Home : Blogs : Bradley Long : Bradley's Blog

Third quarter real estate roundup

The local real estate activity slowed considerably in the third quarter, with sales down and inventory escalating dramatically. It would appear that we are currently experiencing a buyers market. The reasons for this are a little hard to figure out considering that we haven't experienced any major negative economic news and mortgage rates continue to be very attractive. Personally I think that the continued barrage of bad news from the media and that the third quarter was the period leading to the elections has caused a lot of uncertainty.

Third quarter Single family home sales declined 9% in Jefferson County, -19% in North Oldham County, -27% in South Oldham County, -5.23 in Shelby County, -14% in Spencer County. Bullitt County however had a sales increase of almost 9% (YEA). There were some bright spots in the Louisville Metro area with units sold up 7.14% in the Middletown - Anchorage (area 8) and average price up $4320. The Highlands had a sales decrease of 3% in homes sold, however the average homes selling price was up $19145 or 11.32%.

Posted by Bradley Long on 11/27/2006 07:28 AM

Comments (7)

louisville, jefferson, market conditions, statistics, kentucky, sales

This post has been included in Kentucky Information Jefferson County, KY Information Louisville, KY Information

7 Comments on Third quarter real estate roundup

I think people are scared about house values dropping. The media has had a helping hand in this!

Right now in the Las Vegas market it is an excellent time to buy. Permits are DOWN 20.5% this year. September permits were at lowest levels since pre 1994. We still have around 7K people moving here every month, buying is still at 2002-2004 levels. The market is bound to turn somewhere between summer and the end of2007.

I have been tellling people who want to list but aren't motivated to just hang in until summer.

11/27/2006 07:35 AM

by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

This is the same situation here in the Atlanta market. Home prices are decreasing due to the buyers market.

11/27/2006 07:49 AM

by Jennifer K Giraldi, Atlanta REALTOR® Atlanta Real Estate Expert (Solid Source Realty Atlanta)

Our market in NH is down considerably as prices here escalated to unforseen highs over the last 10 years.

It is all about supply and demand. The more homes that come on the market and if no one is there to purchase them then prices will come down.

Interests rates are still down unemployment is low. What is needed to bring back the housing boom?

Lower housing prices and costs for materials. Lower fuel costs and less inventory. The demand for housing will return when prices have receded to a point where more people can afford them.

We need more affordable housing.

In conclusion high prices for housing and oil prices escalating to record highs in August of '05 have stalled the housing boom.

Just my 2 cents.

Thanks Jay

11/27/2006 08:01 AM

by Jay McGillicuddy~Real Estate Broker (Prudential Verani Realty)

Thanks for the comments guys! I am just getting started in this blog thing and I'm sure making some mistakes.

Renee, I'm glad to know that there is someone that gets up as early as me.

Brad

11/27/2006 08:14 AM

by Bradley Long (Keller Williams Realty, Louisville East)

Welcome to our Reality in Florida! We have been suffering for most of the year when the bottom fell out here in January. Homes under 250K are selling. Those priced over $300K are not. It has been a lean year for many Realtors this year. Recent activity has improved as prices receed and sellers come to the realization that they have to compete with lower prices to get get the sale. I hope you get through it OK

11/27/2006 09:00 AM

by Allison Stewart REALTOR ®St. Cloud Florida (Florida Pines Realty, Inc)

Brad the call our market in South Florida a buyers market because of inventory the problem is you need buyers to be a buyers market

11/27/2006 10:27 AM

by Bob Pavey,CRS (RE/MAX Hometown)

Please consider suggesting to sellers they consider offering temporary rate buydowns to increase the eligable buyer pool for their property.

Greg Zaccagni

http://localism.com/article/114288/Mortgage-Buydowns-can-save-money-for

07/21/2007 08:59 AM

by Illinois Mortgage Lender Greg Zaccagni (www.MortgageAdvisor.info)

Leave a response…

Name:

Notify me of new comments:

Comment:

What does the graphic say?