Our market is fantastic as far as home sellers are concerned. Homes are selling about a month faster than they did last year.
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It’s almost summertime here in Louisville. I hope everyone won a bunch of money at the Derby recently. Today I’d like to discuss a quick market recap. I’ve got the latest numbers from April 2017 and I’m going to compare them with what we saw in April 2016.
Our market is doing great as you may have heard, but there is a growing problem. I’m talking about the lack of inventory for buyers to choose from. This isn’t a problem for sellers, but it makes things much more difficult for buyers.
We sold 1,500 homes in April 2016, but only sold 1,380 this April. The average sale price has shot up from $186,000 to $202,000 in the last year as well.
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Our active listings are at a historically low level.
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We are seeing big changes in the average days on market, which is down from 82 in April 2016 to just 58 days right now. Homes are moving a whole lot faster, even if there haven’t been as many of them.
The absorption rate, or how long it would take to just sell off the current inventory if nothing else came on the market, is down to about 2.5 months this year from 3.36 months in April 2016.
Our active listings are at a historically low level. We only had 4,800 last April, but now that number has dropped even further to 3,800.
Interest rates are up from last year but are holding stable for now. They’re right around 4.5% right now for a 30-year fixed rate, which is up about 1% from last year. If you need more information about where rates are today, we’d love to connect you with our preferred lender.
If you have any questions for me, give me a call or send me an email. I would love to hear from you.
Quote of the month: “There is only one small letter between the words can and can’t. That one letter will totally change your life.” -Fireball.
