The following Bullitt County Market Report compares key real estate statistics for the first 6 months of 2008 to those of the same period in 2007. The data covers all sales that were recorded in the Greater Louisville Area Realtors MLS.

Nice Chart. What does it mean?

For buyers: The most obvious points are that the selection of properties is high and that prices are slightly better than last year. If you are able to purchase a property, now is a good time to be looking. Interest rates remain low, but market turmoil including the issues with Fannie Mae and Freddie Mac may drive rates higher in upcoming months.

That being said, a realistic approach is still required. My review of individual neighborhoods shows that the decline in sales price is more attributable to increased sales of bank-owned properties (REOs) than an overall decline in the market. Further, properties in Bullitt County are still selling at 97%+ of the list price. So, you can expect to find a move-in ready house in an area that you want for a fair price. But, you should not expect to get a steal.

For Sellers: House sales are down almost 17% but, they are still selling. If you need to sell your home or you are upgrading, it can be done. You must be prepared to list at Market Value not at some price that you need or want. Further, your house needs to be tip-top shape. You have a lot of competition and anything that needs repairs or updates is being passed over. If you do not need to sell or want to downsize, you would probably be better off staying put for the time-being.

See Also:

Shepherdsville Mid-Year Market Report

Mt Washington Mid-Year Market Report

Lebanon Junction Mid-Year Market Report

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Erik Hitzelberger is a licensed real estate agent with RE/MAX Alliance. He specializes in helping clients buy and sell homes in Louisville and Bullitt County including Shepherdsville, Mt Washington, Brooks, Hillview, Pioneer Village, Hunters Hollow, Zoneton, and Lebanon Junction.

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