Prices continue to climb in the Central Kentucky housing market but inventory still remains fairly high. We are seeing the inventory in Fayette County begin to near a neutral market and in some price ranges Fayette County has now become a seller's market.
The last column in the chart below shows the months of inventory of homes for sale in Central Kentucky for the various price ranges. The chart that follows shows the same for just Fayette County.
The chart below shows the inventory for homes on the market in Fayette county is trending toward seven months. Historically six months is the turning point. If the inventory falls below six then we tend to be in a seller's market. For homes priced below $300,000 we are mostly at seven months inventory.
We are only one month away from being in a neutral market. This is a considerable change from a year ago when these price ranges mostly ranged between 8 and 13 months inventory.
So with historically low interest rates and great home values this is the perfect time for buyers to make a move before the market switches to the seller's advantage.