Here are the latest real estate statistics for homes sold in Louisville, KY.  Frankly, May wasn't a stellar month.  On average compared to last year at the same time, the total number of sales are down over 20%, and we have seen a reduction in the average list and sold prices.  The inventory of unsold homes has held relatively steady this year, but is still up over previous years by a significant percentage.

There are quite a number of economic factors that play into our local real estate market, and these numbers certainly reflect a great national real estate trend seen across the country.  It is very important that when reading these numbers you keep in mind that Louisville is a local, isolated real estate market.  Our job market, our wages, and the stability of our local economy primarily drive our real estate market.  In addition, a hard-to-quantify notion called "consumer confidence" plays a role.  Media stories that are national in scope can also cause troubles for our market as it can appear the another location's market woes affect us, which rarely happens.

The bottom line is Louisville, KY is still a robust real estate market, especially when compared to other regions in the country.  Yes, our sales and prices our down, but we are far better off than a great majority of the other troubled markets.  What this means is we must continue to work together to stabilize pricing by ensuring we are using the best market data for determining the market value of a particular home, ensure we are offering the best possible product to the market by making any and all updates feasible to the home offered for sale, and buyers in particular must work to improve their credit scores, get educated about the mortgage market, and be realistic about what they can afford in a home.

                           Sales       Ave List $       Ave Sale $       DOM       Inventory        Months/Inventory

May    2007    1531        $178,708        $173,464          77.0       7691                 5.02

May    2008    1160        $173,684        $170,361          83.0       9579                 8.26

Joe Hayden is a real estate Realtor based in Louisville, KY.  You can search for Real Estate in Louisville, KY, become a Real Estate Expert, or contact Joe for more informartion about buying and selling homes in Louisville.

All statistics courtesy of the Louisville, KY MLS system, Metro Search, and the Greater Louisville Association of Realtors, and are current as of the date of this post.