Keeping Track of Louisville Home Sales

Last year was a banner year for Louisville in terms of number of homes sold. Guess what? 2017 may be even better. Insider Louisville reports that to date, 2017 is slightly ahead of last year in terms of homes sold through the end of August. What’s surprising is that this year is doing so well in spite of a declining housing inventory. 

High Demand, Low Supply 

Buyer demand for homes is high, but the supply has dwindled in our area. In August 2016, the absorption rate was 2.95. (Absorption rate is calculated by dividing the number of sales in a given month by the number of available homes for sale. It is the inverse of months of supply.) Our current rate is even worse, at just 2.5 months of inventory. 

It Pays to Own a Home 

We’ve often touted the benefits of owning a home (link to “owning vs. renting” blog post). It’s never been more true than now. Last August, trend-line values for homes on the market were $155,936. This August, we saw a 7{459c3f97d3807641e44bb01632b2f91916cef314d016c0f749c2f3d2b32b4e27} gain, with values at $166,837. That’s above the typical 4{459c3f97d3807641e44bb01632b2f91916cef314d016c0f749c2f3d2b32b4e27} annual appreciation for Louisville real estate. 

The Good News 

The supply of available homes may be decreasing… but that’s not a problem among our communities. We have nine communities in East Louisville with plenty of homes available right now, including a variety of home choices for all types of buyers. Interest rates remain at historic lows, making it an excellent time to purchase. And with home values on the rise, it really does pay to own your home. 

We Have the Home For You 

Find your perfect home on our website – or visit one of our neighborhoods and take a tour through our models. We would love to show you around and show you how easy it is to buy your new home with Elite. 

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