Your June 2019 Market Comparison

Today on “JP Pirtle TV,” we’ll compare the market from June 2019 to that of June 2018.

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Before I begin today’s topic, I want to make an announcement: We are now opening a brand-new office out in Mount Washington on Highway 44. We’re very excited about expanding our business and being able to serve more people in Bullitt, Odom, Nelson, Larue, Marion, and Hardin. Thank you all for your referrals and your business that has allowed us this growth.

Now, back to our topic: How does the market from June 2019 compare to that of June 2018? Let’s take a look.

• In 2019, we sold about 1,730 homes, whereas in 2018, we sold 1,751.
• The average sales price in June this year was $245,000, compared to the average of $234,000 in June 2018.
• The average days on market this year was 50 days, whereas it was 53 days last year.
• The absorption rate for this June was 2.76 months, and in June 2018, it was 2.7 months.
• This year, there were 4,074 active listings, which is a step down from last year’s 4,116 active listings.
• Our interest rates are currently hovering around 4%, which is a reduction from last year’s 4.5% rates. (These interest rates are compliments of Statewide Mortgage, a great company for all your refinancing needs)

If you have any questions about the numbers from our market or what they mean for your real estate goals, feel free to reach out to me. I’d love to hear from you!

As a final note, I’ll leave you with my quote of the month from Big Willie: “Your attitude will always determine your altitude.”

An Update on the Louisville Real Estate Market

As we head into the summer, I wanted to bring you a quick update on the Louisville real estate market. Here’s what you need to know.

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As we head into the summer, I wanted to bring you some of the latest numbers from the Louisville real estate market in April and compare them to what we saw at this time last year.

Here are some of the statistics I’ve been keeping my eye on:

• Home sales are down from 1,583 to 1,442
• Our average sale price is up to $223,000 from $220,000
• The average days on market stayed relatively flat, going up slightly to 64 from 62
• The absorption rate sits at 2.48 months, which is up from the 2.33 months we saw last year
• Active listings are low, but they’re slowly creeping up. They sit at 3,687 currently, which is up from 3,554 last year
• The average interest rate for a 30-year mortgage has dropped back below 5% and now sits at 4.5%

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     Interest rates have dropped back below 5% to 4.5%.

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Thanks to my great friends at Statewide Mortgage for providing me with the interest rate update.

Last but not least, it’s time for our monthly quote. This month’s quote is:

“If we ever forget that we are one nation under God, then we will be a nation gone under.” -Ronald Reagan.

If you have any questions for me in the meantime or need any real estate help at all, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you.

Your Latest Louisville Market Update Is Here

The latest news from our Louisville area market is here, so let’s review some of the most significant ways things have changed since last year.

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The weather is getting warm out there, and our real estate market is heating up, too. To demonstrate this, let’s review some year-over-year statistics from March of 2018 versus March of 2019.

In March of 2018, 1,429 homes sold in our local market. This March, that number dropped down to 1,361. This may not be a significant change, but it does reflect some of the other developments we’ve observed—namely, the increases in inventory and average sales price.

Inventory rose over this same 12-month period from 2.3 months’ worth of supply to about 2.45 months’ worth, leaving us with 3,500 active listings in March 2018 and 3,600 in March of this year. The average sales price, meanwhile, rose from $208,035 to $217,619.

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     There are plenty of opportunities in our Louisville market right now, regardless of your real estate goals.

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Likely as a result of these changes, the average number of days that listings spent on the market in March also changed, going from 67 in 2018 to 75 in 2019.

Last but not least is the matter of interest rates. Last March, the average interest rate for a 30-year fixed mortgage in our area was 4.4%. Interestingly enough, the average interest rate this March actually decreased, sitting at 4.33%. This is great news for anyone looking to buy, and our still-low inventory levels indicate favorable conditions for sellers, too.

In short, our current market conditions are prime for buyers and sellers alike. There are plenty of opportunities in our Louisville market, regardless of your real estate goals.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

What Do the May 2018 Numbers Say About Our Market?

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.

Then vs. Now: How Was Our January Market?

How does this year’s January market compare to what we saw in 2017? Today I will go over a few statistics.

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The first month of 2018 is already behind us, so today I will be going over a market recap for what we saw this January. I would also like to take a look back at our January 2017 market.

Thanks to all of you, 2017 was my company’s greatest year. I want to express from the bottom of my heart how much I truly appreciate all of your support, referrals, and business.

This year is already off to a great start. Inventory is still really low, with under 3,000 homes on the market as we speak. The average number homes on the market for this January was 3,472. In January of 2017, the average number of homes on the market was close to 4,000

As for absorption rate, we saw 2.28 months this January compared to 2.66 months in 2017.

The average sales price for January 2018 was $217,000, up from last year’s $195,000. This shortage of inventory is really causing prices to rise, which means it’s a great time to put your home on the market.

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Thanks to all of you, 2017 was my company’s greatest year.

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Homes this January spent an average of 64 days on the market, which is 10 days fewer than the average days on market last January.

The number of homes sold in January is relatively similar between 2017 and 2018, with 983 homes sold this year and 986 sold in 2017.

Also, interest rates are finally beginning to rise. They currently are sitting at about 4.115% with an APR of about 4.2%. The statistics for our rates have been provided by Statewide Mortgage, who I highly recommend for any of your real estate needs.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

What’s Happening in the Louisville Market?

