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Thursday, August 10, 2017

604 Washburn Ave, Louisville, KY 40222

604 Washburn Ave, Louisville, KY 40222 is a beautiful three bedroom 2 1/2 bath home in the heart of desirable Lyndon! The Great Room with neutral walls & a gas fireplace welcomes guests. New ...  Read More

Wednesday, August 09, 2017

Open House August 13th 2017

Join At Home In Louisville Real Estate Group this Sunday August 13th from 2-4 at our new listing in the heart of Lyndon! You'll love this move in ready 3 Bedroom 2 1/2 Bath home with 2 car attached ...  Read More

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This Month in Louisville Real Estate: August 2012

August 2012 Market Update. The national housing market continues to recover, indicated by a balanced supply of inventory and increasing home prices across the country. NAR President Moe Veissi states, "The very favorable market conditions are helping to unleash a pent-up demand, which is why housing supplies have tightened and are supporting growth in home prices."

However, rising demand has led to tight supplies of affordable homes for first-time home buyers, who now only represent 32% of purchasers. NAR Chief Economist Lawrence Yun claims “a healthy market share of first-time buyers would be about 40%, so these figures show that tight inventory in the lower price ranges, along with unnecessarily tight credit standards, are holding back entry-level activity.

Regardless, with the market heating up and mortgage rates continuing to hit record-lows, now is one of the most favorable times in history to buy a home.

Home Sales in millions While home sales declined 5.4% from last month to 4.37 million units, year-over-year sales increased 4.5%. Distressed homes (which include short sales and foreclosures that traditionally sell for 15%-20% less on average compared to non distressed homes) allotted for 25% of June sales, which is unchanged from May, but is 30% below year-ago sales. However, despite the declining levels seen from past years, it is still expected that distressed property sales will still be largely present and higher than the historic average.

Home Price in thousands. Shrinking inventory and a decline in distressed properties on the market continue to drive home prices up. The median home price rose 5% from last month, and 7.9% compared to a year earlier to $189,400. This is the fourth consecutive month of year-over-year price gains, which hasn't been seen since February to May of 2006, a period of peak performance in the housing market.

Inventory- Month's Supply in months Housing inventory fell another 3.2% in June to a current 2.39 million homes available for sale, a 6.6-month supply. This marks the seventh consecutive month of inventory at a 6-month supply, the threshold for a balanced market, giving both buyers and sellers an equal advantage. Movement out of the three-year buyer’s market is imperative toward reaching a full-scale housing market recovery. Source: National Association of Realtors

Interest Rates Mortgage rates at or around 3.53% continue to drop and boost home affordability. These are some of the lowest rates on record since 1971, increasing the urgency to buy now.

Topics For Home Owners, Buyers and Sellers. With many markets heating up, home prices are rising and inventory is shrinking. This high market activity puts sellers at a strong advantage, but to ensure that your property sells quickly and for the highest price, here are some tips to turn that "For Sale" sign into a "Sold" sign:

List at market price. Even though the market is in your favor as a seller, incorrectly priced homes will not attract buyers. If you list your home at market price, your home will be on the market for fewer days, you are twice as likely to have multiple offers, and your chances of fewer price reductions and your sales price being close to your list price are much greater.

Condition is key. Keeping your home in excellent condition includes enhancing your curb appeal by landscaping your front yard, as well as making necessary updates such as painting and roof repair. 93% of homes that were in better condition received offers close to their list price.

Stage your home. Many buyers prefer to see a depersonalized home, devoid of the seller's personal items, so that they can picture themselves in it. Staging can be as simple as rearranging furniture or uncluttering a room. The cost of it can be minimal compared to the benefits of more showings and, ultimately, a higher asking price.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report. The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

This Month in Louisville Real Estate: July 2011

Our Gratitude Knows No Bounds

The Lynn Thomas Real Estate would like to thank our clients Robert Brittany Vittitow, Jesse and Kara DeYoung, David Siskin and Hezekiah and Rachel Barnes for choosing our team as their real estate professionals. We are truly grateful to be able to help them with such an important decision; helping them buy their home. We are honored to have the opportunity to serve them.

The Lynn Thomas Team is throwing a Party FOR YOU, our clients.

Louisville BatsNothing says SUMMER more than the Louisville Bats Game, and nothing says "thank you" like the Lynn Thomas Team paying for it.Tuesday night August 9th at 7:05PM, Lynn Thomas and Kathryn Sotelo are paying for our current and past clients and their families, to go to the Louisville Bats Game when the Bats take on Columbus.  It's a $1 Hot Dog and $1 Pepsi night too. There will be a special guest appearance by the Great Scott talking in his crazy Scottish accent and we are giving away free stuff for the adults and kids. We are so looking forward to a night of hot dogs, baseball and free stuff. What a blast. Please RSVP with the amount of people in your family who will be attending so we can be ready for you when you show up. We can't wait till we see you at the game.

So What Happened with Louisville Real Estate in the Month of June 2011?

