More Louisville Homes Available Today Than Two Years Ago
With 2010 ending, there is no greater time to glance back and reflect at just how
genuinely awful the Louisville real estate market has been and how bad the future appears to be Louisville households for sale! How was that for a uplifting beginning?
As opposed to going through all sorts of information, I need to look at only two charts today. The very first will likely be for asking costs plus the second is going to be inventory levels of residences actively available on the market inside the city of Louisville. I will not be looking at surrounding counties, and this information does not consist of sold homes, multi-family units or condos, just single family homes for sale in Jefferson County.
I'll begin with asking prices, the dollar quantity that house sellers are putting on their listings when they are in the marketplace and hoping to find a buyer. Usually, when we have a decent marketplace, you'd expect step-by-step raises in prices. To ensure that when we compare residence prices in December of 2010 to December of 2009, we would typically wish to see a tiny rise. And if we look even further back than last year, we would expect to see an even bigger boost.
But that's not the case in our present environment! Our costs right now are lower than they had been in both 2009 and 2008. And that holds true for weekly information points recorded over the past two years also as trend lines over the same period. At this point in 2008, weekly data points show a value of about $149,000 for a median asking price. My most recent measurement now shows a median price of $145,000, a $4,000 drop in two years. Rather than growing home values, we have in fact seen an nearly 3% drop!
To drive the point property further, if we pick almost any date, and look backwards, we will see that our 2010 values are well off previous measurements. For example, let's take a look at median asking prices of Louisville homes for sale on July 1st for each of the past two years. In 2010, residence costs had been $155,000 on the very first day of July. One calendar year earlier, asking prices were at $169,000. For the percentage lovers out there, that's over an 8% drop in one 12 months. How about choosing a date within the springtime, for instance the very first day in April? In 2010, data shows median asking costs at $154,000 compared to $160,000 in 2009.
OK, so now I've established that asking prices of Louisville homes have not been spectacular the past two years. It's time to move on to inventory levels of homes for sale. Back in December of 2008, there were around 3,750 single family homes for sale in the city of Louisville, according to saved information points. That number grew to a high water mark of over 5,300 earlier this calendar year before dropping back to the newest rating of roughly 4,300 accessible units.
I imagine you could reason that we have observed a serious decrease of number of homes on the market, since we dropped about 1,000 properties within the past nine or ten months. But that ignores the fact that we presently have far more homes for sale than we did at this time last 12 months and also the calendar year just before.
If you are an objective person, you've to take a look at the data and recognize that our prices are lower now than at this time in either of the two preceding years, and at the same time, we have much more real estate on the market at this time than either of the two preceding years. Obviously, this isn't the sign of a recovering market, but rather an indication that we still have plenty of real estate to get and equity to restore before we can say our marketplace has rebounded.
by: stuwalts2010
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