Trigg county and the Western KY Regional MLS statistics continue to show an improving market. Here in Trigg county, Single Family unit sales continue to improve over sales a year ago this time. Year to date, 20 single family homes have closed where last year in the same time period only 14 had closed. Looking at the last 90 days of sales shows 30 closings while last year only 24 had closed in the same time period. These are substantial gains and are supported by several weeks of similar reports which indicates a trend toward improving conditions. Average days on market for units sold so far in 2013 is currently 196 days. Units available for sale (inventory)remains unchanged from last week at 135.
Western KY Regional MLS area as a whole ( the western 14 counties in Kentucky) is showing similar improvement. Unit sales up 6% over last year. Average days on market at 174.
Just a heads up...watch interest rates. Substantial increase on 30 year fixed interest over the last week may signal a move by banks to begin increasing mortgage interest rates. It now appears that if you want an APR below 4% you are going to have to pay for it in Discount or Origination points. (Note - only one of those rates is tax deductible.) Why is interest rate important?? The higher the mortgage interest rate the more difficult it is to qualify for that upper loan amount.