LBAR announces $20 million in year-to-date real estate sales for Montgomery County

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Oct 28th, 08

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Montgomery County economy in 2008 as of September 30 with 179 reported sales totaling $19,978,383. Sales continue to be a driving force in the Montgomery County economy when considering the multiplier effect on the area of buyers and sellers who purchase appliances, carpet, flooring, landscaping, etc. in response to their transaction needs.

LBAR President Judy Craft says, “The real estate market in the Bluegrass provides buyers and sellers with excellent opportunities due to stable sales prices and excellent affordability. When our figures are compared to the national market, the Bluegrass provides a compelling example of the fact that Central Kentucky real estate is not experiencing the troubles seen in Florida, California or Nevada.”

In Montgomery County for September 2008 vs. September 2007 sales were up 26%. According to the National Association of REALTORS® (NAR), the nation saw a jump of 7.8% for existing home sales for September 2008 vs. September 2007. However, this is largely due to the Western states seeing a 42.9% increase in existing home sales. The South and Northeast saw a drop of around 1.3% for existing home sales. Year-to-date 2008 as of September 30 sales were down 3% compared to the same time period last year.

Median sales prices in Montgomery County for September 2008 vs. September 2007 rose 3% to $113,750. According to NAR, the U.S. saw a drop of 9% for the median sales price of existing homes.

For the month of September 2008 average days on market went up drastically, however, that is due to one sale in which was on the market for an unusually long period of time. Year-to-date 2008 as of September 30 average days on market were 135 days.