De Museu dos Brinquedos
Two Year Review Of Louisville KY Properties for sale
With 2010 all in all, there isn't any better time for you to look back and take stock and just how truly putrid the Louisville housing market has been and just how bad the future searches for Louisville homes for sale! How can you like that one for a uplifting opening?
Rather than going through all sorts of data, I wish to take a look at only two charts today. The very first is going to be for asking prices and the second is going to be inventory levels of homes actively available on the market within the city of Louisville. I will not be checking out surrounding counties, which data doesn't include sold properties, multi-family units or condos, just single homes for sale in Jefferson County.
I'll open with prices, the dollar amount that home sellers are placing on their own listings when they are available on the market and hoping to find a buyer. Normally, whenever we possess a decent market, you would expect incremental increases in prices. To ensure that whenever we compare home prices in December of 2010 to December of 2009, we would normally want to see a little rise. And when we glance even more back than this past year, we would expect to see a level bigger increase.
But that's not the case within our current environment! Our prices today are lower than these were in both 2009 and 2008. Ouch. Which is true for weekly data points recorded over the past two years in addition to trend lines over the same period. At this time in 2008, weekly data points show a value around $149,000 for any median selling price. My newest measurement now shows an average cost of $145,000, a $4,000 drop in two years. Rather than increasing house values, we have actually seen a nearly 3% drop!
To drive the purpose home further, as we pick almost any date, and look backwards, we will see our 2010 values are very well off previous measurements. For instance, let's consider median prices of Louisville homes for sale on July 1st for every of the past two years. In 2010, home prices were $155,000 on the first day of July. One year earlier, prices were at $169,000. For the percentage lovers available, that is over an 8% drop in a single year. What about choosing a date within the springtime, like the first day in April? This year, data shows median prices at $154,000 when compared with $160,000 last year.
OK, now I've established that asking prices of Louisville homes haven't been on fire for the past 2 yrs. You're ready to proceed to inventory levels of homes for sale. Back in December of 2008, there have been approximately 3,750 single family homes easily obtainable in the town of Louisville, based on recorded data points. That number grew to a high water mark of over 5,300 captured before falling to the most recent measurement of around 4,300 available units.
I suppose you can argue that we have seen a serious decrease in the number of homes available on the market, since we dropped about 1,000 properties previously nine or ten months. But that ignores the truth that we currently convey more homes for sale than we did at this time this past year and the year before.
If you are an objective person, you have to look at the data and recognize that our prices are lower now than at this time in either of the two preceding years, and also at the same time frame, we've more homes on the market at the moment than either of the two preceding years. Obviously, this isn't the manifestation of a recovering market, but instead an indication that we have lots of homes to buy and equity to revive before we can say our market has rebounded.