Tight Inventory Translates to Quick Home Sales
The Greater Louisville Association of Realtors® (GLAR) reported year-to-date (YTD) sales up 6.6% compared the same time last year. Sales in September 2016 were up 7.7%, vs September 2015, with 1,600 homes and condos sold. The median price was up 4.8% YTD and the average was 3.0% higher YTD.
In Jefferson County, the average price in September 2016 was $205,975 and the median was $167,000. For all MLS areas, the inventory of available properties was 22.5% lower than at the same time last year. In Jefferson County the inventory of homes and condos for sale was 23.7% lower than September 2015.
GLAR President Allison Bartholomew commented that, “The tight inventory of starter homes continued during September, translating into quick sales. At the same time, activity at the higher end was at a more moderate pace. Our members are looking forward to a healthy fall market with reasonable gains in sales and prices.”
The National Association of Realtors® (NAR) Chief Economist, Lawrence Yun, commented recently that, “Healthy labor markets in most of the country should be creating a sustained demand for home purchases. However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”
The National Association of Home Builders (NAHB) Chairman Ed Brady recently remarked that, “As household incomes rise, builders in many markets across the nation are reporting that they are seeing more serious buyers, a positive sign that the housing market continues to move forward.” He added that, “The single-family market continues to make gradual gains and we expect this upward momentum will build throughout the remainder of the year and into 2017.”