Home Prices, Sales & Inventories – Condos, Feb 2013, Louisville KY

 

Small home in Lawrence, KS, USA

The latest MLS Sales and Inventory Report for Condominium & Patio Homes (excludes single family homes) located in eastern Jefferson County is shown below.

 

1. Unit sales jumped in April 2012 and remained at an elevated level through August. While September dropped below 100 units, October bounced back to 119 units. While the November – January levels were consistently in the low 80’s, February’s level fell to only 62 units. This was equivalent to the low sales last February of 63 units. Hopefully unit sales will pick up next month! Total unit sales for the 12 month period ended 2/28/13 of 1171 did exceed the corresponding period for last year of only 924 units.

 

2. The average days on market (DOM) has trended down from the elevated levels during the March – July 2012 period and have remained in the 90’s for the last 5 months. The average days on market for this 12 month period was 106 days, while the comparable number for the 12 month period ended 2/28/12 was 115. (The Feb. 2012 levels were 96 and 188 days, respectively.)

 

3. The contract prices, when measured as a percentage of the list price, have ranged from 92.96% to 96.35%, with an average of 95.4%. These levels are very typical for the Louisville market. The annual average for the 12 month period ended 2/28/2012 was 95.2%.

 

4. The current number of months of inventory on hand is calculated by dividing the current inventory level by the unit sales for that month. The average annual amount of 7.04 months was below the comparable number for the 12 months ended on 2/28/2012 of 9.44 months. This measure has remained above 6.0, during the past year, excepting August and October 2012. A value above 6 typically indicates an oversupply of listings or a market favorable to buyers. Based upon my experience, buyers have had some difficulty obtaining mortgages to buy condos and patio homes, as lenders have grown more cautious and have raised their lending standards. Fortunately, these low mortgage rates should continue or slowly increase over the next 12 months, depending on whether our economy continues to expand and/or inflation rises significantly.

 

5. The average annual current inventory of 687 units is below the comparable number for the 12 month period ended 2/28/2012 of 727 units. Please note that these current inventory levels reflect the actual number of “active” listings as of the 16th day of each month.

 

MLS Condo Stats for year ended Feb 2013

@homeslouky

Photo courtesy of Flickr.com and Joseph Mark Jarvis’ photostream.