A quick review of real estate market statistics from the Western Kentucky Regional MLS for 2013 reveals some interesting information.
For the 13 counties that make up the WKR MLS, single family home sales amounted to a total of 1829 homes sold in 2013. That compares to 1741 units in 2012, 1698 units in 2011, 1680 units in 2010, and 1766 units back in 2009. As you can see, the bottom of the market for unit sales was in 2010 and has been recovering ever since.
Trigg County has similar market statistics. Single family home sales amounted to 132 units in 2013. This compares to 110 units in 2012, 105 units in 2011, 114 units in 2010, and 113 units in 2009. This indicates that our local market was trailing the regional market by bottoming out in 2011. Of interest is the unit sales prior to 2009. In 2008, 137 units sold, 2007, 169 units sold and 2006, 159 units sold. These final statistics help us put some persective on how much the demand for homes in Trigg County has declined since 2006.
Happily both the regional and local market for single family homes is recovering.
Here are a few additional interesting facts about the Trigg County single family home sales history. The highest priced single family home sale in 2013 sold at $395K. Highest priced sale in previous years included $575K in 2012, $900K in 2011, $698.5K in 2010 and $720K in 2009.
About 75% of all single family home sales in Trigg Co. each year are priced at or below $200,000.
Looking at the above referenced 75% of all single family sales in Trigg county, it is possible to arrive at an average Dollars per square foot value of the sold homes. In 2013 it was $63.12 per square foot, in 2012 it was $65.11/SQFT, in 2011 it was $54.41/SQFT, in 2010 it was $64.62 and in 2009 it was $66.12/SQFT. While these figures are useful in looking at the market value of the average home sold, do not forget that there were homes that sold for more and some that sold for less.
If there is one thing true about real estate, it is that a house is only worth what a buyer is willing to pay for it.
If you are interested in selling your property and would like us to provide a free, no obligation estimate of current market value, contact Lake Barkley Realty at 270-522-3363 and ask for a Current Market Value report.