Louisville Housing Market Update Feb 2012

Louisville Home Sales Increased 25.9% in Feb 2012 over Feb 2011 and Average Selling Price Increased 2.92%.

Louisville area real estate agents posted 773 sales during the month of February 2012, a 25.9% increase over February 2011. February’s total sales continued an eight-month trend of outpacing the same period last year, which posted 614 sales during February 2011. The average selling price paid for single family and condominium homes in February was $157,891, up $3,285 from January, and up 2.92% from the same period a year ago.  

Inventory, or the number of homes listed for sale, fell to 7,286 in February, a slight decline from January’s 7,331. January’s inventory snapped a 12 month declining trend, and rose to 7,331 units, from 7,294 in December ’11 and 7,825 in November ’11. The number of homes for sale continues to exceed a similar period last year, which posted 6,829 active listings for February 2011. That said, the current supply remains one of the lowest in the past 12 months. GLAR’s inventory of active listings stands at a 9.4 month supply; inventory levels near a 6 month supply are often associated with an in-balance market.  

Overall, area agents continued the strength of the 1st quarter 2012 with a surge in February sales volume, when compared to the 1st quarter of 2011. The current month’s sales reflect a 25.9% increase over February 2011, following January’s 12% increase in sales volume when viewed against the same period last year. Market segment performance varies, but in sum, the warm start to 2012 continues to offer a few degrees of positive news.