How is the 2018 spring real estate market doing? I’ll compare this year’s numbers to last year’s and explain why you should list your home ASAP.
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Before we begin today's topic, I have an important message for anyone considering selling their home.
Inventory in the Louisville area is lower than I have seen in over a decade. If you are considering putting your home on the market this summer, don’t delay. Now is an absolutely great time to put your house on the market. A lot of people say they are waiting for summer, but if I were you, I would highly recommend getting your market analysis and putting your house on the market ASAP.
Don’t hesitate. Get your home on the market as soon as you can.
Now, let’s get back to the numbers.
It’s definitely a seller’s market. In March of 2018, there were about 1,389 home sales compared to over 1,600 homes in March of 2017. A lot of that has to do with inventory.
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This is the lowest level of housing inventory that I have seen in over a decade.
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This year, the average sales price was $210,000 compared to $194,000, so prices are up. The average days on market is 68, which dropped slightly from 72 days in March of 2017.
The absorption rate in March of 2018 was 2.26 months opposed to 2.61 last year. Active listings decreased from nearly 4,000 last year to 3,473 in 2018. Last year was still low.
Interest rates are going up. Last year they were around 4%, and this year, they are around 4.5%. That’s thanks to Keith Swisher and his team at Statewide Mortgage. They offer great terms, great rates, and are great people to work with when looking for your new home. A 4.5% rate is still pretty low.
The quote of the month is from Pablo Picasso: “Action is the foundational key to all success.” Implement action and you will see results.
If you have any questions, need a free market analysis, or just want to say hello, give me a call or send me an email. I would be happy to help you!
