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I have a new Hero in the blogging world. Ian Watt is a Canadian Realtor who does what seams like a daily Video Blog. I love new ideas and Ian gets my vote for best idea of January 2009!
Displaying blog entries 11-13 of 13
I have a new Hero in the blogging world. Ian Watt is a Canadian Realtor who does what seams like a daily Video Blog. I love new ideas and Ian gets my vote for best idea of January 2009!
Looking back at the month of December 2008 shows some areas of town performing well even is this slower economy. The sales figures below show that lower priced homes continue to sell if priced correctly. Still many point to the Louisville Kentucky Housing Market as an island of stable home prices compared to much of the rest of the nation. One report on the website Reed Construction Data says “Buffalo, Dallas, Houston and Louisville are representative of local housing markets that largely avoided the home price bubble and the ensuing bursting of the bubble.”.
Writer Jim Haughey is right on the money. Louisville continues to be a good investment.
01-Dec-2008 - 31-Dec-2008
Residential Unit Sales Total Unit Sales
0-2 3 4+ Resid Condo/ Total
PRICE CLASS/TYPE Bedrm Bedrm Bedrm Sales Co-Op Units
$29,999 OR UNDER 30 14 8 52 0 52
$30,000 - $39,999 10 6 2 18 1 19
$40,000 - $49,999 6 4 1 11 0 11
$50,000 - $59,999 2 11 1 14 0 14
$60,000 - $69,999 5 5 2 12 5 17
$70,000 - $79,999 8 2 3 13 3 16
$80,000 - $89,999 2 12 2 16 5 21
$90,000 - $99,999 2 18 4 24 5 29
$100,000 - $119,999 5 32 9 46 17 63
$120,000 - $139,999 7 24 2 33 6 39
$140,000 - $159,999 2 27 5 34 4 38
$160,000 - $179,999 1 20 3 24 2 26
$180,000 - $199,999 2 14 9 25 6 31
$200,000 - $249,999 0 25 26 51 6 57
$250,000 - $299,999 0 6 11 17 1 18
$300,000 - $399,999 0 5 17 22 2 24
$400,000 - $499,999 0 3 7 10 0 10
$500,000 OR OVER 0 1 11 12 0 12
Total Types: 82 229 123 434 63 497
Average Price: $57,444 $139,386 $272,269 $161,564 $135,703 $158,286
Median Price: $127,500 $127,500 $220,000 $124,869 $117,500 $122,000
Average DOM: 60 77 85 76 102 79
Average CDOM: 74 90 128 98 143 103
AREA |
SALES |
TOTAL $ |
AVG PRICE |
MEDIAN |
% OF LIST |
AVG DOM |
HOMES FOR SALE |
00 (Central Downtown District/Old Louisville) |
3 |
$142,900 |
$47,633 |
$59,900 |
95.33% |
26 |
142 |
01 (Dtown/Old Louisville/Shively/West Lou) |
81 |
$4,059,839 |
$50,121 |
$27,500 |
112.73% |
71 |
825 |
02 (Butchertwn/Highlands/Germantwn) |
45 |
$7,532,550 |
$167,390 |
$146,000 |
95.52% |
66 |
392 |
03 (Clifton/Crescent Hill/St Matthews) |
30 |
$6,494,600 |
$216,487 |
$191,500 |
94.25% |
79 |
361 |
04 (Pleasure Ridge/Valley Station/Shively) |
47 |
$4,707,512 |
$100,160 |
$94,500 |
94.65% |
107 |
391 |
05 (Auburndale/Fairdale/Iroquois Prk/Shively) |
34 |
$3,671,630 |
$107,989 |
$105,250 |
96.61% |
78 |
513 |
06 (Buechel/Highview/Okolona/FernCreek) |
98 |
$12,561,544 |
$128,179 |
$117,498 |
98.23% |
81 |
837 |
07 (FernCreek/Hikes Point/Jeffersontown) |
59 |
$10,101,387 |
$171,210 |
$145,000 |
95.00% |
74 |
757 |
08 (DglasHls/Hurstbrn/Mdltwn/Anchrg/StMatt) |
51 |
$12,048,241 |
$236,240 |
$219,000 |
97.94% |
81 |
727 |
09 (Anchrg/Glenview/Lyndn/Prospect) |
49 |
$17,348,073 |
$354,042 |
$228,000 |
93.55% |
84 |
689 |