This Month in Louisville Real Estate May

his Month in Louisville Real Estate May 2010

Comparing the two charts above allows us to see where we are in May in relation to where we were Last year at the same time. Let's look at the Homes Sold first. The amount of Louisville Homes that sold this month dropped by 488. In the Month of May, 927 homes sold compared to 1415 homes that sold this time last year. The Average sales price dropped $935. Last year, on the same month the average sales price was $168,263. This year it was $169,198. The amount of Homes that went on the market rose by 24. It rose 2340 up from 2316 in May 2010. All in all is remains about the same from what it was last year.

So, the amount of sales dropped slightly. So did the amount that the average sale brought. The amount of homes that went on the market rose slightly. This would seem to indicate, compared to last year, homes are still selling.

So What Happened to Real Estate in the rest of the country in the Month of June 2011?

The U.S. housing market has shown increased stability in home sales during 2011 compared to the previous year. The trend has been an upward one since the expiration of the tax credit last summer. Home prices have softened, particularly earlier this year, due to a higher-than-normal number of distressed sales. However, both the percentage of distressed sales and the amount of time they spend on the market has decreased in recent months, a positive sign for the market moving forward. In fact, prices have steadily followed a positive monthly trend since February. Mortgage defaults have also declined lately.

While interest rates continue to break new record lows, the number of buyers who are able take advantage of these savings is restricted by tougher underwriting standards for mortgages. 40% of the banks surveyed by the Office of the Comptroller of the Currency tightened lending standards for mortgages within the past year. In his second press conference, Federal Reserve Chairman Ben Bernanke stated that a quicker foreclosure process and additional home price stabilization are key to boosting confidence in the market and bolstering a more robust recovery in the housing sector.

As the economy improves, stimulus efforts by the government and the Fed will most likely continue to wind down, which typically spurs rising interest rates to keep inflation in check. Although inflation has been the source of recent concern, the Fed appears confident it will remain in check for the near term. Meanwhile, buyers continue to benefit from historically favorable buying conditions, and sellers are encouraged by increased market stability.

Home Sales

Home sales in May were down 15.3% compared to the same time last year when the impact of the tax credit was at its peak. Compared to the previous month, sales were down 3.8%. NAR Chief Economist Lawrence Yun states that the slower pace of sales is consistent with the slower pace of overall economic activity and that falling gas prices will help to moderate the impact of a sluggish economy. Although he continues to cite unnecessarily tight credit for limiting buying activity, the pace of sales in the second part of the year is expected to be stronger.

Home Price

Home prices rebounded 3.4% in May with median home prices rising to $166,500. This is 4.6% below the year-ago level and continues to keep the median price close to 2002–2003 levels. Just under 1 in 3 homes sold during May were distressed properties, which typically sell at a 10%–20% discount. This is down 6 percentage points from April and is exactly the same as a year ago. Investors represented 19% of sales, and first-time buyers accounted for 35% of May sales compared to 14% and 46% respectively a year ago at the peak of the tax credit. Home prices and mortgage rates remain favorable for buyers heading into the summer selling season.

Inventory

The supply of homes measured in months on the market at their current pace was up during May compared to April. Inventory levels remained 26% below the peak of 12.5 months in July 2010 and 12% above April of 2010 when the tax credit was in full swing.

Interest Rates

Rates are at a record low after steadily declining throughout May, primarily due to uncertainty in the global and domestic economies. While these incredible rates represent a significant savings for home buyers, experts note that for the benefits to fully be realized, lending conditions must loosen so more buyers can take advantage of them. As overall economic activity gets back on track, rates will likely rise to keep inflation in check. In other words, the window of opportunity for buyers to lock in these historically low interest rates may not remain open much longer.   

This Month in Louisville Real Estate is inspired by Keller William's This Month in Real Estate

This Month in Louisville Real Estate:June 2011

Our Gratitude Knows No Bounds

The Lynn Thomas Real Estate would like to thank our clients Chris & Lexie Cunningham, Amy Bryant, Silas & Gloria Marlow, Hezikiah & Rachel Barnes, and Lisa &a Diana Newman for choosing our team as their real estate professionals. We are truly grateful to be able to help them with such an important decision; helping them buy their home. We are honored to have the opportunity to serve them.

Lynn Thomas Gets More Money For Her Clients.

Lynn Thomas gets more money for her clients than the average real estate professional in Louisville. The typical real estate agent in Louisville only gets 95.5% of the List to Sales price on their house. Lynn ,on the other hand, gets 98.7%. So, if Lynn's client lists their home with another agent for $100,000, on average they would receive $95,500. If Lynn Thomas listed that same home for $100,000, the home would sell for $98,700. With all things created equal, that client would make an additional $3,200. That amount grows with the value of the home. For example, if the value of the home is $200,000, the client would have made an additional $6,400. This Month in Louisville Real Estate: June 2011

So What Happened with Louisville Real Estate in the Month of May 2011?