We’ve seen a lot of changes to our market in just one year. Inventory is down, sale prices are up, and interest rates remain low.

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This September has been a hot month in terms of temperature. It has also been a hot month for our real estate market. We’ve got an update for you today that compares where we were at last September compared to where we are right now. We’ve seen a lot of encouraging signs in just a year.

At the end of August 2015, there were about 6,100 listings. At the end of August 2016, there are only about 5,000. Drops in inventory creates higher demand and low sales.

Our inventory at the end of August 2015 was almost five months. Right now, our inventory is down to 3.5 months. Homes are selling a lot faster than they did last year. Here are a few more interesting statistics we thought we would point out:

• The average sale price increased from $200,000 in August 2015 to $207,000 in August 2016.
• The average consecutive days on market has dropped from 75 days a year ago to 61 days today.
• The number of sold homes has gone from 1,586 last August to 1,670 this August.

In addition to these numbers, we keep hearing that interest rates will go up. So far, they haven’t. They have actually dropped to 3.5%. It’s a great time to lock in a great rate on a home purchase.

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Interest rates still haven’t gone up either.

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I’ll leave you with my quote of the month. This one comes from Roger Staubach: “Confidence is the result of hours, days, weeks, and years of hard work and education.” A great quote from a great quarterback.

If you have any questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you.

A June & 2nd Quarter Market Recap

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To let you know what’s going on in the real estate world, I want to talk about the month of June and give you a 2nd quarter market recap as we compare some current numbers to what was happening in June of last year.

This June was a great month, and so was the entire 2nd quarter. The number of houses on the market was 4,900, compared to 6,100 last year. This lower number of houses for sale has created a market that just keeps getting hotter and hotter.

The absorption rate (how many months it takes to sell the current inventory) in 2016 is 3.4 months, as opposed to 2015’s rate of 4.8 months. The average sale price of June 2016 is $211,000, whereas last year’s was closer to $205,000. The average days on market for 2016 is 59, down from 2015’s average of 81 days.  

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June was a great month, and so was the entire 2nd quarter.

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There were 1,800 houses sold in June 2016, versus 1,890 houses sold last year. The higher number in this case can be attributed to last summer being the starting point of the whole market improvement. Right now, interest rates are holding at 3.6%, which is phenomenal. Last year they spiked up a little bit to 4.25%.

Overall, it was a record-breaking month for our company. We bought or sold approximately 55 houses. For this we give many thanks to the people who’ve given us our referrals and repeat business. I wish you all a happy July, and hope you have a great summer. We’ll talk to you again in three weeks with another market update. If you need any free advice or a CMA, please feel free to contact us by phone or email.

The Perfect Time to Buy or Sell in Louisville

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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

If you have any questions and need any real estate help, give us a call or send an email. Happy Derby!

The Current State of the Louisville Market

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 Selling your Louisville home? Get a free Home Value Report 

Today, we’ll review numbers from September in the Louisville real estate market. September was a great, record-breaking month. We broke our record in August and then again in September. We’re very fortunate for all of your referrals, as they have played a big role in our recent success!

There were 6,044 homes on the market in September, compared to last year’s 7,400. The number of houses on the market is still low for us today and this is great. The absorption rate is at 4.56%, compared to last September’s 6%.

The average sale price is about the same. As of September, it’s $184,000. It was only $1,000 less this time last year. The average days on the market decreased. September’s average was 69 total days. Last year’s average was 84 days. The average number of houses sold was just under 1,500. Last year, we only sold 1,241 total houses. This is a good improvement.

Let’s talk about rates. Interest rates are at approximately four percent for a thirty-year fixed mortgage. The interest rates were a little more this time last year. Undoubtedly, it’s a great time to buy and sell.

This week's quote is: “You know you’re staying in a nice hotel when the towels are so thick, you can barely fit them in your suitcase,” by Yogi Barra.

Send me some quotes and I just might share them on a future post! Thanks for your referrals - we appreciate your continued support. If you have any real estate questions or concerns, feel free to reach out to us. We would love to hear from you!

How Has the Louisville Market Been Improving?

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 Selling your Louisville home? Get a free Home Value Report 

The summer is nearly over in Louisville, now is a great time to go over some of the latest numbers. We are going to take a look at our current numbers, comparing them to the figures we saw at the same time last year.

Here’s what we have been seeing.

• Right now we have about 6,000 homes on the market, the highest figure we have seen all year.
• Our absorption rate is steady at 4.65 months, down from 6 months at this time last year.
• The average sales price has risen, from $191,000 in 2014 to $193,000 now. 
• The average days on market for a home has dropped dramatically, from 90 days to 70 days this year. 
• As for the number of homes sold, that has increased too. Last year we sold 1,500, this year the figure is 1,750.  Keep in mind that these numbers are for the entire Louisville MLS, not just our team (although we wish it were!).
• Current interest rates still sit at historically low levels, right now the average is around 4.65%. 

Now for the quote of the month: “People will see your power when you believe you have it.”

I love that quote and I love quotes in general. If you have a quote you love too, send it my way. If you have any other questions, feel free to send us an email or give us a quick call. We’d love to help out!