2/5/2013 – The new year has started off with a bang! While not all Louisville real estate areas saw improvement in home sale prices, they all saw strong growth in the number of homes sold during the month.
Oldham County, in particular, has very strong months for home sales as is reflective of the increase in new construction in and around Louisville. We highlighted this improvement in a piece last year, that talked about the increase in Louisville building permits.
If this phenomenon continues, expect Oldham, Shelby and Bullitt to show strong increases in the number of homes sold in coming months.
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Louisville Real Estate Reports (period ending January 2013)
Louisville MLS Areas MapArea 2 hasn’t seen a great deal of improvement in home prices over the past year, and January is no different, but I expect that to change over the course of 2013. Home sales in this area are up nicely over January 2012.
This MLS area has actually been performing quite poorly of late, which might be explained by an earlier overreach as this is a prestigious part of Louisville and it’s real estate is generally sought after. Sales activity was up the last part of the year but has cooled for two months.
Area 6 has seen values up and down. Homes are in a better position now than they were a year ago, but December and January did little to improve them. Home sales are improved over this month last year but not by a large margin.
I keep saying this but Area 8 has been mirroring Area 7 a lot lately. Both are seeing home prices improve at a healthy pace along with home sale activity beating out the previous year. Pretty strong month for this area.
More like it’s neighbor, Area 3, this area isn’t performing as well as much of Jefferson County. January too a huge drop as the median home out of the 70 sold for the month was only $174,000—sure to further diminish the trend. Home sales were marginally up from the previous year.
After a price slide that began in August, the past three months have seen prices return to more consistent levels, with January even improving on that. The real story is home sales! Only 19 homes were sold in this area last January, but 40 were sold during January, 2013. That’s an incredible improvement even with a small sample size.
Super consistent Area 21 saw a poor performing January start to push the home values trend line lower. Like it’s sibling north of I71, home sales, however, are astounding, up huge over the previous year.