A review of the Central Kentucky real estate statistics for May shows dramatically increasing sales, a steady rise in median sales prices and a fall in the months supply of inventory.

Fast Tube by Casper
Sales for Central Kentucky houses for May 2010 rose 39%, while the National Association of REALTORS® posted only a 17.7% increase in sales for the nation. While sales in May are still reflective of the tax credit, the Bluegrass region’s sales increase was double than that of the nation. This shows just how much confidence buyers and sellers have in the region.

Central Kentucky Monthly Percentage Change vs Last Year for Total Sales

The Bluegrass currently has a 7.2 months supply of homes on the market which is 27% lower than last year’s 9.8 months supply. The NAR reports that the nation has an 8.3 months supply of inventory but that is only 14.4% less than at the same time last year.

Median sales prices in the Bluegrass also outpaced national figures. The median sales price for residential homes rose 5% to $146,000 in May 2010 vs. May 2009. Nationally, that figure only rose 3.8%.

The average days on market for residential sales in Central Kentucky fell 7% to 79 days. The same figure for townhouses and condos was unchanged at 88 days for May 2010 vs. May 2009.

Not surprisingly, pending sales dropped 41.6% in May 2010 vs. May 2009. Buyers were up against the deadline for the tax credit in April and now the rush to get a contract on a home has slowed.

Central Kentucky Monthly Percentage Change vs Last Year for Pending Sales

The active number of listings or inventory on the market for Central Kentucky in May was 6,642 which is up 3% compared to May 2009.

Central Kentucky Monthly Percentage Change vs Last Year for Inventory

Subscribe to our RSS feed or watch the blog for my upcoming overview of June data in relation to the national market. And, don’t forget that you can check out highly detailed statistical reports on our Market Statistics page or watch our previous Milestone Minute’s on our YouTube Channel.