Louisville KY Real Estate in 2010 - Following the Trends
It seems as though not much was said about how Louisville's housing market fared through 2010. The little news I did hear wasn't exactly positive and certainly did NOT paint a rosy picture of the year we had. If you listen to what the national news has to say about the housing market, you would have very little reason to remain optimistic about Louisville real estate. Thankful for Louisville homeowners, the national story isn't OUR story at all.
First, let's get the less-than-positive news behind us. Across the Greater Louisville area, the total number of homes sold in 2010 was down over the previous year. We saw a total of 11,442 residential home sales in 2010, a 1.8% drop in sales activity. So that's it for the bad news! Even this slight drop isn't ‘bad news', per se. One stand-alone market parameter doesn't carry much weight...we must take all information into account to see the whole picture.
Market parameters such as Average Sale Price, Median Sale Price, Average Days on Market and Luxury Market Share all made positive gains. The deeper one digs into the details, the better the outlook becomes. For example, take a look at the following:
- Average Sale Price rose 5.2% for the year to $166,333
- Average Days on Market fell by 5% to 82 days
- Each category of homes valued above $200,000 made a positive gain in market share
- Total residential sales volume rose 3.3% to $1.90Billion
Beginning in 2008, homes valued higher than $200k began losing their percentage of home sales market share. In 2010, we saw each price range north of $200k make a significant gain. Here is a summary:
- $200-250k 10.8% of market share, up from 9.3% in 2009, best in 8+ years
- $250-300k 6.0% of market share, up from 5.3% in 2009, best since 2007
- $300-400k 6.0% of market share, up from 4.7% in 2009, best in 8+ years
- $400-500k 2.4% of market share, up from 1.7% in 2009, best since 2005
- $500k+ 2.3% of market share, up from 2.0% in 2009
Last year's expiration of the home buyer tax incentives is allowing our market to find its new normal...a healthy, steady, sustainable normal. If you would like to know whether today's Louisville real estate market can support your goals, I encourage you to sit down with your REALTOR in Louisville to get a true and accurate snapshot of what is possible.
Have plans to sell your Louisville home in the near future? Looking for guidance on how best to prepare for your upcoming sale? Contact your REALTOR in Louisville KY today via e-mail, or call (502) 641-9802, to schedule a full pre-listing consultation. Don't forget to check back often to The Louisville Drop for additional topics relevant to Louisville's homeowners.
*Statistics quoted in the market summary were extrapolated from Greater Louisville Association of Realtors Multiple Listing Service.