This Month in Louisville Real Estate May

his Month in Louisville Real Estate May 2010

Comparing the two charts above allows us to see where we are in May in relation to where we were Last year at the same time.  Let's look at the Homes Sold first.  The amount of Louisville Homes that sold this month dropped by 488.  In the Month of May, 927 homes sold compared to 1415 homes that sold this time last year.  The Average sales price dropped $935.  Last year, on the same month the average sales price was $168,263.  This year it was $169,198.  The amount of Homes that went on the market rose by 24.  It rose 2340 up from 2316 in May 2010.  All in all is remains about the same from what it was last year.

 

So, the amount of sales dropped slightly.  So did the amount that the average sale brought. The amount of homes that went on the market rose slightly.  This would seem to indicate, compared to last year, homes are still selling.


So What Happened to Real Estate in the rest of the country in the Month of May 2011?

The U.S. housing market continues its gradual and uneven progress, despite the expiration of the home buyer tax credit. The remarkable rebound in housing activities from the initial drop following the end of the home buyer tax credit this past July adds to the belief that the risk of a double-dip downturn in housing may be disappearing. 

As the housing market continues to work through the excess supply overhang, a result from the glut of foreclosed properties which is keeping home prices below their long-term trend growth, economists anticipate mortgage rates at or above 6% by the end of 2012 and expect buying activity to continue its upward momentum. 

Supporting this view is the rising concern about inflationary pressures sparked by political unrest in the Middle East. While surging gas and food prices could prove transitory and pose no major threats, these price increases may weigh down consumer spending, which accounts for two thirds of the economy. While, the Federal Reserve is committed to making necessary policy changes to address such risks. Meanwhile, core price gains, excluding food and fuel, were modest in April, offering some relief to consumers.


As the economy improves, stimulus efforts by the government and the Fed is expected to gradually wind down, which typically spurs rising interest rates to keep inflation in check. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.


 

Home Sales

The number of homes home sales in April were down 12.9% compared to the same time last year when the impact of the tax credit was at its peak. Sales were relatively stable compared to the previous month: less than a 1% decline. NAR Chief Economist Lawrence Yun states that “given great affordability conditions and job creation, home sales should be stronger” and cites unnecessarily tight credit for limiting sales. Gradual but uneven improvement is expected to continue. In fact, home sales have increased six of the past nine months.


 

Home Price


Home prices rebounded 2.4% in April with median home prices rising to $163,700. This is 5% below the year-ago level and continues to keep the median price close to 2002 levels. Three out of eight homes sold during April, or 37% of sales, were distressed properties, which typically sell at a 10%–20% discount. This is down 3% from March. Investors represented 20% of sales, and all-cash buyers were 31% of sales in April, down from a record high of 35% in March. Prices and mortgage rates remain favorable for buyers for the spring selling season.


Inventory


The supply of homes measured in months on the market, if sales continue at their current pace, inched up during April compared to March. Inventory levels remained 26% below the peak of 12.5 months in July and only 11% above April of 2010 when the tax credit was in full swing.


 

Interest Rates

Rates have reached a new record low after steadily declining throughout May, primarily due to uncertainty in the global and domestic economies. Rates are still expected to follow an upward trend as the year progresses. As overall economic activity gets back on track, rates will likely rise to keep inflation in check. This window of opportunity for buyers to lock in these historically low interest rates may not remain open much longer.  

This Month in Louisville Real Estate is inspired by Keller William's This Month in Real Estate

This Month in Louisville Real Estate: May 2011

Our Gratitude Knows No Bounds

The Lynn Thomas Real Estate would like to thank our clients Chris & Lexie Cunningham, Amy Bryant, Silas & Gloria Marlow, Hezikiah & Rachel Barnes, and Lisa & Diana Newman for choosing our team as their real estate professionals.  We are truly grateful to be able to help them with such an important decision; helping them buy their home.  We are honored to have the opportunity to serve them.


 

Lynn Thomas Gets More Money For Her Clients.

Lynn Thomas gets more money for her clients than the average real estate professional in Louisville.  The typical real estate agent in Louisville only gets 95.5% of the List to Sales price on their house.  Lynn ,on the other hand, gets 98.7%.  So, if Lynn's client lists their home with another agent for $100,000, on average they would receive $95,500. If Lynn Thomas listed that same home for $100,000, the home would sell for $98,700.  With all things created equal, that client would make an additional $3,200.  That amount grows with the value of the home.  For example, if the value of the home is $200,000, the client would have made an additional $6,400.

 

So What Happened in Louisville Real Estate in the Month of April 2011?

This Month in Louisville Real Estate April 2011

This Month in Louisville Real Estate April 2010Comparing the two charts above allows us to see where we are in April in relation to where we were Last year at the same time.  Let's look at the Homes Sold first.  The amount of Louisville Homes that sold this month dropped by 319.  In the Month of April, 897 homes sold compared to 1216 homes that sold this time last year.  The Average sales price dropped $2,379.  Last year, on the same month the average sales price was $159,581.  This year it was $157,202.  The amount of Homes that went on the market fell by 812.  It fell to 2389 down from 3201 in April 2010.

