Louisville Crescent Hill Real Estate Update for October 2010

The first statistic consumers usually ask me about when dealing with homes in the Crescent Hill real estate market of Louisville is the asking price. In our current market, virtually every section of town is under heavy downward pressure, and Crescent Hill is apparently no different.

Last year, the median asking price for homes for sale in 40206, was just under $230,000, which is actually a bit better than I would have anticipated for this community. In the following 12 months, prices have deteriorated over 10%, with the most current measurements being released just below $200,000, for a $30,000 loss!

Yet another way to judge prices of houses is to set this past year's records on top of the preceding year, and do a price comparison between the two. I prefer to see that completed with percentages, so I can see if we are up or down compared to last year and how many percentage points we are in either direction. Twelve months ago we started out at about 5% higher than the previous year's numbers and then fell to our existing level of 14% below where we were just last year!

A different gauge of the well being of a local real estate market, is to examine how many households are for sale, and whether that number is rising or falling.  If we turn our eye specifically towards the Crescent Hill real estate market, and look at inventory levels, we will notice that last year at the same time, there were 88 single family homes for sale in 40206. From there, we saw highs of 115 and lows of 77, but we are essentially back where we started in November of 2009, with about 86 units on the market.

On the whole, I don't see very a number of good reasons to be positive about the health of the market for Crescent Hill homes. Prices have been forced much lower than they were just last year, and there are just too many properties for sale when sized up to the low number of buyers.

At this time, in order for us to view a turn around, we are going to have to see a large number of sellers take their properties off the market, or see a substantial upswing in the number of individuals wanting to buy homes in 40206. I don't predict either of these events happening any time soon.