By: Michael Thacker - Louisville Realtor
The Greater Louisville Association of Realtors (GLAR) released their most recent real estate numbers for sold/closed properties and new real estate listings early this week, due to the Martin Luther King Jr. holiday being today. They have been neglecting to update us the past few weeks, so this was a welcome turn-of-events getting them at all, well enough early.
As you can see, despite what we have been seeing on the state level, where new listings have been down almost 1,000 units from a year ago, we are actually up. That is a nice surprise, well….
Well the new listings numbers are up with one caveat, that being that the units are skewed a bit in favor of higher new listings since many agents cancel the listing, then re-list it as new! So, that means some of the new inventory, is not really new inventory not see on the market, but only old listings coming back as new.
This practice is often done when reducing the price of the listing, or just to refresh it in the system. I don’t agree with the practice, as I have stated many times before, but it’s legal and ethical to do, so be it. I wish that I could change the practice, but I cannot.
For the week, year-over-year, we saw an increase of over 30 units which is a nice increase just the same. Especially since we saw a big taste of winter last week, and with that we actually saw some of the coldest temps, and some snow, the first we have seen this season. Remember, this is comparing to the same week last year, and it too could have been cold and snowy.
For closed, or sold listings we saw an uptick there as well. About 22 units to be exact, and that would be a true number, since those would be recorded real estate transactions, transferring from one party to another. A nice increase, year-over-year.
A note about the sold real estate numbers, is that if you really dig into the numbers, you realize that the uptick in sold homes, has to be less than the new listings for us to see a nice increase in available inventory. Unfortunately we are not really seeing that, and that is still a problem for the real estate market.
Inventory has been historically low for over a year now, and my buyers are often disappointed to find very little to consider for purchase. Or if they find something that they love, then they are often finding themselves rushed to make a decision about the home, then often end up in a bidding war against others. Most people, like myself have trouble committing so quickly (regarding my own personal matters, but not business), so its has been frustrating for my buyers.
For sellers, having bid wars and short times on market are great, except that many sellers become buyers, and then the shortage of inventory, bid wars, and often paying for more than asking comes into play. In their eyes, they don’t win really either!
We are nearing Spring, and myself I have already seen a marked uptick in interest in real estate, and unfortunately my most recent new listings have pended in days, and most have closed several thousand over asking. I imagine that trend is going to continue as we move forward over the next months, year.
Needing, wanting, or just considering a new home in the next 6 - 12 months? You need a full-time professional working for you, who analyzes the data, stays on top of new listings, continues to polish the marketing of listings, and just works harder. Someone committed to earning your business and trust, not just expecting it!
If that sounds like someone you would want working for you, text or call 502-619-4185 and we can discuss your options, or feel free to email me anytime.
Want to learn more about my methods to assist my buyers, or my marketing methods which I am proud to say are a mix of established and new methods, visit my website and blog, to learn more, www.MichaelThackerRealtor.com.
Listings-Residential Single Family & Condo
Jan. 3 - 9 , 2015 = 383
Jan. 3 - 9 , 2016 = 421
SOLDS - Residential Single Family & Condo
Jan. 3 - 9 , 2015 = 200
Jan. 3 - 9 , 2016 = 222
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