 

So, the amount of sales dropped.  So did the amount that the average sale brought. The amount of homes that went on the market also fell.  This would seem to indicate, compared to last year, less homes are selling.  Interestingly, ith fewer homes going on the market, it may well trigger more demand.  Typically, more demand fuels higher prices as buyers have less inventory to choose from.


So What Happened to Real Estate in the rest of the country in the Month of April 2011?

Gradual and uneven progress in the housing market continues without government support. The market has shown remarkable improvement from the initial drop after the expiration of the home buyer tax credit this past July. Although higher-than-normal distressed and all-cash sales continue to skew the overall picture of home prices downward, inventory remains at pretax credit expiration levels. As economists anticipate rates at or above 6% by the end of 2012, buying activity is expected to continue its upward momentum. 

Increasing signs of inflation have been a recent item of concern. Driven by unrest in the Middle East, the retail price of gas has risen by 25% since the year began and 89% from this time two years ago. In his first ever press conference, Federal Reserve Chairman Ben Bernanke noted the Fed believes these price increases are transitory and will not have a major impact on the U.S. economy. However, according to NAR’s chief economist, for each $10 per barrel rise in oil prices, $80 billion is removed from the economy.

Bernanke stated that the Fed will keep a close eye on the impact of oil prices on the economy as it considers policy changes. Although inflation is up for the first quarter, price gains excluding food and fuel slowed in March, helping consumers to feel less constricted.

As the economy improves, stimulus efforts by the government and the Federal Reserve Board will gradually wind down, which typically spurs rising interest rates to keep inflation in check. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.


 

Home Sales

Home sales were up 3.7% in March compared to the previous month but were down 6.3% compared to the same time last year when the impact of the tax credit was nearing its peak. Gradual but uneven improvement is expected to continue. In fact, home sales have increased six of the past eight months. The general trend of improvement remains a positive signal, as home sales remain up 32% since the low in July and are down only 12% since the peak last April, which was induced by the tax credit deadline of a signed contract by the end of that month.


 

Home Price


Home prices rebounded 2.2% in March with median home prices rising to $159,600. This is 5.9% below the year-ago level and keeps the median price close to 2002 levels. Continuing February's trend, two out of every five homes sold during March, or 40% of sales, were distressed properties, which typically sell at a 10%-20% discount. The decline in home prices is less indicative of individual home values and more reflective of a large number of less expensive homes selling and bargains that are getting snapped up. Investors represented 22% of sales, and all-cash buyers were at a record high of 35% of sales in March. Prices and mortgage rates remain favorable for buyers for the spring selling season.


Inventory


The supply of homes measured in months on the market, if sales continue at their current pace, remained stable compared to the previous month. This is the third-lowest level since June. Inventory levels remain 33% below its peak of 12.5 months in July and only slightly above where it was last year when the tax credit was in full-swing.


 

Interest Rates

After rising above 5% for the first time in ten months in early February, rates have remained stable in the 4.8% range. They are still expected to follow an upward trend throughout the year. As overall economic recovery remains on track, rates will likely rise to keep inflation in check. Buyers wanting to capture the savings in monthly payments that a historically low interest rate affords are expected to move quickly to take advantage of excellent buying conditions.

This Month in Louisville Real Estate is inspired by Keller William's This Month in Real Estate


 This Month in Louisville Real Estate: April 2011

 

Our Gratitude Knows No Bounds

The Lynn Thomas Real Estate would like to thank our clients Brian & Jill Siktberg and Stephen & Melissa Dimitri for choosing our team as their real estate professionals.  We are truly grateful to be able to help them with such an important decision; helping them buy their home.  We are honored to have the opportunity to serve them.


So What Happened in Louisville Real Estate in the Month of March 2011?

 

The amount of Louisville Homes that sold this month dropped by 149.  In the Month of March, 854 homes sold compared to 1003 homes that sold this time last year.  The Average sales price dropped $1,372.  Last year, on the same month the average sales price was $157,689.  This year it was $156,317.  The median sales price fell $5,000.  It fell to $130,000 down from $135,000 in March 2010.

 

So, the amount of sales dropped.  So did the amount that the average sale brought. The median sales price also fell.  This would seem to indicate, compared to last year, less homes are selling. While homes are selling for less there is also less sales activity in lower price ranges compared to March last year.  In general, all indicaters are down.  Some of this is due to the unseasonable cold temperatures keeping buyers indoors for the month of March.

 


So What Happened to Real Estate in the rest of the country in the Month of March 2011?

The overall market progress seems uneven without the government proping it up.  The market has improved even though the tax credits went away after July.  Higher than normal distress sales continue to drag down the overall housing market recovery as short sales and bank owned properties compete with traditional housing sales.  With that in mind, the fact that the industry is improving speaks volumes.  Historically low interest rates of 2010 are likely to trend up.  Economists anticipate the rats to go to or pass 6% by the end of 2012.  For some, that is reason enough to get back into the real estate Market.

