Late updates from April lead to a significant increase in sales from what was reported last month. When this information is combined with May sales, the Inventory Index is starting to look pretty good.
Compared to last year, fewer sellers are putting their Bullitt County homes on the market. This is helping keep the inventory levels reasonable and prices stable.
The good news is tempered by still tightening lender standards which continue to make it harder for prospective buyers to get loans. A recent move by lenders to cut available balances on credit cards and home equity loans is also going to hurt. As credit limits are lowered, credit scores generally drop. Buyers may want to check with their lenders to make sure that they are not negatively impacted by any of these changes.
The good news for buyers is that selection continues to be great. Sellers are updating properties before listing them and it is easy to find a fairly priced property in move-in condition.
Without further ado...
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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Bullitt County Real Estate agent please email me or call 502.921.3989.
I specialize in the following areas of the Metro Louisville Area: Prospect, Middletown, Jeffersontown (J-Town), Fern Creek, Okolona, Shepherdsville, Mt Washington, Hillview, Brooks and Pewee Valley. Click the following links to learn more about Louisville and Bullitt County Real Estate or to Search for Bullitt County Homes
Kentucky has been on the upfor awhile. It is one of the 40 US states that had price appreciation in 2007.
Kentucky was 20th in US House Price Appreciation in 2007.
Hi Erik;
Great new for your market area, thank you for sharing.
Anthony
Heath - Thanks for the link. KY never had a bubble, so there really was no 'pop' either. The Louisville Metro Area has seen consistent 3-5% price growth over the last several years. While sales volume is off this year, our price growth continues.
Anthony - Thanks for stopping by. The news is good and we need to spread the message. Too much attention is placed on the downfall in a few markets and not enough is being said about the relative stability of other areas. Louisville and Bullitt county are both excellent places to buy and sell homes right now.
Here in Sacramento, we had 29.9% more houses sell in May, than for the same month a year ago. However, our prices were 30% lower for the same period.
Myrl Jeffcoat
http://www.myrljeffcoat.com
Myrl - both of those numbers are staggering when compared to the Louisville area. I guess the good news is that you are working through the inventory. I assume that investors have returned to the market.
Erik said: Myrl - both of those numbers are staggering when compared to the Louisville area. I guess the good news is that you are working through the inventory. I assume that investors have returned to the market.
Myrl said: So TRUE! The first time I noticed the increase in the number of sales, I realized that buyers were returning to the marketplace. Prices should soon stabilize, and once current inventory has cleared, things "ought" to be more normal once again!
Myrl Jeffcoat
http://www.myrljeffcoat.com