Oldham County seems to have weathered the housing slump pretty well.  There's no doubt that Sellers have taken a bit of a hit this year, but if you compare Oldham County (located just North of Louisville, Kentucky) to much of the rest of the country, you'll see that Buyers are still buying and Sellers are still selling.

Let's look at the numbers for February 2008 and compare them to February 2007:

From February 1-29, 2008, 50 homes SOLD.  Same time in 2007:  60 homes SOLD.

The average price for February, 2008 was $272,667.   February 2007 saw an average price of $284,557.

The average cost per square foot in February 2008: 119.52.  For February 2007:  per foot cost was $120.01.

The average days on the market in February 2008:  81 days.  For February 2007: 82 days.

Especially when you use the cost per square foot number, Oldham County has seen very little change.  We're not seeing appreciation, in spite of the fact that Oldham County remains one of the most sought-after areas in which to live if you're relocating to the Louisville, Kentucky area.  Many gurus are predicting improvement by the middle of 2008, but even the best minds can't seem to agree when this will turn around.

Seems the best resource today for getting an answer to when we'll see real improvement in the real estate marketplace might be one of these: 

Jacki and Jerry Shafer with The Shafer Team and Keller Williams Realty Louisville East are "mega agents", specializing in real estate sales in their own "back yard" of Oldham County, as well as in eastern Jefferson County (Louisville), and in Henry, Trimble, and Shelby Counties in Kentucky.