Though not relected in the job market, some speculate the economy is picking up steam.  America is outpacing other nations (not including Canada) in terms of economic growth.  Economic growth aside, America is worst in terms of jobs.  Americans having jobs allow Americans to own homes.  That is still a factor for home buyers as a whole.  During the recession, businesses figured out ways to get more productive with fewer workers affecting the amount of people getting jobs.  The results are staggering.  Business' were able to double the productivity of workers for the past two years.  So a full housing recovery is partly contingent upon more American having jobs.  Without a job, it makes it tough to be able to afford a house.  It is fair to assume that as business becomes healthier, they will become more willing to hire more people further stimulating the housing recovery.

With improvement of the economy, comes less incentive for the government to shore things up.  Stimulus efforts by the Federal Reserve will likely cause the interest rates to rise.  In the meantime, buyers continue to benefit by historically low interest rates and favorable buying conditions.  Sellers are encouraged by increasing market stability.


 

Home Sales

The amont of home sales fell 9.6% compared to the previous month.  Compared to the same month last year, indicators show a 2.8% decline.  One reason for this could be the cold temperatures across the country keep potential home buyers indoors more than normal.  Home sales remain 26.4% above the low of last July.  As Lawrence Yun, chief economist of the National Association of Realtors', explains “month-to-month movements can be instructive, but in this uneven recovery, it’s important to look at the long-term performance.”


 

Home Price

Home prices continued to soften in January with median home prices decreasing to $156,100.  This is 5.2% below the year-ago level and brings the median price close to February 2002 levels. Two out of every five homes sold during February, or 40% of sales, were distressed properties.  Distressed sales often sell for 10%?20% less than traditional home sales. The decline in home prices is less reflective of the value of individual homes  and more reflective of the bargains that a record level of all cash buyers and investors are snapping up. Prices and mortgage rates remain favorable for buyers as the spring selling season starts.


Inventory


The slowing of home sales and an increase in listings pushed the months’ supply up to 8.6 months, an increase of 15% from the previous month and 2% year over year. This is the third-lowest level since June. Months of inventory remains 31% below its peak of 12.5 months in July and is now back to pretax credit expiration levels. With the summer selling season approaching quickly, experts anticipate more homes to go on the market in the coming months.


 

Interest Rates

Throughout the month, rates hovered in the 4.8% to 4.9% range. After rising above 5% for the first time in about ten months in early February, rates have come back below but are expected to follow an upward trend throughout the year. As overall economic recovery remains on track, rates will likely rise to keep inflation in check. Buyers wanting to capture the savings in monthly payments that a historically low interest rate affords are expected to take advantage of excellent buying conditions.

 


This Month in Louisville Real Estate is inspired by Keller William's This Month in Real Estate This Month in Louisville Real Estate: April 2011

This Month in Louisville Real Estate: March 2011

Our Gratitude Knows No Bounds

The Lynn Thomas Real Estate would like to thank our client Jonathan Brand for choosing our team as his real estate professionals.  We are truly grateful to be able to help him with such an important decision; helping him buy his home.  We are honored to have the opportunity to serve him.

 


Barry's Bits

 

What voices are you listening to?

Barbara Walters career shifted in 1976 when she went from NBC to ABC.  She made a whopping million dollars for 5 years.  She was the highest paid newscaster ever up to that time.  Many people wrote letters saying they thought it was outrageous that a woman should be paid so much.  They pointed to the fact that she was making more than a man and she even had a lisp.  People felt she didn't deserve it.  Those sentiments hurt Barbara.  There was a moment when she thought they might be right.

That's when she received a letter from John Wayne.  The one and only John Wayne.  The man's man,  the cowboy,  the tough guy, the legend.  The letter John Wayne sent said, "Barbara, Illegitimi non carborundum.  Your friend, John Wayne."  The Latin is roughly translated "Don't let the B@$^rds grind you down."  That was a moment of truth for Barbara.  She still remembers the moment with tears in her eyes.  That was a moment that strength returned to her.  It gave her the confidence to move forward.  It was a big turning point in her life.

The point is; there will always be voices that want to bring you down.  There are also those who support you.  The question is; "How are you defined?  How do you see yourself?  Is it how others see you?"   What voices are you listening to?


 

So What Happened in Louisville Real Estate in the Month of February 2011?

This Month in Louisville Real Estate February

The amount of Louisville Homes that sold this month dropped by 31.  In the Month of February, 614 homes sold compared to 645 homes that sold this time last year.  The Average sales price dropped $5,493.  Last year, the average sales price was $159,105.  This year it was $153,612.  However, the median sales price rose $1,100.  It rose to $131,450 up from $130,350 in February 2010.

 

So, the amount of sales dropped.  So did the amount that the average sale brought. The median sales price rose.  This would seem to indicate, compared to last year, less homes are selling. While homes are selling for less there appears to be more sales activity in lower price ranges compared to February last year.  In generaral, homes are selling for less.

