Time for a mid week market update from the data of the Western Kentucky Regional MLs. Trigg county Year to Date Single Family (S/F) home sales continue to be strong compared to same period last year. Currently up by 15% even though there were no closings in the last week. Inventory continues to increase with 149 S/F homes currently active on the market. Each of the last 5 weeks has shown an inventory increase. Pending sales, that figure which shows future sales, is up to 20 which is the highest in the last 5 weeks.
Looking at the S/F sales for the last 90 days compared to the same time in 2013, unit sales are up as is the median home sale price ($137.5K compared to $112.5K) and the Dollars per square foot Sold figure ( $74.35 compared to $70.64 last year). Days on Market for sold homes is higher this year, 236, compared to last, 187. Looking at the individual sales shows that 12 of the 38 sales were on the market for over 300 days which has a large impact on the average Days on Market. Additionally, Sale Price to List Price on this years sales is a low 88.97%. This generally indicates a definite Buyers Market. Of interest is the fact that several homes sold at substantial reductions from list price. In one case listing at $600,000 but selling for $345,000 and another listing for $479k but closing at $399K. Reductions like this are reflected in the low SP/LP ratio which normally would be around 92% to 94% in a Buyers Market, 96% to 98% in a Neutral Market and above that in a Sellers Market.
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