March 2018 Housing Market: Median Price Up 5.9% and Volume Down 3.6%
The Greater Louisville Association of Realtors® (GLAR) reported sales down 3.6% year to date versus 2017. With the continued lower inventory, the median price was up 5.9%. In Jefferson County, the average price in March was $213,055 and the median was $172,050. For all MLS areas, the inventory of available properties was 11.4% lower than at the same time last year.
GLAR President Dave Parks noted that, “Multiple offers for move-in ready starter homes continues to be the norm, and 55% of homes are selling in 30 days or less. Our members are working diligently with prospective sellers to get their homes ready for the Spring and Summer markets.”
On the national level, Lawrence Yun, Chief Economist of the National Association of Realtors® commented that, “Homes are going under contract a week faster than a year ago and to fully satisfy demand, most markets need a substantial increase in new listings.” National Association of Realtors® President Elizabeth Mendenhall mentioned that, “Even with the expected uptick in new listings in coming months, buyers in most markets will likely have to act fast on any available listing that checks all their boxes.”
Pat Durham, Executive Vice President of the Building Industry Association of Greater Louisville, noted “Building permits are up year to date 18%, even in the bad weather conditions we have faced this winter, mostly wet, rainy conditions. Permit numbers will only grow stronger as the summer months approach. There is definitely a pent up backlog for new starts, which are primarily pre-sold homes. That fact doesn’t necessarily help our spec inventory needs, but it also is not adding too much product on the market.”
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