Milestone Minute | Milestone

Local Market Update: Median sales prices rise 4% in Bluegrass, while nation posts 2.4% loss.

November 4, 2010

By Judy Craft

Fast Tube by Casper

A review of the Central Kentucky real estate statistics for September shows a slowing sales pace, while the median sales price posted a gain.

Sales in Central Kentucky for September 2010 fell 35%, while the National Association of REALTORS® posted a 19% decrease in sales for the nation. Central Kentucky real estate market statistics for the prior three months are very similar, as we are still seeing the effects of the end of the homebuyer tax credit earlier this year. In spite of this, sales of Bluegrass homes for the first nine months of 2010 are only down 1% compared to the same time period in 2009.

More importantly, however, is the fact that median sales prices for Bluegrass homes rose 4% for September 2010 versus September 2009. This figure dropped 2.4% for the U.S. as a whole. This once again illustrates that even though sales are slowing, Central Kentucky home prices and values are very stable.

Pending sales dropped 36% in September 2010 vs. September 2009. Show slide 3 The active number of listings or inventory on the market for Central Kentucky in September was 6,897 which is up 11% compared to September 2009.

Watch for our next “Milestone Minute, Market Review” blog for my upcoming overview of October 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.

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Bluegrass real estate market in August mirrors July; sales still up 4% for year-to-date

October 7, 2010

By Judy Craft

A review of the Central Kentucky real estate statistics for August shows a slower sales pace and an increase in inventory much like that of July 2010.

Fast Tube by Casper

Sales for Central Kentucky houses in August 2010 fell 26%, while the National Association of Realtors® posted a 17% decrease in sales for the nation. Central Kentucky real estate market statistics for August 2010 look very similar to those of last month, as we are still seeing the effects of the end of the homebuyer tax credit. In spite of this, sales in the Bluegrass for the first eight months of 2010 are still up 4% compared to the same time period in 2009.

Kentucky houses - Market Statistics

Pending sales dropped 26% in August 2010 vs. August 2009.

Kentucky houses - Market Statistics

The active number of listings or inventory on the market for Central Kentucky in August was 7,057 which is up 10% compared to August 2009.

Kentucky houses - Market Statistics

Although Bluegrass real estate figures have been down for the past two months due to the deadline passage of the homebuyer tax credit, the local market still provides buyers with many affordable choices at stable prices. Additionally, the 30-year mortgage rate is at generational lows. According to Freddie Mac, as of August 19th that rate was at 4.42%.

Subscribe to our RSS feed or watch the blog for my upcoming overview of September 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.

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Bluegrass Real Estate Market Favors Buyers After Home Buyer Tax Credit Deadline Passes

August 31, 2010

By Judy Craft

A review of the real estate statistics for Bluegrass homes in July shows a slower sales pace and an increase in inventory.

Fast Tube by Casper

Sales in Central Kentucky for July 2010 fell 31%, while the National Association of REALTORS® posted a 27% decrease in sales for the nation. Buyers who took advantage of the home buyer tax credit caused a surge in sales in the Bluegrass from October 2009 to May 2010. Since the deadline for the tax credit has passed, sales are now slowing down. However, sales in the Bluegrass for the first seven months of 2010 are still up 9% compared to the same time period in 2009.

Bluegrass Homes Market Statistics

The average days on market for homes sold in the Bluegrass in July dropped 6% to 82 days compared to July of last year. The same figure for townhouses and condos dropped 27% to 85 days.

Pending sales dropped 30% in July 2010 vs. July 2009.

Bluegrass Homes Market Statistics

The active number of listings or inventory on the market for Central Kentucky in July was 7,106 which is up 11% compared to July 2009.

Bluegrass Homes Market Statistics

Both pending sales and active listings figures are being impacted due to the ending rush to place contracts on homes as buyers met the tax deadline.

Now that the rush to meet the tax credit deadline has passed, the market is definitely presenting buyers with favorable conditions to purchase a home including rock-bottom mortgage rates and plentiful inventory.

Subscribe to our RSS feed or watch the blog for my upcoming overview of August 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.

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Video Market Update: The Milestone Minute

July 30, 2010

By Judy Craft

We just posted our June video market update on our YouTube channel. The Milestone Minute is a quick monthly update on the latest real estate news on Central Kentucky houses. You’ll catch up on trends, statistics and what might happen next in a couple of minutes.

Fast Tube by Casper

If you’d like a text version of this video we posted one in our blog entitled Bluegrass real estate sales up 20% year-to-date, new construction sales up 80% for June and for previous editions of the Milestone Minute be sure to check our YouTube channel.

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Bluegrass real estate sales up 20% year-to-date, new construction sales up 80% for June

July 23, 2010

By Judy Craft

A review of the Central Kentucky market statistics for June shows an increase in total sales and a dramatic rise in new construction sales.

Sales for Central Kentucky houses for 2010 as of June 30 were up 20% compared to 2009, while nationally that figure is only up 3% according to the National Association of REALTORS® (NAR).

Year-to-date as of 6/30/10 Percentage Change vs. Last Year for Total Sales

June 2010 sales were only up 1% compared to June 2009, while the NAR posted an 8.3% gain for the nation for the same time period.

Monthly Percentage Change vs. Last Year for Total Sales

Monthly Percentage Change (June 2010) vs. Last Year for Total Sales

While sales in June did not outpace national figures, cumulatively for 2010 the Bluegrass has outpaced national sales dramatically. Because of the stable local economy Central Kentucky has benefited from the housing tax credits more than the nation as a whole.

New construction sales in June 2010 vs. June 2009 were up 80%. Sales of new homes were down as much as 23% in January 2010 vs. January 2009, but have made significant jumps with each passing month this year. Show slide 4

Monthly Percentage Change vs. Last Year for New Construction Sales

Pending sales dropped 29% for June 2010 vs. June 2009. This figure may continue to linger in the negatives as the tax credit deadline continues to factor in; however, it is up 31% compared to May 2010.

Monthly Percentage Change vs. Last Year for Pending Sales

The active number of listings or inventory on the market for Central Kentucky in June was 6,842 which is up 6% compared to June 2009. Show.

Monthly Percentage Change vs. Last Year for Inventory

Subscribe to our RSS feed or watch the blog for my upcoming overview of July 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.

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