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Today we’re going to talk about the Louisville real estate market in January 2016. There were a lot of good things happening, and I want to share them with you.
We saw housing inventory decline. There were 4,600 homes on the market, and last year we had about 5,800. The absorption rate right now is 3.38 months, and the average sales price is $188,000. The average sales prices is actually up by $21,000 from last year!
Our average days on market has decreased as well, and it now stands at 92 days. All of these statistics are telling us that we are in a seller’s market right now!
Buyers should not be scared away - interest rates are still below 4%, so you can purchase a home very affordably. You have an opportunity to lock in a low interest rate and save thousands of dollars over the lifetime of your loan.
My quote for the day is: “We keep what we give, we lose what we take.” I’m not sure where I heard this, but I think that it’s very true.
As always, I look forward to hearing from you! Don’t hesitate to ask me any questions.
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