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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Selling your Louisville home? Get a free Home Value Report

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!

How the Louisville Market Changed in 2016

What's going on in the Louisville market? Today we're taking a looking at December 2015 through December 2016 to get an idea of how things changed over the course of last year.

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Selling your Louisville home? Get a free Home Value Report

Today I wanted to take a quick look back at the market from 2016. It ended up being the best year we ever had, buying and selling more than 500 homes. That's all because of your business and referrals, and I appreciate it from the bottom of my heart.

To examine last year's market, we will compare December of last year to December 2015. In 2016, we sold 1,357 homes compared to about 1,310 homes in 2015. Last year's average sales price was $194,000, which was down from $198,000 in 2015. The average days on market for 2016 was 69 days compared to 79 days the previous year. The absorption rate—how long it would take to sell the current inventory—was around 2.93 months versus 3.8 months the year before.

The average number of listings in December 2016 was 4,349 homes compared to 5,300 active listings on the market in December 2015. We're seeing that inventory is very low, and it's helping home sellers get a much higher price for their homes.

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Low inventory is helping home sellers get a very high price for their homes.

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Interest rates have finally begun to tick up. A year ago, the average 30-year fixed-rate mortgage interest rate was about 3.25%, and this year, they're about 3.8%. I know we've been talking about them going up for years, but they have actually started to rise and will continue to do so. 

If you have any questions about our market, you or someone you know is interested in joining our team, or you're looking to buy or sell a home in the Louisville market, give me a call or send me an email soon. I'd love to hear from you!

Finally, I want to leave you with the quote of the month from George Washington Carver, who said: "90% of all failures come from people who have a habit of making excuses."