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With Tax Day behind us and Derby season among us, I wanted to give you a quick market update for Louisville from March.
It’s really rolling, and as you probably know it’s a great time to buy or sell. Last March, we had 5,400 home active whereas this year, there were only 4,500. At nearly a thousand fewer houses, the market got stronger. Absorption rate has dropped from about 4.5 months last March to about three months this year - simply put, homes are selling a lot faster.
One thing that’s a bit strange is the average home price; it was $186,000 last March and fell to about $180,000 this March. Average days on the market, improved though.
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I’ve never seen a better time to buy or sell!
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At this time last year, the average days on market was 108, which is down to about 87 days this year. Homes are selling a lot quicker. More are selling, too. Last year in March, about 1,196 home were sold compared to about 1,400 this year.
As for interest rates, they’re about the same. Rates were just a hair lower last March but the rates are still great, making it a great time to buy real estate. We keep saying this, but it really is! I’ve been in the business a long time and I’ve not seen a better time to sell or buy. Rates are low and inventory is low, and I’ve seen lots of reports lately saying Louisville is the top real estate market in the country.
My quote of the month for May:
“Nothing diminishes anxiety faster than action.” - Walter Anderson
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