A variety of factors go into both home values and home sales here in Louisville, KY. As I chart these monthly market reports, it’s occurred to me that one factor I had not considered is something that effects the entire housing market—the number and average costs of new construction.
New home builders build what the market wants. Lately, the market wants smaller, more energy efficient homes. Gone are the days of the McMansions.
Overall home prices haven’t dropped by a huge amount, as inflation will certain push costs higher, but it is a force, especially on our areas with more new construction like Areas 20 & 21.
Note: Below you’ll find our monthly reports for the following Louisville housing markets. These charts display Louisville home sales and Louisville median home values with a trend line. Each chart relates directly to an “area” as defined by the Louisville MLS.
Monthly Reports: Period Ending March 2011
Strong month for Area 2, the first of our monthly market reports, in both median home prices and sales. The value trend-line appears to be steadily moving upward. After a down February, March sales matched the previous year.
March was not a bad month for Area 3 but home prices did level off from the previous month. Home sales only slightly lagged behind the previous year. This is one of the more healthy MLS areas in Louisville.
Like Area 3, Area 9 continues to be one of the more vibrant spots in this real estate market. Slow and steady home value improvement continues throughout the past 12 months and sales are good. Still not a home run but runners are in scoring position.
After three down months, home prices bounced back to balance the trend-line. Activity is slow minimal but hopefully Spring will bring out all the buyers who’ve been hibernating through the housing recession.
Quarterly Reports: Period Ending March 2011
Also see the quarterly market reports for the following MLS areas:
- Area 0: Central Downtown District/Old Louisville
- Area 1: Downtown/Old Lou./Shively/West Lou./Butchertown
- Area 4: Pleasure Ridge/Valley Station/Shively
- Area 5: Auburndale/Fairdale/Iroquois Park/Shively
- Area 11: Bullitt County
- Area 19: Spencer County
- Area 30: Shelby County
That’s it for this month! Please check back next month for more Louisville home sales charts.