Louisville Kentucky Real Estate Sales Prices

While the Louisville Kentucky real estate market was spared the big spikes and dips that other markets had with the housing bubble, Louisville home sellers have had their share of difficulties. People in Kentucky are hoping for a real estate market recovery.

Real estate sales in Louisville Kentucky were highest in 2004, 2005, 2006 and 2007 with over 10,000 houses selling per year during those years. Then in 2008 the year got off to a very slow start, and by the time spring and summer came, which is when sales tend to trend up, the number of homes sold did not increase to usual summer levels. And then in the winter of 2009, the number of houses selling per month was merely a quarter of the total selling in the summer months of 2007. Then the tax credits started encouraging people to purchase houses again, and the sales rebounded. In 2010 and 2011 sales were steady. In 2008, 2009, and 2010 approximately 8000 houses sold per year in Louisville. While the market went through highs and lows in number of properties sold, the average house sale has stayed between $157,705 - $167,065 in all years from 2008-2011. Louisville real estate consultants anticipate 2012 will not be considerably different regarding the number of houses for sale in Louisville or the average sold price.

There is positive news to be reported also. The Louisville area has usually been a quite affordable place to live in relation to the median income of residents. And the other positive news is that there are always plenty of houses to choose from. On average, about 11% of the houses for sale in Louisville sell each month, leaving 89% still for sale.

To increase the chance of a house selling, some home sellers are adding new carpet, fresh paint and new faucets and handles to set their homes apart from the competition for home buyers. In the earlier years when houses sold faster, buyers were less selective about the condition of the house. They would buy a house with outdated paint or plumbing fixtures and then make the changes after purchasing the property. But with so many homes to choose from now, and properties being on the market longer, buyers expect a house that is move in ready. Most real estate agents agree that updated homes sell quicker than similar houses that are not updated. Still, the most influential element is price and competition which varies by neighborhood. If the supply of homes for sale in Louisville is greater than demand, price will be affected. Consequently when attempting to sell a home in a certain neighborhood, the amount of homes for sale now and the amount of properties sold in a neighborhood should be analyzed frequently and adjustments made to the price of the house accordingly. Houses that are priced right for the area will sell in any Louisville real estate market.

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