It’s not over yet!
Heading into the summer selling season, 2016 Louisville home sales were leading the previous year by just 274 units. Then, June and July lost ground and it looked like we would not see a new record-breaking sales year.
Hold on just a second. There were 1,081 homes sold in Jefferson County during September, up 4.6 percent from the previous year. By reversing the trend, there’s still a good chance for 2016 to be Louisville’s all-time sales leader.
Heading into the summer, the 2016 home sales lead was 10.08 percent ahead of the previous year. That’s a huge lead.
After July numbers were included, that lead shrank all the way down to 4.75 percent. It appeared that the market was slowing down. But both August and September was able to barely eek out wins, bringing our current year-to-date tallies to 4.74 percent ahead of where we were last year.
It’s still anyone’s ballgame, but I feel good about our chances here in 2016.
Home sales prices also are showing some promise. During September 2015, the median price of homes sold in Jefferson County was just $144,500. Fast forward 12 months and we saw that rise to $165,900. That’s an incredible 14.8 percent increase.
Comparing averages yields a lower 12.4 percent improvement, but even still, these are gaudy numbers. Keep in mind this is a relatively small sample size, but clearly home prices are moving higher… and at quite a clip.
When we evaluate the 12-month trend-line we find a 7.5 percent increase year-over-year. This is far above our traditional yearly appreciation rate of 4 percent. Just goes to show what some competition will do to the real estate market.
Let’s hope some new home sellers decide to enter the market in the coming months and keep this train moving.