Thursday
Real Estate Outlook
Most of the key economic indicators for real estate continue to be at least moderately positive -- home sales are up, prices are stabilizing or up, unsold inventories are down, and even new unemployment filings are down slightly...
Louisville Market Insights by Graham Mowry, Principal Broker, ALS Realty
Market Perspective from a Louisville Broker
Broker Market Observations
(posted 6/16/09)
The Louisville market is starting to heat up in the $100,000 to $200,000 segment of the market. I had an open house on Sunday with 8 to 10 visitors. This property is listed for $144,000 and about 75% of the people that came through were first time buyers hoping to take advantage of the $8,000 tax credit which expires on 11/30/09.
Another listing is currently under contract with two offers coming in in the last 2 weeks. The buyer wanted to shop prices before making an offer and found that 4 out of the 5 houses they wanted to see were under contract.
I just listed a house in St. Matthews around 2:00 on the 15th and have had 5 showings in the first 36 hours on the market. This house is the only house currently on the market, under $150,000 in the 40207 zip code that is not under contract. I expect it to sell within a week or less given the traffic we are getting right now. If you are a first time buyer, don't get too caught up in getting the deal of the century and miss an opportunity. The $8,000 tax credit will go a LONG way towards sweetening any deal you can make.
ALS Realty will be hosting a seminar on the $8,000 tax credit on July 15th at 7:00 p.m. We will have Mark Metcalf, a local accountant speaking and coffee and dessert will be served. For more information, email me at graham@louisvilleals.com
Louisville Housing Market Wrap Up
June 2009
Graham Mowry, Broker ALS Realty
(posted 6/10/09)
What a ride its been for the last 6 months! The Louisville market which is known for being stable and slow moving has experienced negative price growth for the first time in many years. The average sales price for a home in the Louisville market in January of 2000 was roughly $135,000. It reached a peak of $175,000 in March of 2008 and has since retreated to about $162,000. It is important to note that even with our negative growth over the past 12 months, homes in Louisville have appreciated at an average rate of about 2% per year over that time nine year frame.
Current inventory in the marketplace is approximately 10.23 months meaning that it would take 10 months to sell all of the houses on the market at the current rate of sales with no new properties coming on line. Inventory in May of 2008 was 6.54 by comparison. A balanced market will have 5 to 6 months of inventory, anything less than that is a "seller´s market" and anything more than that is a "buyer´s market." We are obviously squarely in a buyer´s market right now.
Year to date, houses in the Louisville market are selling for 95.67% of asking price. In 2008, that number was 96.38% and for most of the early 2000s that number stayed around 97%.
In addition to the favorable market conditions for buyers, we have very low interest rates and an $8,000 gift from Uncle Sam for first time buyers or those who have not owned a home for the last 3 years. If you have even considered buying a home, there has not been a better time to be in the market in 10 years or more.
If you would like more information on any of the statistics or programs mentioned here, please call the office at (502) 326-0470 or email at graham@louisvilleals.com.
Broker Market Observations
(posted 6/16/09)
The Louisville market is starting to heat up in the $100,000 to $200,000 segment of the market. I had an open house on Sunday with 8 to 10 visitors. This property is listed for $144,000 and about 75% of the people that came through were first time buyers hoping to take advantage of the $8,000 tax credit which expires on 11/30/09.
Another listing is currently under contract with two offers coming in in the last 2 weeks. The buyer wanted to shop prices before making an offer and found that 4 out of the 5 houses they wanted to see were under contract.
I just listed a house in St. Matthews around 2:00 on the 15th and have had 5 showings in the first 36 hours on the market. This house is the only house currently on the market, under $150,000 in the 40207 zip code that is not under contract. I expect it to sell within a week or less given the traffic we are getting right now. If you are a first time buyer, don't get too caught up in getting the deal of the century and miss an opportunity. The $8,000 tax credit will go a LONG way towards sweetening any deal you can make.
ALS Realty will be hosting a seminar on the $8,000 tax credit on July 15th at 7:00 p.m. We will have Mark Metcalf, a local accountant speaking and coffee and dessert will be served. For more information, email me at graham@louisvilleals.com
Louisville Housing Market Wrap Up
June 2009
Graham Mowry, Broker ALS Realty
(posted 6/10/09)
What a ride its been for the last 6 months! The Louisville market which is known for being stable and slow moving has experienced negative price growth for the first time in many years. The average sales price for a home in the Louisville market in January of 2000 was roughly $135,000. It reached a peak of $175,000 in March of 2008 and has since retreated to about $162,000. It is important to note that even with our negative growth over the past 12 months, homes in Louisville have appreciated at an average rate of about 2% per year over that time nine year frame.
Current inventory in the marketplace is approximately 10.23 months meaning that it would take 10 months to sell all of the houses on the market at the current rate of sales with no new properties coming on line. Inventory in May of 2008 was 6.54 by comparison. A balanced market will have 5 to 6 months of inventory, anything less than that is a "seller´s market" and anything more than that is a "buyer´s market." We are obviously squarely in a buyer´s market right now.
Year to date, houses in the Louisville market are selling for 95.67% of asking price. In 2008, that number was 96.38% and for most of the early 2000s that number stayed around 97%.
In addition to the favorable market conditions for buyers, we have very low interest rates and an $8,000 gift from Uncle Sam for first time buyers or those who have not owned a home for the last 3 years. If you have even considered buying a home, there has not been a better time to be in the market in 10 years or more.
If you would like more information on any of the statistics or programs mentioned here, please call the office at (502) 326-0470 or email at graham@louisvilleals.com.
Real Estate Outlook : Housing Rebounding
Housing sales and pending sales contracts are up, dramatically in some markets, and a rebounding real estate sector could soon start stimulating the broader economy.
Tuesday
Wednesday
Local Reators See Signs of Recovery
The median price of homes sold in Louisville fell 2.3 percent in April from a year ago, but local Realtors are predicting a burst of activity in the months to come.
Monday
Sunday
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