2013 July Report: Boone County KY Single Family Home Market Trends

Welcome Boone County, Kentucky home buyers and sellers!  Let's take a look at how the 2013 summer inventory is stacking up for the Boone County area as we start into this cloudy 2nd day of July.

Today we have 613 single family homes for sale in Boone County  KY with a median list price of $81,000. The average "days on market" expectation for these homes before they sell is now at 64 days, so sellers take note.  We also should point out that there are currently 288 Boone County sales PENDING right now, with a median sale price of $79,900 and an average days on market of 71.

Contrasting these stats with July 2012, we find that while the inventory is definately way down from last year's stats (July 2012 there were 716 homes for sale...a whopping 103 more than this July!), the median list price is slightly higher by a few thousand than one year ago with the average days on market just slightly less by a few days.  Overall, the stats prove that Boone County KY is reflecting a price stabilization with a slight tick upwards.  While we are seeing slightly different results in some of the individual cities within Boone County (See Florence KY July 2013 report), it is good to know that the bigger picture supports a price stabilization that is much welcomed in our area!

The true litmus test for predicting marketing analytics is found in Boone County single family homes that have sold in the last 6 months.  These are the homes that the appraisers are looking for as new comparatives to rank new appraisals in the market.  So if we take a look at the solds for the area, we find that 802 Boone County single family homes were sold in the last 6 months with a median list price of  $54,000 and a median sale price of  $49,500.  That means there was an 8.34%  spread between asking and final sales price...something to note if you are buying or selling in this market!  The spread back in July 2012 was at 10%, so we are shrinking the gap between asking and final sales price and sellers are getting closer to their actual asking price.  In fact, when properties are competitively priced, we are seeing offers at asking price and sometime more than asking price!  Buyers will need to consult with their agents to help them navigate this market, as always.  Look for an experienced agent who is out in the market daily and is aware of all the subtle price variations in different areas.

If you are looking in the Boone County area, be sure to check out these categories...

Single Families       Multi Families        Condos        Farms       Foreclosures

Proceed with knowledge and be empowered to make the right decisions in all your real estate transactions. 
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NORTHERN KENTUCKY Real Estate Sales - Cathy Miles Realtor®
CINCINNATI, OHIO Real Estate Sales - Cathy Miles Realtor®
I specialize in helping buyers & sellers with their real estate needs in Northern KY and in
Cincinnati, OH .With passion, I invite you to board my boat for your next destination and
allow me the opportunity to help you navigate the ever changing currents of this incredible
market!
just ask cathy...513.673.7726          
Helping to educate buyers & sellers to make sound real estate decisions. ___________________________________________________________________________________________________________________-
KY & OH Realtor®  /  EXIT Realty  /  cathy@mileshometeam.com