate market.
We anticipate a stronger real estate market here in Louisville in 2009, than we saw in 2008. Our job market remains relatively strong, and our home prices didn’t grow, generally speaking, at unsustainable rates like it did in the markets that have been hardest hit – as such, we should be among the first in the country to experience a rebound. We think we are getting close to the “bottoming out” that everyone is always looking for – and if you are wanting to get into a new home, the next month or two are probably your golden opportunity to get in at the lower end of the market.