 


 

So What Happened to Real Estate in the rest of the country in the Month of February 2011?

The Housing Market is improving.  It's shown remarkable improvement since it's low point last July.  That was when congress created tax incentives to stimulate buyers to purchase homes to stimulate the housing market.  Those incentives are now gone and still mortgage rates are remarkable.  The continue to be at historic lows.  Many economists are predicting a strengthening market in 2011.

There certainly seems to be consumer confidence over all in terms of more spending in the food industry meaning people are eating out more.  Spending on vacations are caused the tourism industry to grow 8% in the 3rd quarter.  Also, the stock market rose giving more people spendable income.

The economy is improving.  So, it looks like the government will remove stimulus efforts.  Most economists predict this will cause interest rates to rise.  The good news is, buyers are enjoying historically good interest rates while sellers are seeing stability in the real estate market.

 


 

Home Sales

Home Sales This Month in Louisville Real Estate

The amount of home sales went up nationally again in January.  It rose a whopping 12.3%!  It's still below where we were this time last year, but because this is the fifth monthly increase, it sure seems to be in an upward trend.  It's also a positive sign because all this is being achieved without and sort of government incentive.

 


 

Home Price

Home prices are down compared to where they were this time last year.  It's down 1% to $168,800.  Most of this is due to the fact that distressed sales are such a factor.  36% of sales nationally were distressed sales.  Last year in December 2010, it was 32%.  So nationally, the amount of distressed home sales are up compared to this time last year.  With median home prices being so low, this is a great opportunity to buy a home with a great interest rate and a very affordable price

 


Inventory

 

Home sales rose and inventory shrunk caused the Months supply of inventory t shrink to 8.1 months.  That number is below where it was last month (down 1.4 months).  The inventory is above last years number by .9 months. a this time last year.  This number is still higher than the ideal.  But, it's in a steady improvement from the 12.5 months peak in July.

 


 

Interest Rates

Interest rates are steadily rising.  They are still in historic low territory, by with an economic recovery, it's best to be prepared for interest rates to rise.  The Month finished out with a 30 year fixed being 4.81%.  A 15 year fixed was 4.08%.

 


This Month in Louisville Real Estate is inspired by Keller William's This Month in Real Estate

 

 

 

This Month in Louisville Real Estate: February 2011

So What Happened to Louisville Real Estate in the Month of January?

In January, 580 homes sold in Louisville, Kentucky.  That is down from 657 homes sold in January of 2010.  However, the average price of homes sold in January 2011 was $158,920 compared to an average sales price of $154,038 in January 2010.  So, even though less homes sold, on average, they sold for more money.

 

What happened Nationally in January?

The Lynn Thomas Real Estate Team would like to thank our clients, Michael Carnes, Katie Martin and LeAnne Lee for choosing our team as their real estate professionals.  We are truely grateful for their trust during such an important time in their life.  It was our pleasure to serve them.


Barry's Bits

Al Davis is one of the wealthiest man in the country.  He owns the Oakland Raiders.  In the locker room one year right after the Raiders won the superbowl, a reporter asked him, "Mr. Davis, You seem to have the Midas Touch.  Your football team just won the superbowl, all your restaurants are successful and your real estate investments paid you millions.  To what do you attribute your success?"  Mr Davis responded, "I coach and teach everyone by the same philosophy.  Never say never and never say always.  It's better to be right at the moment than it is to be consistent."  The room stopped and grew deathly quiet.  "What does that mean?" asked the reporter.  "Let me explain with a football analogy", he quipped.  "A coach can pull a player off the field, grab him by the helmet, scream at him and that player will run back out into the field and score a touchdown.  That same coach could grab a different player, scream at him and that different player might drop down into the fetal position.  Every person is different.  Every situation is different.  Each moment is unique.  A good teacher and coach understands this and motivates in different ways based on the person and the situation.  It's better to be right at the moment than it is to be consistent."

 


The housing market is recovering. As more home buyers are taking advantage of the improved affordability conditions. With mortgage rates hovering around recent record lows and home prices having generally stabilized, economists are expecting an upward trend to a healthy and sustainable level in 2011.

 

 

Encouraging signs are showing up across the economy. Retail sales recently hit their highest level since before the recession. Key measures of small and big businesses’ optimism marched back up to pre-recession levels and new claims for jobless benefits are trending lower. Together they bode well for steady job creation and improved consumer confidence which is generally manifested in more spending.

As the economy improves, current stimulus efforts by the government and the Federal Reserve Board are expected to gradually wind down. Meanwhile, serious buyers stand to benefit from historically favorable buying conditions.


Home Sales

Existing home sales resumed on an upward trend since bottoming in July. Sales activity rose to a seasonally adjusted annual rate of 4.68 million in November. This was up 22% from July and 5.6% above the 4.43 million level in October, but remained 27.9% below the 6.49 million tax credit rush a year ago. As steady job creation is expected to continue, industry experts are hopeful for 2011.

