December 13th, 2016
Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of November 30, 2016 with 1,012 reported sales totaling $190,624,004.
According to 2016 LBAR President Carl Tackett, "Even as the year comes to an end, home sales and housing prices have both continue to increase across the region compared to last year's numbers. All indicators from the LBAR service area are showing a strong market as unit sales continue to climb on a year-over-year basis.”
The monthly sales activity increased 24 percent with 815 sales reported closed in November 2015 compared to 1,012 sales reported closed in November 2016. Of the 1,012 sales, 233 sales were to first time homebuyers and 110 sales were to out of state buyers. Residential sales increased 24 percent from 762 sales closed in November 2015 compared to 946 sales closed in November 2016. The residential median sales price increased nine percent from $142,000 in November 2015 to $154,450 in November 2016. The residential average days on market decreased 23 percent from 77 in November 2015 to 59 days in November 2016.
Townhouses/condos sales increased 25 percent from 53 sales reported closed in November 2015 to 66 sales reported closed in November 2016. The townhouses/condos median sales increased 18 percent from $117,500 in November 2015 to $138,500 in November 2016. The average days on market decreased eight percent from 105 in November 2015 to 97 days in November 2016.
"There continues to be a strong increase in pending home sales which would seem to indicate additional strong increases in homes sales for final month of 2016. In November, pendings increased from 889 in November 2015 to 954 in November 2016,” comments Tackett. Additionally, months of inventory continue to remain low with 4.0 months, a decrease of 32 percent compared to November 2015.
The year-to-date 2016 residential single family sales increased 10 percent from 10,580 sales to date in 2015 to 11,627 sales to date in 2016. The year-to-date 2016 townhouses/condos sales increased three percent from 760 sales to date in 2015 to 782 sales to date in 2016. The residential median sales price increased five percent from $147,500 to date in 2015 to $155,000 to date in 2016. The residential average days on market decreased 18 percent from 77 days to date in 2015 to 63 days to date in 2016.
As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,800 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, firstname.lastname@example.org).