February 2015 Numbers Continue to Support Strong Seller's Market
There hasn't been a better time to sell!
February’s statistics have been reported for the Louisville, KY real estate market, and it is evident that now is a great time to sell your home. Inventory is down 11% (6,065 properties in February 2014 versus 5,397 properties in February 2015). With a lesser number of houses available, demand inevitably increases. Last month, sellers saw multiple offers placed on their properties simply because of the high demand. Buyers are fighting for the perfect home!
Year-to-date sales support the fact that Louisville’s market is strong as well. With an increase of 6.3%, we have seen 1,732 properties sell so far this year versus the 1,629 homes that had sold up until this point in 2014. Buyers have clearly begun to search for a new home early this year; the spike in sales is usually seen in the spring to summer months.
Not only are more homes selling, but the average selling prices are higher too. In February 2014, average prices were just under $159,000. This past month yielded an average selling price around $172,500. Again, the high demand for quality properties forces more competition between buyers and high price points to match.
When analyzing the state of Louisville’s real estate market, one can clearly see that there has never been a better time to sell your home. The numbers from the first week of March are only showing more promise. We saw about 200 less properties being listed for sale, but recorded an increase in properties that sold! If you are planning to sell your home this year, do not hesitate. List your property now while demand is at a record high!