Home Price

Home prices continued to stabilize. Median home prices edged up slightly to $170,600, 0.4% above year-ago levels. Distressed homes have accounted for a fairly stable market share, representing 33% of sales in November. This is on par with the 34% in October and 33% in November 2009. Historically favorable interest rates, coupled with stable home prices, continue to offer advantageous buying opportunities .

Inventory

The number of homes on the market continued to decline. Total inventory fell to 3.71 million in November from 3.86 million in October. This reflects the increasing response from buyers to improved affordability conditions. As lending standards return to historical norms and consumers become more confident about their financial situation, more people will be able to buy their first home, move up, or invest.

Affordability

Housing affordability set a new record in November. The relationship between mortgage rates, home prices, and family income is the most favorable on record for buying. The home price-to-income ratio, currently at 13.5%, continues to remain well below the historical standard. Stabilizing home prices and rising interest rates are expected to begin drawing affordability back up toward more normal levels.

 Source: National Association of Realtors - October housing data released December 22.

Interest Rates

Mortgage rates are inching up but remain historically low. This trend continues to support home buying as it translates to significant savings for buyers. As overall economic recovery remains on track, rates are expected to rise to keep inflation in check.

Type Rate
30 year fixed 4.77%
15 year fixed 4.13%
5/1-year ARM 3.75%
30 year average for a 30 year fixed rate mortgage 8.9%

 Source: Freddie Mac, Rates as of Jan 7.

This Month's Video

  


This Month in Louisville Real Estate January 2011

This Month in Louisville Real Estate-December

Now let's look at what happened in Real Estate Nationally in December.

Market Update

The housing market continues its uneven and gradual recovery without the aid of the tax credit. Experts believe this will be the trend moving forward. Interest rates hit another record low but have started moving back up as the overall economy improves.

Despite a less-than-expected employment report, consumers seem to be feeling brighter about the future. While the Consumer Confidence Index about the Present Situation rose only slightly, the Expectation Index showed substantial improvement. As we enter into the holiday gift-buying season, consumers are expected to be out shopping and buying more gifts for under the tree this year. Reports indicate a 13-24% increase in retail sales from last year. Consumer spending accounts for about half of all economic activity in the US; as long as consumers are spending and using debt responsibly, this is a positive indicator for economic growth.

This march back up continues to provide excellent opportunities: an ample selection of homes, affordable prices, and historically low interest rates. Experts anticipate both the economy and the housing market will continue on a path to a complete recovery.

Home Sales

Home sales dropped slightly in October, compared with the previous month, despite a temporary moratorium on foreclosures, which have recently represented more than one third of sales activity. Sales were up 15% from July when the tax credit expiration caused a drop-off in sales. The most significant indicator of a market rebound, however, appears to be the October pending sales report. A 10.4% increase in pending sales, which measures homes under contract, signals stronger home sales activity in the coming months as the homes under contract close.

Home Price

Home prices have shown considerable stability when compared with the previous several years. October’s median home price declined slightly, down less than 1% from the previous month and year. A recent study shows an increased interest in smaller homes. Smaller homes often mean smaller price tags, depending on location. While the market currently provides many opportunities for buyers, sellers look forward to the general trending upward of home price as the market’s stability without government support grows deeper roots.

 

 

This Month in Louisville Real Estate-December

 


 

Right now is the right time to buy a home in Louisville Kentucky.

For current and updated information about buying a home in today's louisville real estate market, click on Keller Williams Realty's 7 Reasons Why Now Is a Great Time to Buy a Home! and The Wall Street Journal’s 10 Reasons to Buy a Home 

