Louisville Real Estate Market Update

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Today, I want to give you a market review for August of 2015. August was another very good month for the real estate market, so let's get right to the numbers.

In August, we had 5,920 active listings on the market. 5,920 might seem like a lot of inventory, but it's 1,500 less than 2014. This low inventory creates a seller's market.

Right now, we're at a 4.49 month absorption rate, as opposed to last August, where the absorption rate was over 6 months. Here are a few other pertinent numbers:

• The average sales price was over $200,000 compared to $193,000 in 2014.
• The average number of days on market for a home was 75 days. Homes are selling quicker, as last year the average was 85 days.
• In August of 2014, 1,538 homes sold last year, which is a slight increase from 1,524.
• Interest rates are still historically low, hovering around 4.3%.

That's our market update. Although we are in a seller's market, the low interest rates make now a great time to buy a home. And now, here's the quote:

"There is either do or don't. There is no try." -Yoda, Star Wars

As always, if you have any questions, give me a call or send me an email. We look forward to hearing from you!