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Surprises in the Central Kentucky Housing Market for 2011 - Good News or Bad News?

By
Real Estate Agent with Rector Hayden, Lexington, Ky

Good News or Bad News?  Central Kentucky Home Sales for 2011Houses decreasing in size

The number of homes that sold in Central Kentucky the last six months of 2011 took a significant jump up in 2011.  However the price of the average home sold in Central Kentucky for 2011 took a significant drop.

If you are a buyer that is certainly good news provided you have credit scores that will allow you to secure a loan.

If you are a seller that may be bad news.  If you have been waiting to sell, hoping prices to rise,  you may need to wait a few more years.  There are still a lot of Central Kentucky distressed properties that could continue to draw the market down.  On the other hand there are also hyper local markets where prices haves started to climb.  You really must have me come to your home and do a highest market analysis if you want to know the selling price of your home.

The average selling price of homes in
Central Kentucky  was down four percent, almost $6,000 lower than in 2010.  The prices of homes in 2010 in Central Kentucky was up $3.646 or 2.5 percent.  The dip in home prices in Central Kentucky this year may be surprising to many but there is a simple explanation. Average sales price of homes in Central Kentucky the Past 3 years.

The tax credits given away to buy homes in the first half of 2011 pushed home prices up.  There were many buyers who were enticed to buy in 2010 and this artificially pushed prices up.  

So what will happen this year to prices of homes sold in Lexington and the surrounding counties?   I wish I knew.This is what we do know.    

  1.     There are a large number of bank owned homes still coming on the market.
  2.     Interest rates are historically low.
  3.     This is an election year which means the politicians will not want to do their best to entice their voters.
  4.    The large numbers of homes on the market in Central Kentucky continue to create a buyer's market.  

Give me a call if you would like a highest price market analysis of your home or if you would like me to set you up a search to watch what is happening to home sales in your neighborhood.

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Paul Campbell

The Jubilee Team of Rector Hayden Realtors

Lexington's Green Thumb Realtor

The Jubilee Team,  Paul Campbell and Dorothy LaBar

Paul's Contact Info:  859.684.5890   pcampbell@rhr.com

Dorothy's Contact Info:  859.608.0724  dorothy@rhr.com

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