What Do the Latest Numbers Say About Our Louisville Market?

Our Louisville market is hot right now, and here are the latest statistics to show how far we’ve come since July of last year.

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Right now, our market is as hot as the weather. It continues to amaze me, and I don’t think I’ve ever seen it quite like this. How has the market changed since last July? Let’s go over a few statistics.

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Our market is as hot as the weather.

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From July 2016 to July 2017:

• The number of active houses decreased from 5,218 to 4,430. This lack of inventory is driving a lot of the demand out there. 
• The absorption rate decreased from 3.63 months to 2.93 months. 
• The average sale price increased from $213,000 to $220,000. 
• The average days on market decreased from 64 days to 47 days. 
• The number of homes sold decreased slightly from 1,690 to 1,650.
• Interest rates stayed about the same at roughly 4%. 

If you have any questions about these latest numbers, the current state of our Louisville market, or any other real estate topic, don’t hesitate to give us a call. We’d be happy to help you. 

Quote of the month: “If you’re not shorthanded, you’re overstaffed.” - Sam Walton

How Is the Louisville Market Changing?

The Louisville market has improved considerably in the last year. Here are the areas we paid special attention to.

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The market continues to be strong in Louisville. To get more perspective, we’re going to look at the numbers we saw this June and compare them to the numbers we saw in June 2016. Let’s get to it.

Inventory remains extremely low. Last year, the 5,000 homes we had on the market represented a huge need for more inventory, but it has since dropped even further. Right now, there are only about 4,300 homes on the market. Our absorption rate has dropped from 3.5 to under three months.

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Homes are selling faster and for more money on average.

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The average sale price has increased from $207,000 last June to $223,000 right now. That’s more good news for everybody. Not only are homes selling for more money on average, they’re selling faster too. Last year, homes were selling in an average of just 61 days. That number has since dropped to 52. 

Interest rates are at about the same level they were last year, but they have dropped slightly. Right now, our partners at Statewide Mortgage say you’re looking at a 4.125% rate on average.

Quote of the month: “When you get right down to the root of the meaning of the word ‘succeed’, you find that it simply means to follow through.” - F.W. Nichol

There’s our market recap for June 2017. If you have any questions about it or would like more information, give us a call or send us an email. We look forward to hearing from you.

An Update on the Louisville Market

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.

How’d Our Market Do In February?

Another great month is on the books for our real estate market. According to the statistics, now is a great time to be both a buyer and a seller.

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The numbers are in for February 2017, and it was another great month for our market. Today I want to compare last month’s statistics with those from February 2016 to get a broader sense of where things stand. 

We sold almost 1,100 homes this February, which is about the same amount we sold in February 2016. From February 2016 to February 2017, our average sale price rose from $172,000 to $190,000. Our average days on market dropped from 93 days in February 2016 to 76 days in February 2017.

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February was another great month for our market.

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During that same time, our absorption rate (or however many months it would take to sell off our current inventory) dropped from 3.3 months to 2.45 months. Our number of active listings also dropped from 4,600 in February 2016 to 3,600 in February 2017. 

That last statistic is important to note because that drop in active listings is what’s driving the market as far as pricing goes. There is a lot of demand and not a lot of inventory, which makes now a great time to sell your house.

Interest rates have also gone up a little bit. Last February, they were in the 3.5% range. This February,  they were closer to 4%. This increase is something we’ve been anticipating, and rates may continue to rise as the year progresses. This makes now not only a great time to sell, but also to buy. 

Now that the statistics are out of the way, it’s time for my quote of the day:

“Press on. Nothing in the world can take the place of persistence.”

That’s from Ray Kroc, one of the co-founders of McDonald’s. 

Our office is growing, so if you know any agents that would be interested in joining our team, please don’t hesitate to refer them to us. If you have any questions about our market or are looking to buy or sell a home, feel free to give me a call or shoot me an email. I look forward to hearing from you!

What Happened in the January 2017 Real Estate Market?

How does the January 2017 real estate market compare to the January 2016 market? We’ll go over the latest numbers today. 

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The numbers are in for January 2017, so we thought we would compare them to the market stats from January of 2016. 

So far, 2017 is off to a great start. As you know, 2016 was the best year we ever had thanks to you. Now, how is the market doing? 

