Real estate sales by members of the
Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the
Bluegrass economy as of August 31, 2017 with 1,311 reported sales totaling $258,834,805.
August sales
activity decreased two percent with 1,338 sales reported closed in August 2016
compared to 1,311 sales reported closed in August 2017. Of the 1,311 sales 276 sales were to first
time homebuyers and 136 sales were to out of state buyers. Residential sales had
no percent of change from 1,242 sales closed in August 2016 compared to 1,238
sales closed in August 2017. The residential average days on market decreased 19
percent from 57 in August 2016 to 46 days in August 2017.
Townhouses/condos
sales decreased 24 percent from 96 sales reported closed in August 2016 to 73
sales reported closed in August 2017. The townhouses/condos median sales price
decreased eight percent from $131,000 in August 2016 to $121,000 in August 2017. The average days on market increased six
percent from 54 in August 2016 to 57 days in August 2017.
According to 2017
LBAR President Ty Brown, “As the summer
winds down, LBAR continues to be pleased with the housing market in Central
Kentucky. Sellers are receiving 97% of
their list price with months of inventory still extremely low with only 3.3
months of inventory in the entire market.
Higher prices and fewer days on market are usual indicators of healthy activity.”
The year-to-date 2017 total sales increased five
percent from 9,072 sales to date in 2016 to 9,523 sales to date in 2017. The year-to-date 2017 residential single
family sales increased five percent from 8,485 sales to date in 2016 to 8,879
sales to date in 2017. The residential
median sales price increased five percent from $155,000 to date in 2016 to $162,000
to date in 2017. The residential average days on market decreased 17 percent
from 65 days to date in 2016 to 54 days to date in 2017. The year-to-date 2017 townhouses/condos sales
increased 10 percent from 587 sales to date in 2016 to 644 sales to date in
2017.
President Brown continues, “Much has been said
about low supply, higher prices and speedy sales, but the truth of the matter
is that buyers are snatching up desirable homes no matter the trends. Good
transactions are occurring with smart lending practices. Although more
inventory would be useful, the market is finding a way to succeed. Savvy
sellers and buyers know that there are good deals to be made in August and well
into the school months.”
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 3,100 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, elaine@lbar.com).
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