What's going on in the Louisville market? Today we're taking a looking at December 2015 through December 2016 to get an idea of how things changed over the course of last year.
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Today I wanted to take a quick look back at the market from 2016. It ended up being the best year we ever had, buying and selling more than 500 homes. That's all because of your business and referrals, and I appreciate it from the bottom of my heart.
To examine last year's market, we will compare December of last year to December 2015. In 2016, we sold 1,357 homes compared to about 1,310 homes in 2015. Last year's average sales price was $194,000, which was down from $198,000 in 2015. The average days on market for 2016 was 69 days compared to 79 days the previous year. The absorption rate—how long it would take to sell the current inventory—was around 2.93 months versus 3.8 months the year before.
The average number of listings in December 2016 was 4,349 homes compared to 5,300 active listings on the market in December 2015. We're seeing that inventory is very low, and it's helping home sellers get a much higher price for their homes.
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Low inventory is helping home sellers get a very high price for their homes.
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Interest rates have finally begun to tick up. A year ago, the average 30-year fixed-rate mortgage interest rate was about 3.25%, and this year, they're about 3.8%. I know we've been talking about them going up for years, but they have actually started to rise and will continue to do so.
If you have any questions about our market, you or someone you know is interested in joining our team, or you're looking to buy or sell a home in the Louisville market, give me a call or send me an email soon. I'd love to hear from you!
Finally, I want to leave you with the quote of the month from George Washington Carver, who said: "90% of all failures come from people who have a habit of making excuses."
