All data has been compiled from the Western Kentucky Regional MLS for this mid month report. Year to date, single family home sales completed by Sept. 19, 2013 in Trigg County show 98 units sold. Same time sales last year indicated 76 units sold. Single family homes sales are up 28% over same time last year. An extrapolation of home sales through the end of 2013 is currently estimated at 144 units which would indicate more homes sold this year than any of the past 5 years. . Sale price to list price ratio average, YTD, is 92.97%. Average days on market for homes sold is 196 while average days on market for active homes is 186. YTD 2013 average single family home sale price is $141,784. while the average median sale price is $116,500. These figures are lower than YTD 2012 figures at $158,064 average sale price and $133,250 average median price. It is possible that the sale of units longer on the market has reduced the average and median as Sellers reduce list prices and accept lower sale prices to move high DOM units.
Regarding western Kentucky as a whole unit sales are up about 7% with average sale price up 3% and median sale price down 1% as of the end of August 2013.
Unit sales in Trigg county usually peak seasonally in September or October so we should begin to see a slow down in unit sale in the next month or two. On the horizon is the big change in mortgage loan practices going into effect in January 2014 which, if left unchanged from the way it is currently written, will have a dramatic dampening on the real estate market. See previous blog posts.