Louisville Housing Market Reports for April 2011

5/3/2011 – Other than Areas 3 and 21, the majority of the Louisville real estate market is showing home sales trail the previous year. We should always take weather into consideration when evaluating home sales activity and April was the rainiest on record. It’ll be interesting to see if May makes up for April’s lack of home sales or will it continue to the less than impressive trend.

When sales slow down home prices generally improve at a greater rate than an areas’ traditional projection but this isn’t the case for April in most areas measured. Another sign that the Louisville housing market is still not “out of the woods” as some claim.

Monthly Reports: Period Ending April 2011

Home sales were just behind April of the previous year but home prices took a dip. After trending upward for most of the year this fall has brought the 1-year trend-line down with it; not a positive change.

If there was a superstar in Louisville real estate it would be Area 3. Not only are transactions holding pace with the previous year but home prices are dramatically improving! In a market that’s dragging this area is a true bright spot and one that should be a model for other mature areas seeking a rebirth.

Unlike Area 3, this area has been moving lower for some time now as activity is relocating to other parts of the city. Prices got a bit of a bump but nothing significant and home sales continue to trail the previous year.

This area showed great promise a few year ago with some higher end neighborhood growth and commercial development but this past season of life has been less than stellar. Prices rebounded in April but home sales down more than 21% from 2010.

All but a couple of MLS areas are showing sales lag behind the previous year and Area 8 follows suit but at least home prices are moving up in the last two months after a dismal 7 month showing.

Area 9 is performing better than the Louisville market as a whole. Even though sales are trailing the previous year, prices are trending upward at a better rate than any other area not name Area 3.

A disappointing April for Area 20 but only a few areas can claim otherwise. Home prices are roughly where they were a year ago and home sales are stagnant.

One of only 2 of our monthly reports to show sales up over the previous year, Area 21 is at least showing a little positive growth even though home prices are flat. I’ll take any good news where I can find it these days.