What Happened in the Louisville Real Estate Market in 2016?

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Today we will be examining what happened in the Louisville real estate market in February of 2016. Overall, the market was great: sales were up, and inventory was low.

We have a total of 4,400 homes available, which is a big decrease from last year. This is creating a seller’s market, and our absorption rate of 3.23 months is proving this to be true.

The average sales price in February was $172,000 and this was about the same as it was in 2015, but it’s early in the year. The average days on market decreased by nearly two weeks, and it now sits at 93 days. Some of this is due to the major lack of inventory.

Interest rates are still extremely low, and around here they are at 3.74%. This is causing a lot of home buyers to purchase because they know that their affordability is so high right now.

This is also good news for home sellers, because this will bring buyers right to your doorstep. I truly believe that 2016 will be one of the best years on record to sell your home.

Finally, a quote to finish off with: “Mistakes are painful when they happen, but years later a collection of mistakes is what is called experience.” Denis Waitley.

Give me a call or send me an email with any questions you might have! I look forward to serving your local real estate needs.