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

Small home near Mt Eden, Kentucky 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 of 79 remained consistent with the depressed unit sales levels which began in November of 2012. Although there was a slight bump from February’s level of 65, hopefully April will rise to the levels of last spring and summer. On a more positive note, total unit sales for the 12 month period ended 3/31/13 of 1181 represented a 30% increase to the corresponding period during 2012 of only 909 units.

 

2. The average days on market (DOM) increased significantly during March to 126 days (versus 130 last March). The average days on market for this 12 month period remained at 106 days, as compared to a level last year of 117.

3. The contract prices, when measured as a percentage of the list price, have ranged from 92.96% to 96.41%, with an average of 95.5%. These levels are very typical for the Louisville market. The annual average for the 12 month period ended 3/31/2012 was 95.1%.

 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 6.88 months was below the comparable number for the 12 months ended on 3/31/2012 of 9.53 months. This measure has remained above 6.0 during 9 of the past 12 months. A value above 6 typically indicates an oversupply of listings or a market favorable to buyers. Based upon my experience, buyers continue to have difficulty obtaining mortgages to buy condos, patio and single family homes, as lenders have grown more cautious and have raised their lending standards. (See this link for more information on this matter.) 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 678 units is virtually unchanged from last month, but remains below the comparable number for last year of 722 units. Please note that these current inventory levels reflect the actual number of “active” listings as of the 16th day of each month.

@homeslouky

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