This January, there were 972 home sales; in January of 2016, there were 949 home sales. The average sales price went up as well, jumping from $188,000 in 2016 to $197,000. The average days on market dropped from 92 days in 2016 to 74 days in January of 2017.

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2017 is off to a fantastic start!

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If we look at the absorption rate, which is the number of months it would take to sell all of our current inventory, you’ll see that inventory dropped from 3.51 months in January of 2016 to 2.6 months this January. 

The number of active listings also dropped, from 4,800 last January to 3,800 this January. That means there aren’t as many homes coming on the market. Since inventory is already low, now is a great time to sell your home. 

Of course, everyone is talking about interest rates. According to Statewide Mortgage, our preferred lender, this January the average interest rate was at 3.75% with a 4.7% APR. In January of 2016, interest rates were at 3.65% with a 4.7% APR. 

As you can see, 2017 is off to a great start. Before I go, I’d like to share the quote of the day:  

“Teamwork makes the dream work.” 

I’m not sure who originally said that, but one of my employees, Tracy, shared that one with me. Thanks, Tracy! 

If you have any other questions about our current real estate market, give me a call or send me an email. I would be happy to help you!

Louisville Real Estate Market Update

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Today, I want to give you a market review for August of 2015. August was another very good month for the real estate market, so let's get right to the numbers.

In August, we had 5,920 active listings on the market. 5,920 might seem like a lot of inventory, but it's 1,500 less than 2014. This low inventory creates a seller's market.

Right now, we're at a 4.49 month absorption rate, as opposed to last August, where the absorption rate was over 6 months. Here are a few other pertinent numbers:

• The average sales price was over $200,000 compared to $193,000 in 2014.
• The average number of days on market for a home was 75 days. Homes are selling quicker, as last year the average was 85 days.
• In August of 2014, 1,538 homes sold last year, which is a slight increase from 1,524.
• Interest rates are still historically low, hovering around 4.3%.

That's our market update. Although we are in a seller's market, the low interest rates make now a great time to buy a home. And now, here's the quote:

"There is either do or don't. There is no try." -Yoda, Star Wars

As always, if you have any questions, give me a call or send me an email. We look forward to hearing from you!

How Has the Louisville Market Been Improving?

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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!

Is the Louisville Market Performing Well This Summer?

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Hey everyone, thanks for checking out our blog. Today we are going to give you a Louisville market update, comparing the market statistics through May of 2015 with the numbers through May of 2014.

The market is still red hot right now. We are seeing improvements in the market nearly across the board. Here are the latest numbers, through May 2015, which we are going to compare to the numbers we saw this time last year:

• We had 5,700 homes on the market, which is down considerably from the 6,800 we had in May 2014. 
• The absorption rate is down a full point in the last year, and has dropped from 5.58 to 4.54.
• The average sale price in Louisville is way up from the $179,000 we saw last year, and currently sits at $198,000.
• The average days on market are down as well, dropping by 5 days in the past year. 
• The number of homes sold was up from May 2014. Last year, we sold 1,400 homes, and this year we sold 1,500.

One final thing to note is that interest rates are still incredibly low, but have jumped a little above 4%. If you've been looking to purchase a home with an affordable rate, your window may be closing.

If you have any question for us, feel free to give us a call or send us an email. We look forward to speaking with you!

What's Happening with Louisville Real Estate?

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I'm here today to provide you with a brief real estate market update for the Louisville area in April of 2015. Hopefully, you can use this information to your advantage when you're buying or selling this year.

• There are approximately 5,500 homes on the market, compared to 6,600 we had last year
• Absorption rate is currently 4.46 months
• Average sales price is $195,000, which is up by almost $25,000 this year
• Our average days on market is sitting at 107, which is similar to last year
• 1,356 homes sold in April
• Interest rates are sitting at 3.65%, so it is a very, very good time to buy a home

Overall, we're in a seller's market with low inventory, so it's a great time to sell your home for top dollar. However, it's also a good time to buy a home because interest rates are incredibly low and this is going to significantly increase your buying power.

If there is anything else I can do to help you, please don't hesitate to contact me!

Where Is the Louisville Market Heading?

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Today, I want to give you a quick update of where the Louisville real estate market is heading!

Right now, there are 5,296 active listings, which is quite low considering we had 6,271 homes on the market this time last year. The absorption rate is only about 4.3 months of inventory, which means the market is very favorable for sellers!

