As spring approaches, Louisville real estate is blooming!
After a couple of months of marginal improvement in home sales, March comes out like wildfire with 20.3 percent growth over the previous month.
During March, 2012 there were 620 homes sold in Jefferson County. This March, 746 Louisville homes were sold. Solid!
For the year, Louisville home sales are 14.2 percent ahead of last year’s pace.
Even better news is the increase in the prices of sold Louisville homes. The median selling price for March was $139,450. This was a big jump over a disappointing February mark of $126,500.
It’s more reasonable to view prices in aggregate. The 1-year trend-line for Louisville home values continues to move higher. The mark as of March is $137,416. This is a 5.7 percent improvement over the mark set 12 months ago.
Not everything is sunny in River City.
Obviously, demand is here but what about the supply?
As of 12:33 p.m. yesterday, there were only 3,741 houses on the market.
We’re quickly approaching a situation where the pendulum shall swing even more swiftly from a buyer’s to a seller’s market.
The typical inventory level for Louisville falls between 5,000 units to 6,000 units.