Everywhere I look, it appears the market is moving at the speed of light. Move-in ready homes are often selling during their first week on the market. At least that’s my perception and from many I speak with in the industry. But as always, I want to know if the stats back this up.
It was August of 2014 when I first started looking at Louisville home sale speed by ZIP codes. During that target month, 40242 (Westport Road area) topped the charts with a lightning quick 27 days on market.
I retooled the map and ran the numbers again in June 2015 to create this post for IL. It was interesting to see that the Westport Road area was again a hot commodity, along with Hikes Point real estate.
Meanwhile, homes in 40272 (areas south of Pleasure Ridge Park) were taking quite a deal of time to sell — an average of 137 days, to be exact.
So here we are in 2016, when it appears that our market is moving faster than ever. I’m interested to see how things shake out in our ZIP code areas. Let’s get to it…
A quick refresher: We’re looking at CDoM, which represents Concurrent Days on Market. The previous marker of Days on Market (DoM) can be jobbed by listing resets, so it is less useful.
Also, this data is for homes sold during April 2016, reflecting the length of time it took those homes to sell. Properties still pending or sold in previous months are not included.
So, where is the fastest moving real estate in Louisville?
In this survey, our winning ZIP code is 40243! Centered in Middletown, this ZIP includes the neighborhoods of Crosscreeke, Douglass Hills, Eastview, Robindale, Towne Creek, Urton Woods, Woodland Hills and Woodside Acres. Do you call any of these spots home? If so, I imagine you’ve seen your share of yard signs come and go. When homes sell in 26 days, that’s a hot spot!
Other hot ZIP codes in our report are:
- 40203: Downtown including a portion of Old Louisville
- 40204: Highlands, Germantown, Tyler Park
- 40242: Westport Road and Lyndon area including Rolling Hills, Briarwood, Langdon Place, Old Brownsboro Place, Bancroft
- 40056: Pewee Valley including Ashbrooke, Confederate Estates, Village Green
- 40228: Outer Loop area including Adam’s Run, Apple Valley, Arbor Creek, Bridlewood, Brookshire, Hollow Creek, Pleasant Valley, Spring Mill, Village at Wildwood, Woodridge Crossings and Zelma Fields
- 40229: Hillview area including Charleswood, Cooper Farms, Creekview, Indian Falls, Maple Grove and Spring Meadows
At the other end of the spectrum, the areas where homes are taking the longest to sell are 40059 (Prospect) and 40208 (University of Louisville area).
If we look at Jefferson County as a whole, our CDoM in April was 77 days. For perspective, homes are selling 15.4 percent faster this year than during April 2015. So it appears my perception is accurate.
Home sales are up this year in most price tiers, except the very high or very low. The number of homes sold between $400,000 and $500,000 are about even with the previous year.
But the number of sold properties over $500,000 are down -14.8 percent year-to-date when compared to the previous year. That is likely part of the problem in 40059, where home values are generally higher, and more expensive homes typically take longer to sell.