Market Update For St Matthews Homes For Sale In Louisville, Ky For December Of 2010

As always, I begin my analysis of the St Matthews real estate market by looking at the median asking prices of homes currently for sale

. If I were simply to tell you the numbers, or if you were to look at a graph showing the past year's worth of asking prices, you might be shocked at how much lower this year's numbers are compared to where we were at the end of 2009. However, I should mention that last year's values were probably an outlier and were abnormally high. Even at the time, I stated that the asking prices seemed high and that it was probably affected by a relatively few homes coming off and on the market.

But even with that caveat, we must still check where we are today compared with last year's numbers, even if it hurts! One year ago, the median asking price of St Matthews homes for sale in Louisville was right at $320,000 and today that number has fallen to $275,000. If you prefer looking at trend lines instead of weekly data points, the same basic story line prevails, but maybe not with as much horror. The trend line tracks from $300,000 last year to it's current value of almost $275,000. So any way you look at it, today's asking prices are well off last year's.

If it makes you feel any better, I remember taking a look last year, and there were a number of high priced homes on the market at the end of last year, and many of the lower priced homes sold, leaving a higher concentration of the more expensive homes than we would normally see. In my mind, that is why we saw such high numbers last year, and why our current prices are so low in comparison.

Of course, to get a complete accounting of how St Matthews homes are behaving on the market, we will also look at how many homes are currently for sale, as well as how long those homes are staying on the market.

Let's proceed to the next statistic, which is the number of homes for sale on the market in 40207. One year ago, we were looking at 165 houses, with a trend line measurement just over 180 units. Those numbers have moved and both are now higher than they were in December of 2009. But the good news is that they are lower than they were just a few months ago. As of last week, Louisville St Matthews homes for sale now numbered 200, with the trend line score coming in right at 230 properties. Quick wrap up, it's not a great time to be a seller in 40207, there is just too much competition out there!

Finally, the last number I normally review for any community when performing a market wrap up, DOM, or days on market. This factor isn't as straight forward as the other two we have already reviewed. St Matthews homes are taking longer to sell today than they were most of this year, but measurements are pretty close to where they were as we entered winter in 2009. The worst part about looking at current numbers is the direction of the trend line, which seems to be headed in the wrong direction. Last year, looking only at the trend line, Louisville St Matthews homes for sale were taking an average of 147 days to leave the market. That number rose all the way to 180 days before falling in the spring and summer, but has been tracking higher since then. Currently we are seeing DOM scores of 160 with the expectation of rising numbers.

There ought to be plenty of information in this post for the pessimists out there! But if you need to sell your home and you live in 40207, don't fret too much. With a reasonable price and a very aggressive marketing campaign, you can still get your home sold. There are still a few buyers out there, just not as many as there once were.

by: Greg Fleischaker

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