Welcome to the June 2018 Louisville real estate report. We publish this report each month. Now that June is behind, we now have all the Louisville MLS regions updated through the first half of 2018. That means our Quarterly Reports are also available to you.
Did I mention that it’s free? Yes, it is. You won’t find specific data and analysis covering Louisville real estate anywhere else. Enjoy!
Lack of housing inventory continues to be a problem citywide. For the most part, it’s not an issue for homes $500,000 and up because there’s still a good number of these houses out there.
Let’s look at it this way. Currently, there are 2,410 active listings in Jefferson County. 1,479 or 61% are listed for $200,000 or more. 17% are priced at $500,000 or more!
There is a large number of home buyers are looking at homes priced between $160,000 and $200,000 and there are only 207 of those homes available for consideration.
It’s good to see the absorption rate increase but we need it to double! Mortgage rates continue to be incredibly low so it continues to be a great period of time for real estate.
June 2018 Louisville Real Estate Report
Prices have now dropped back down moving the trendline to a fairly flat position. Home sales are keeping pace in the Highlands MSL area. Have to think there are some good values to be found… if you can find them.
Home sales are just a little shy of the previous year but still quite strong. The average St. Matthews home sale price has risen to its highest point… EVER!
Similar story here in our Okolona and Fern Creek MLS area as sales dip slightly while prices continue to move higher.
After a weak May, June bounces back a bit with both metrics moving higher.
April and May beat the previous year but June couldn’t hold serve. Overall home prices just keep increasing though. I don’t look for this to change any time soon.
There’s a big swing in prices from February to April and that keeps happening. Home sales can’t keep up, however. This is probably the most surprising thing in this month’s report.
Homes sales in North Oldham county have jumped in June! Prices are barely increasing and it looks like buyers took notice.
South Oldham real estate couldn’t match last year’s high watermark in terms of home sales. Prices dip slightly in June but overall growth is solid.
Quarterly LHB Housing Reports
All of the quarterly Louisville real estate reports are now updated through Q2 of 2018. If you have any specific questions, please let me know.
- Central Downtown District, Old Louisville – Area 0
- Downtown, Old Louisville, West Louisville – Area 1
- Pleasure Ridge, Valley Station, Shively – Area 4
- Auburndale, Fairdale, Iroquois Park, Shively Homes – Area 5
- Bullitt County – Area 11
- Spencer County – Area 19
- Shelby County – Area 30
Jefferson County Housing Report
That’s the second straight month where home sales couldn’t keep pace with the previous year. Last June 1,271 homes were sold. This year just 1,164 properties exchange hands. That’s a drop of 8.42% and makes it increasingly clear that we won’t be breaking any home sales records in 2018.
Year-to-date, we’re more than 300 home sales behind in Jefferson County.
On the flip side, the price of homes sold jumped considerably. For June 2018, the median sale price was $192,500. Last year, this number was $182,000. That’s pretty big!
It’s clear our market still needs more inventory. If you’re interested in what your Louisville home would sell for, please contact me. I’ll provide you a full CMA at no charge and leave the decision to you. Not all Louisville Realtors will do that. Check out my Google reviews by simply entering “Tre Pryor” and click “View all Google reviews.” All 5-stars… not too shabby. I still some of my 2018 promotional incentive that will save you a great deal of money if you’re interested.