subject: Prospect Ky Homes - Asking Prices Rebound After October Slide For Prospect Ky Homes For Sale [print this page] Prices for Prospect Ky homes have had a tough month or two, falling from $490,000 in September all the way down to an even $400,000 in October. However, since that time, prices for homes for sale in 40059 have rebounded a bit and now sit at a little over $460,000. I believe there could be a few reasons for this drop, and subsequent rebound.
The first theory is that the really large drop was a rare event and doesn't accurately reflect the Prospect Ky real estate market. After a week or two, the market shook itself off and got back to almost where it have been before. My next theory has more to do with the really expensive homes on the market in Prospect. This area is already one of the more expensive areas in the entire state, and high end homes simply are not selling well right now. And with winter coming, perhaps a lot of the owners of the most expensive homes decided it was time to take their homes off the market and give themselves a break. When the high end homes left the market, the median price of the area naturally fell to reflect that change.
Another statistic to look at when judging the health of the Prospect Ky real estate market is the average days on market measured for the homes for sale in 40059. In a strong market, homes tend to stay on the market for a relatively short time. And in a sellers market, or even a strengthening market, you would expect to see declining scores for this measurement. But that is not the case here, Days On Market is growing with an especially big jump just a week or two ago.
Here's another one for you, if you've read this far, then its obvious you want some more info on homes in Prospect Ky! Why don't we look at the number of homes that are currently on the market? Again, if we had our wishes, we would be looking for a declining number of homes, maybe indicating that our market is getting more into balance. But then again, winter is coming, and it this is a normal time of year for people to take their homes off the market and think about putting them back on next spring.
This measurement may be a case of good news and bad news. When I examine the numbers, I can see that the number of homes currently for sale in Prospect Ky is falling, which is the good news. But it's winter time and it is normal to see declining numbers for inventory levels this time of year. The bad news is that we are seeing higher levels this year than we saw at the same time last year. Maybe not a ton more, but close to 10% more, and of course, there not 10% more buyers, which all adds up to a bad experience for home sellers.
And one more for good measure! How about looking at asking prices for Prospect Ky homes for sale for one full year and comparing that number to the same time one year earlier? That way, we can say that this December's price is about 8% lower than 2009. And last December, the asking price was actually 2% higher than the year before. So over the course of 12 months, homes for sale seem to be asking about 10% less at the end of 2010 than they were at the end of 2009.
