With an upward trend across the board in the first quarter for just about every neighborhood in the Louisville housing market, it is no surprise that the second quarter is responding in kind. While the number of Louisville homes for sale remains relatively low, home sales continue to increase as prices do too.
You can see the difference here. Now, is it expected that the second quarter would be better than the first quarter? Of course it is. The first quarter includes the month of January, which is typically a less productive real estate month than all other months of the year. But this is a very BIG difference, whereas it’s typically less noticeable. As for The Thomas Group at Keller Williams Louisville East, we experienced the best May and June that we have ever seen. Many of our Louisville home listings sold in less than a few days, most of which received multiple offers and sold for above asking price. However, like I mentioned at the beginning, the inventory is rather low across the Louisville area, which makes this a very strange market. Bidding wars and price increases are fairly normal right now. Appraisals are finicky. While I believe that the number of serious buyers has decreased since the Spring, there is still a great number of people who cannot find a home to buy. This makes it a wonderful time for sellers to put their homes on the market. If you have even been curious as to what your Louisville home might sell for in today’s market, you can find out by filling out this short form.
Again, this is a significant jump in Highlands home sales and average sale price from quarter to quarter. Also notable is the jump from last year. The average sale price in the Highlands for the 2nd quarter in 2014 was $256,000 with only 161 sales. While there were only 12 more new listings from year to year, there were 42 more sales. This means that more homes are selling than coming on the market, which indicates that inventory is dropping even lower than it already sits. For sellers this could be a very good thing. As I mentioned earlier, this is conducive to bidding wars and price increases. For buyers this means that you need to be prepared to buy a home when you see the one you like.
WHAT TO EXPECT
I expect that the third quarter will level off. Fewer homes typical hit the market between August and October, which means fewer sales. It also means less competition for your listing. Home buyers haven’t gone anywhere, but they may have taken a break from their tireless efforts to find a home in order to take a vacation. With talk of rate increases in the fall, I would bet that buyers are more eager now than they have been all year. I would also bet that the selling season may be extended a bit this year. I’ve said it before that my favorite time to sell a home is in the short selling season between mid September and early November. If you have been thinking about selling your home this year, now is the time to get it ready for market. There’s still time to take advantage of this wild market that we have seen all year. I would love the opportunity to speak with you about what I believe your home is worth and if it makes sense for you to sell now. Call 502.509.9278 or email email@example.com