10 (Nelson Co) |
21 |
$3,129,901 |
$149,043 |
$112,000 |
96.78% |
116 |
358 |
11 (Bullitt Co) |
42 |
$4,929,555 |
$117,370 |
$120,000 |
95.98% |
86 |
594 |
12 (Other Counties) |
17 |
$1,472,800 |
$86,635 |
$68,900 |
94.78% |
99 |
260 |
13 (Indiana) |
1 |
$266,000 |
$266,000 |
$266,000 |
93.33% |
67 |
79 |
14 (Other States) |
0 |
$0 |
$0 |
$0 |
0.00% |
0 |
0 |
15 (Carroll Co) |
6 |
$768,400 |
$128,067 |
$112,450 |
92.93% |
113 |
57 |
16 (Hardin Co) |
27 |
$3,133,600 |
$116,059 |
$100,000 |
94.36% |
102 |
350 |
17 (Hart/LaRue Counties) |
3 |
$217,425 |
$72,475 |
$70,000 |
93.20% |
38 |
47 |
18 (Washington/Marion Counties) |
3 |
$226,600 |
$75,533 |
$47,400 |
94.46% |
188 |
11 |
19 (Spencer Co) |
10 |
$1,322,000 |
$132,200 |
$122,500 |
94.16% |
54 |
219 |
20 (Oldham Co N-I71) |
16 |
$3,963,800 |
$247,738 |
$206,250 |
92.82% |
85 |
362 |
21 (Oldham Co S-I71) |
28 |
$6,069,024 |
$216,751 |
$202,650 |
95.98% |
89 |
297 |
29 (Henry Co) |
7 |
$689,000 |
$98,429 |
$86,200 |
93.18% |
173 |
132 |
30 (Shelby Co) |
21 |
$3,243,100 |
$154,433 |
$127,000 |
93.18% |
116 |
450 |
31 (Meade Co) |
16 |
$2,033,600 |
$127,100 |
$128,750 |
98.02% |
144 |
127 |
34 (Trimble Co) |
3 |
$155,000 |
$51,667 |
$60,000 |
97.85% |
110 |
55 |
Total |
718 |
$110,288,081 |
$153,605 |
$124,069 |
96% |
86 |
9032 |
The news is not earthshaking! New home sales numbers for December 2008 are just out for Louisville and they are as you might expect. The number of homes sold was down 25% from December 2007. Still, look at this a different way, 718 homes sold in December 2008, (compared to 964 in December 2007), means homes are selling. What buyers are looking for is a stable economy, deals and great interest rates. Many believe a new administration will stabilize the economy and allow the lower home prices and interest rates to do their job.
What sellers need now more than ever is to correctly price their home and then marketing that includes high quality pictures and video TV stories about the home to bring in buyer eyeballs. The Louisville Courier-Journals’ Alex Davis recently wrote a story about aggressive marketing and included us and 2 of our successful sellers in 2008 (Lori Dougherty and Robert and Adele Koch). You can read that story here.
The average sales price of a home was down about $15,000 from a year before. But remember, included in that number are 202 foreclosures/short sales which were sold at anywhere between 10 and 50 percent below market value.
It’s the foreclosures and short sales that are forcing down area prices here in Louisville and around the United States. Of the buyers out in the market this new years day, many are looking for bargains and believe a foreclosure or short sale is the place to get them. Unfortunately, once buyers get in to see a home in foreclosure and realize the work needed to return the home back to a livable condition, the deal is not as good as once thought!
The good news for home buyers (and sellers) right now are interest rates. As of this writing rates for a 30-year fixed mortgage were 5 percent. A 15-year fixed mortgage was hovering at 4.75. As we move into 2009, many believe the lower rates will motivate buyers to make a purchase.
Displaying blog entries 11-13 of 13