There's been a lot of talk about how Louisville housing market indicators have shown 2011 to be quite disappointing. While Oldham County showed some noteworthy improvement over the previous three years, Jefferson County lags far behind. (The March report will be published next week on InsiderLouisville.) Forecasters use many data points to try and predict future behavior. This is just as true for the real estate market as it is for the stock market or even sporting events. One of the key data points is new housing starts which the National Association of Home Builders tracks by looking at building permits. The following chart shows building permits for Louisville, KY and the nation.
Building Permits for Single-Family Homes
| YTD Feb 2011 | YTD Feb 2010 | YTD % Change | All 2010 | |
| Louisville KY | 220 | 270 | -20% | 2,000 |
| United States | 53,000 | 65,800 | -19% | 447,000 |
It's disappointing that there aren't more new starts, but it does show that Louisville is tracking the national average. Other cities of interest are:
- Knoxville, TN: +2%
- Memphis, TN: -2%
- Nashville, TN: -25%
- Indianapolis, IN: -34%
- Cincinnati, OH: -36%
- Lexington, KY: -37%
Other than Knoxville, the data indicates that new housing activity isn't increasing in most of the U.S. For homes that are already built or proposed, however, there's some opportunity for buyers. A spec home, or house built without a buyer on contract, is currently a great opportunity for better than average deals. Our Greater Louisville MLS currently has 312 zero-age home listings. (A portion of these homes are proposed and not completed.) The following subdivisions, located in Jefferson and Oldham County, have more than two new construction homes for sale:
- Arbor Wood [7, $186k-$245k]
- Bannon Crossings [4, $142k-$206k]
- Beech Spring Farm [7, $311k-$750k]
- Bridges of Razor Creek [6, $283k-$404k]
- Cedar Glen [6, $156k-$221k]
- Cedar Meadows [3, $145k-$179k]
- Chatham Park [4, $173k-$270k]
- Cherrywood Place [3, $186k-$212k]
- Cooper Farms [5, $146k-$203k]
- Cottages of Crestwood [4, $209k-$253k]
- Coventry Place [3, $289k-$299k]
- Falcon Ridge [3, $252k-$260k]
- Fawn Lakes [4, $126k-$147k]
- Flatrock Ridge [4, $200k-$265k]
- Glen Lakes [7, $320k-$380k]
- Grand Oaks [4, $339k-$474k]
- Greenridge Estates [3, $130k-$141k]
- Grey Ledge Condominiums [3, $268k-$283k]
- Lake Forest Highlands [3, $312k-$415k]
- Little Spring Farm [4, $332k-$425k]
- Locust Creek [7, $399k-$790k]
- Longwood [2, $548k-$770k]
- Meremont [5, $399k-$559k]
- Monticello Place [4, $278k-$375k]
- Norton Commons [9, $409k-$639k]
- Oak Hill Estates [3, $259k-$289k]
- Orell Station [4, $204k-$240k]
- Polo Fields [7, $243k-$294k]
- Poplar Woods Estates [3, $592k-$749k]
- Primrose Meadows [4, $132k-$177k]
- Rock Springs [10, $400k-$640k]
- Sanctuary Bluff [6, $429k-$685k]
- Saratoga Springs [5, $330k-$469k]
- Shakes Run [6, $324k-$476k]
- Southern Breeze [3, $395k-$400k]
- Sunset Gardens [11, $124k-$156k]
- Williamsgate [4, $219k-$265k]
You may also be interested in viewing all the active listings by county:
- New Construction in Jefferson Co.
- New Construction in Oldham Co.
- New Construction in Shelby Co.
- New Construction in Spencer Co.
- New Construction in Bullitt Co.
Feel free to bookmark any of the linked pages as they will be automatically updated with new listings as they come onto the market. All information is deemed accurate but not guaranteed or warranted.
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