This Month in Louisville Real Estate-November



This Month in Louisville Real Estate October



This Month in Louisville Real Estate September


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$4,600,000
Bedrooms: 4
Baths: 4
Approx Sq Ft: 6200
3901 Greenhaven Ln
Goshen, KY 40026
MLS #: 1483708
Outstanding Hwy 42 estate/horse farm. Rare opportunity to purchase established horse property with beautiful country home. Main home is in idyllic setting...
To See this Home, Call At Home In Louisville Real Estate Group at (502) 653-3577 to Schedule a Showing. Or, Send us an e-mail at Kathryn@AtHomeinLouisville.com to inquire about this property.
Listing provided courtesy of Weichert Realtors-H. Barry Smith Co.
$4,425,000
Bedrooms: 4
49 Rogers Rd
Milton, KY 40045
MLS #: 1483715
From the first time I was introduced to this Magnificent property I have been blown away by the Tremendous Vistas, Historical Heritage and natural flow of the...
To See this Home, Call At Home In Louisville Real Estate Group at (502) 653-3577 to Schedule a Showing. Or, Send us an e-mail at Kathryn@AtHomeinLouisville.com to inquire about this property.
Listing provided courtesy of Semonin Realtors
$3,300,000
Bedrooms: 4
Baths: 6
Approx Sq Ft: 7238
5505 Juniper Beach Rd
Louisville, KY 40059
MLS #: 1483481
Subdivision: juniper beach
Welcome to ''The River Garden House''. This contemporary masterpiece overlooks the Ohio River and has it all! Three massive levels of living space above a 4...
To See this Home, Call At Home In Louisville Real Estate Group at (502) 653-3577 to Schedule a Showing. Or, Send us an e-mail at Kathryn@AtHomeinLouisville.com to inquire about this property.
Listing provided courtesy of Keller Williams Realty Louisville East
9300 Deepa Dr Prospect, KY 40059
$2,400,000
Bedrooms: 6
Baths: 8
Approx Sq Ft: 9800
9300 Deepa Dr
Prospect, KY 40059
MLS #: 1483137
Subdivision: wolf pen estates
To be built by Wolford Built Homes in prestigious Wolf Pen Estates. Situated on 5 private estate acres. Price includes in ground pool, over 9800 sq ft of...
To See this Home, Call At Home In Louisville Real Estate Group at (502) 653-3577 to Schedule a Showing. Or, Send us an e-mail at Kathryn@AtHomeinLouisville.com to inquire about this property.
Listing provided courtesy of Gilezan Realty
$1,925,000
Bedrooms: 6
Baths: 8
Approx Sq Ft: 10499
202 Waterleaf Way
Louisville, KY 40207
MLS #: 1482707
Subdivision: mockingbird gardens
An absolutely stunning renovation by award-winning homebuilder/remodeler Carl Baker of Sterling Development was just completed on this 10,500 square feet...
To See this Home, Call At Home In Louisville Real Estate Group at (502) 653-3577 to Schedule a Showing. Or, Send us an e-mail at Kathryn@AtHomeinLouisville.com to inquire about this property.
Listing provided courtesy of Re/Max 100
$1,900,000
Bedrooms: 6
Approx Sq Ft: 50586
2612 S English Station Rd
Louisville, KY 40299
MLS #: 1483114
LOCATION,LOCATION,LOCATION.. in the center of FLOYDS FORK PARK system is a remarkable Equestrian Center that features 78 stalls, 2 indoor riding arenas with...
To See this Home, Call At Home In Louisville Real Estate Group at (502) 653-3577 to Schedule a Showing. Or, Send us an e-mail at Kathryn@AtHomeinLouisville.com to inquire about this property.
Listing provided courtesy of Exit Realty Crutcher
$1,750,000
Bedrooms: 3
Baths: 3
Approx Sq Ft: 4955
222 E Witherspoon St
Louisville, KY 40202
MLS #: 1483126
Subdivision: waterfront park place
EXQUISITE LIVING IN THIS HIGH RISE CONDO WITH SWEEPING VIEWS OF THE OHIO RIVER AND CITY. WITH APPROX 5000 SQ FEET OF LIVING SPACE - THIS DESIGNER READY HOME...
To See this Home, Call At Home In Louisville Real Estate Group at (502) 653-3577 to Schedule a Showing. Or, Send us an e-mail at Kathryn@AtHomeinLouisville.com to inquire about this property.
Listing provided courtesy of Gant Hill & Associates, Llc
$1,495,000
Bedrooms: 7
Baths: 6
Approx Sq Ft: 7474
5805 Glen Park Rd
Louisville, KY 40222
MLS #: 1482905
Subdivision: glenview place
A hint of Tuscany in this limestone arched entryway beckons you to great things inside! Stunning custom build by Blacketer with 'one knife' millwork throughout...
To See this Home, Call At Home In Louisville Real Estate Group at (502) 653-3577 to Schedule a Showing. Or, Send us an e-mail at Kathryn@AtHomeinLouisville.com to inquire about this property.
Listing provided courtesy of Kentucky Select Properties
$1,245,000
Bedrooms: 4
Baths: 4
Approx Sq Ft: 4900
711 Brooks Ln
Simpsonville, KY 40067
MLS #: 1483223
Welcome To 711 Brooks Lane! Beautiful Craftsman Style Home Located On The West Side Of Simpsonville with 15 Private Acres. Property has four board fence and...
To See this Home, Call At Home In Louisville Real Estate Group at (502) 653-3577 to Schedule a Showing. Or, Send us an e-mail at Kathryn@AtHomeinLouisville.com to inquire about this property.
Listing provided courtesy of Re/Max Performance Realty
$1,225,000
Bedrooms: 3
Baths: 3
Approx Sq Ft: 2262
3160 Todds Point Rd
Simpsonville, KY 40067
MLS #: 1483316
Welcome to 3160 Todds Point Rd featuring 140 acres of gorgeous Simpsonville, Kentucky land! The property has a 3 Bedroom, 2 Bath ranch home with 2262sqft of...
To See this Home, Call At Home In Louisville Real Estate Group at (502) 653-3577 to Schedule a Showing. Or, Send us an e-mail at Kathryn@AtHomeinLouisville.com to inquire about this property.
Listing provided courtesy of Torrey Smith Realty Co., Llc
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