While the Louisville Kentucky real estate market was saved from the large spikes and dips that other markets went through with the housing crisis, anyone trying to sell a house in Louisville in the last year probably had some housing heartaches. People in Kentucky are looking forward to a real estate market upswing.
Sales of Louisville homes were at the peak in 2004, 2005, 2006 and 2007 with over 10,000 Louisville houses selling a year during those years. Then in 2008 the year got off to a very weak start, and by the time spring and summer came, which is when sales usually pick up, the amount of sales did not increase to normal summer sales amounts. Following that by the end of 2009, the number of houses selling each month was merely a quarter of the amount sold in the summer months of 2007. Then the tax credits started encouraging people to buy real estate again, and the sales came back up. In 2010 and 2011 sales were steady. In 2008, 2009, and 2010 approximately 8000 houses sold each year in Louisville. While the market went through highs and lows in number of units sold, the average house price has remained between $157,705 - $167,065 in all years from 2008-2011. Louisville real estate advisors anticipate 2012 will not be remarkably different regarding the number of Louisville Ky houses for sale or the average sale price.
There is good news to be reported also. Louisville has usually been a very affordable place to live in relation to the median income of residents. And the other positive news is that there are always plenty of homes to choose from. On average, about 11% of the houses for sale in Louisville sell each month, leaving 89% still on the market to compete with the other Louisville Ky houses for sale.
To increase the chance of getting an offer, some home sellers are putting in new carpet, fresh paint and new faucets and handles to set their homes apart from the competition for home buyers. In the earlier years when houses sold in a shorter amount of time, buyers were less selective about the condition of the house. They would buy a property with outdated colors or plumbing fixtures and then make the changes later. But with so many homes to choose from now, and houses being on the market longer, buyers expect a home that is move in ready. Most real estate agents agree that updated homes sell faster than similar houses that are not updated. Still, the most influential element is price and competition which fluctuates by neighborhood. If the amount of homes for sale in Louisville is more than demand, price will be affected. Consequently when trying to sell a home in a certain neighborhood, the amount of houses available now and the amount of properties sold in a neighborhood should be researched frequently and changes made to the price of the house as needed. Houses that are priced correctly for the area will sell in any Louisville real estate market.
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