Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of December 31, 2016 with 13,580 reported sales totaling $2,522,104,420.
According to 2017 LBAR President Ty Brown, "At the start of 2017, Realtors are watching for upward movement in some of the same areas that we were watching in 2016. Inventory remains a key metric, as continued decreases may push out potential buyers, especially if mortgage rates continue to increase. 2016 ended with 3.4 months of inventory, a 29 percent decrease compared to 2015. Percentage of list price has increased one percent compared to December 2015 to 97.4.”
The 2016 residential single family sales increased 11 percent from 11,505 sales in 2015 to 12,725 sales in 2016. The residential median sales price increased five percent from $147,500 in 2015 to $155,000 in 2016. The residential average days on market decreased 18 percent from 77 days in 2015 to 63 days in 2016.
Townhouses/condos 2016 sales increased four percent from 824 sales in 2015 to 855 sales in 2016. The townhouses/condos median sales price decreased six percent from $138,250 in 2015 to $130,000 in 2016. The townhouses/condos average days on market decreased 32 percent from 107 days in 2015 to 73 days in 2016.
Brown continues, "2016 has proven to be a steady year for buying and selling activity in the residential real estate market in Central Kentucky. Although inventory declined and prices increased throughout the year, it has been a strong year with 10 percent increase in total sales activity. Most real estate professionals remain optimistic about the market and excited for the year ahead as long as inventory remains steady, unemployment rates continue to fall, and mortgage rates remain low.”
The monthly sales activity increased 18 percent with 919 sales reported closed in December 2015 compared to 1,081 sales reported closed in December 2016. Of the 1,081 sales, 220 sales were to first time homebuyers and 110 sales were to out of state buyers. Residential sales increased 18 percent from 859 sales closed in December 2015 compared to 1,017 sales closed in December 2016. The residential median sales price had no percentage of change at $149,900 in December 2016. The residential average days on market decreased 16 percent from 75 in December 2015 to 63 days in December 2016.
Townhouses/condos sales increased seven percent from 60 sales reported closed in December 2015 to 64 sales reported closed in December 2016. The townhouses/condos median sales increased nine percent from $140,750 in December 2015 to $153,703 in December 2016. The average days on market decreased 35 percent from 97 in December 2015 to 63 days in December 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).
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