The latest statistics from our market indicate that houses are selling quickly and inventory is very low. This puts us in a firm seller’s market.
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For your latest Louisville market update, I have the numbers from May 2018 and how they stack up against the numbers from May 2017.
First, I want to announce that our team is hiring new agents. We’re looking for hard-working, positive-thinking people. It doesn’t matter if you just got your real estate license or you’re an industry veteran. It also doesn’t matter if you want to work part-time or full-time. In either case, we’d love to speak with you.
Now, here are the year-over-year statistics from May 2018 compared to May 2017:
- The number of homes sold dropped from 1,786 to 1,662.
- The average sales prices increased from $212,000 to $215,000.
- The average days on market increased from 52 days to 58 days.
- The absorption rate dropped from 2.7 to 2.46 months.
- The number of active homes on the market dropped from over 4,000 homes to just 3,700.
- Interest rates jumped from 4% to around 4.6%, with an APR of about 4.8%.
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Inventory is at an all-time low and houses are selling quickly.
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As you can see, inventory is at an all-time low and houses are selling quickly. If you’re a seller, now is the time to make your move.
Now for my quote of the month, courtesy of Robert Tew: “Don’t let negative people rent space in your head. Raise the rent and kick them out.”
As always, if you have any questions about our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d be happy to help you.