• The average sale price is about $186,500 - last year, it was only it was only $165,700. 
• The average days on market has also improved, as homes are selling in 107 days as opposed to 121 days last year. 
• We sold 1,163 homes this March, while last year we only sold about 1,049! 
• Even better: interest rates are still as low as 3.5% for a 30-year fixed mortgage with no closing costs.

What does all of this information mean for you? Well, broadly, it means our market is still growing! Conditions continue to improve in the Louisville area, which is great news for buyers and sellers alike. If you have any questions about how you can take advantage of these conditions, give us a call. We would love to hear from you!

Where Is the Louisville Market Heading?

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Although it's still cold and snowy outside, the Louisville real estate market is starting to heat up, and spring is only 20 days away! Last year was a record-breaking one, and we're expecting 2015 to be even better. In fact, this past January was the best we've ever had in our market!

Why is the market so hot, you ask? Inventory is incredibly low, with approximately 5,550 homes on the Louisville market. Additionally, 30-year fixed interest rates are hovering around 3.75%, and the fact that they will likely rise this year has brought many buyers to the market! All of these great conditions make for a market that is beneficial to buyers and sellers alike.

We're thinking this year is going to be one of the best years we've seen in a long period of time. If you're on the fence about entering the market, now is the time to get off it and make your move. Conditions like this don't come around often, so we suggest you take advantage of them! 

Thanks for your time today. If you have any questions or concerns, don't hesitate to give us a call or shoot us a quick email. We would be pleased to assist you!

Others Are Taking Advantage of the Market - Why Aren't You?

There are many great Louisville area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Value Report so you know what buyers will pay for your home in today's market. You may also call me at (502) 458-2722 for a FREE home buying or selling consultation to answer any of your real estate questions.

We want to take just a minute of your time to give you a quick Louisville market snapshot.

This year has been Dream J.P. Pirtle Realtors' best to date. Every month of 2014 has yielded strong sales. This wouldn't be possible without the great clients we've worked with and the referrals people have sent our way. For that, we wanted to say THANKS. You're the reason we're able to get better with each transaction.

Right now, inventory is stable and rates are low. At this time last year, many people were expecting rates to rise. However, rates are lower now than they were in 2013. There are a lot of buyers AND sellers out there, making for a robust Louisville market. The best part? It's looking like 2015 is going to be another great year!

We wanted to take the time today to wish everyone a happy Thanksgiving! We live in a great country with many opportunities - that's why it's important to count our blessings, not our troubles. We're very thankful for the many people who trust us to handle their real estate transactions, it means the world to us. We're also thankful for each other; our team is a tight-knit group that has found success because of  it.

Lastly, we're always hiring here at J.P. Pirtle Realtors. We're always looking for independent real estate agents, as well as team members with their real estate licenses. If you want to work hard, work for yourself, and have an unlimited income, you should give us a call.

Thanks for stopping by our blog! We hope to see you soon!

Home Sellers in Louisville will Have a Great Opportunity in Spring 2014

There are many great Louisville area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Value Report so you know what buyers will pay for your home in today's market. You may also call me at (502) 458-2722 for a FREE home buying or selling consultation to answer any of your real estate questions.

Louisville Real Estate Market Update

Today I am going to present you with accurate and updated information about what is happening in our local Louisville market. I am doing this so that you can make more informed decisions about real estate and have a more successful endeavor.

• The Market is Trending Up: I think we're in a much better overall market than we were last year. 
• Inventory is still Low: This is a great time to sell in Louisville. This low inventory will result in multiple offers and higher selling prices for homes in the area.
  
• Interest rates are still very low: This is great news for our home buyers in Louisville. However, these rates are expected to rise by the end of the year so now is the time to capitalize on these affordable homes.
  
• The rate right now is around 4.5%, but is expected to rise to 5.5% by the first quarter of 2015.

I am not going to come out and say that this is a seller's market, but I will say that it is a good time to sell your home in Louisville. The market is currently trending in your favor. If you have a nice, clean home that is priced correctly, I believe that you could sell your home fairly easily in this market.

It's also a great time to buy because interest rates are still historically low, but your window to buy affordably is closing.

Contact me for a free market analysis on your home, and as always, consult with me if you're thinking of buying or selling in Louisville. Consider me your #1 resource for real estate!