It appears the statistics are in for the sale of single family homes during the first quarter of 2016 so let's take a look and see what the market is doing. This information is from the Western Kentucky Regional MLS data base as of 4-1-2016. All statistics regard single family (s/f) homes.
Let's begin with the regional picture. This is a compilation of all the data from the 13 counties of western Kentucky that make up the WKRMLS. During Q1 2016, there were a total of 378 unit sales in the 13 counties. This compares to 395 units sold during Q1 2015. This results in a 4% decrease in total sales. Although unit sales have declined, the average sale price has remained the same but the median sale price matches the unit sale decline at -4%. Average days on market for sold units to date has been 162 days and there are 260 units currently under contract. On average, s/f homes have sold for 93.41% of their listing price. Inventory, the number of units currently active, is down 8% compared to last year.
Turning our attention to the Trigg County market, the picture is decidedly brighter. S/f unit sales for Q1 2016, are currently 8% above sales for same time last year. The average sale price has increased 4% and the Median sale price 7% over last years figures. Average days on market for sold units has so far been 167 and there are currently 126 units in active status. This active inventory figure is down 10% over last years figure. There are currently 28 units under contract in Trigg county. This latest figure up from 22 units just two weeks ago and reflects an active market by Buyers. Sold units so far this year have brought 91.75% of their listing price.
So, what does it all mean. For Trigg County, it appears the single family home market is strong with healthy sales and pending numbers. Market value appears to be increasing slightly. Of concern, must be the inventory level. Hopefully, the supply of homes will increase in the next month or so to offset the demand. Otherwise, with supply low, demand may artificially drive costs up. BTW, speaking of costs, I note that 30 year fixed rate mortgage interest rates have declined in the last two weeks. Nothing like cheap mortgage money to stimulate a real estate market. CC