The following Mt Washington 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.

 What does it mean?

As one of the 2 largest cities in Bullitt County, we expect the statistics from Mt Washington to mirror those for the county as a whole. With respect to Sales, Inventory and DOM, this is true.  However, Avg Sales price in Mt. Washington is up 3.6% versus a countywide average of a 2.1% decrease.  The data does not show any outlier that is causing the effect, therefore we can assume it to be a trend.  The most likely cause is migration from Louisville to move affordable homes that are still loaded with amenities.

Buyers: For those of you who are ready and capable to purchase a property, now is a good time.  Increased inventory means increased selection and a 3.6% price increase is fair.  You should take advantage of this combination before mortgage changes make it more difficult or costly to secure financing. 

Please note that the List Price / Sales Price ratio, while not included is 98.1%.  This is consistent with or even better than historical data.  Therefore, offers must be reasonable given the location and condition of the property.

Sellers:  If you do not NEED to sell your home, you might consider waiting.  The high levels of inventory are making the market competitive.  However, the increased Avg Sales Price is definitely a positive factor. 

If you HAVE to sell your house, make sure that it is priced correctly, promoted aggressively and shows well, you can expect it to sell.

One final note:  If you do not NEED to sell, but WANT to upgrade, this is a good market to do so in.  Even if you give up a little equity on your sale, you should more than cover the loss on the purchase.  Obviously downgrading works opposite.

See Also:  Bullitt County Mid-Year Market Report

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Erik Hitzelberger is a licensed real estate agent with RE/MAX Alliance in Louisville. If you need a Bullitt County Real Estate agent please email me or call 502.921.3989.

I specialize in the following areas of the Metro Louisville Area: Jeffersontown (J-Town), Okolona, Fern Creek, Shepherdsville, Mt Washington, Hillview, Brooks and Pewee Valley.  Click the following links to learn more about Louisville and Bullitt County Real Estate or to Search the Metro Louisville MLS.