May 2015 is in the record books so now is the time to review the real estate market for our area. All statisitices come from the Western Kentucky Regional MLS as of June 1, 2015.
Quite a mixed bag so far this year with both good and not so good news. Lets break it down by looking at the Regional picture first. These figures are a compilation of all data from all 13 counties that make up the Western KY Regional MLS for Single Family (S/F) home sales. Manufactured homes, commericial properties and lots and land sales are not included in this data.
Year to date for the Regional MLS there have been 744 s/f units sold. This is an increase of about 2% over the 726 units sold last year in the same time. Currently there are 1474 units on the market, that figure up from 1444 last month. Inventory is increasing as seasonally expected. There are currently 319 units under contract to close and that compares to 322 units last month this time. Demand appears to be stable. So far this year, s/f homes have sold for 93.95% of their listing price in the MLS as a whole and sold units were on the market for an average of 161 days before closing. As a side note, there have been 38 waterfront s/f homes sold to date, while last year same time there were 36.
A review of the Trigg county s/f home sales is where the not so good news comes in. While some offices have done better this year than last, the overall market appears to be not as good as last year. Let's look at some figures. Single Family unit sales so far this year have accounted for 51 units being closed. This compares to 57 units last year. That is about an 11% decrease in unit sales. Currently there are 165 units in active status while last month there were 163. Inventory appears stable. There are currently 20 pending sales which is the same as last month so demand appears stable. Those that did sell this year brought 92.29% of their listing price at closing and were on the market on average 188 days. Waterfront sales year to date account for 12 units while last year there were 17 closed by this time.
Those 5 waterfront units that did not close this year might be very telling when it comes to average and median sale price. Waterfront homes carry a premium due to location and demand. Would 5 less units effect the average and median sale prices for the county? Certainly 5 more sales would have changed the year to date sold picture.
Average sale price of Trigg county s/f homes was $166,115.00 through May of this year. That figure was $190,225 last year. A 13% decrease. Median sale price was $140,000 through May of this year, while it was $150,000 through May of 2014. A 7% decrease.
There is little doubt that the lack of 5 high value home sales would effect the averages for the year when averaging such a small number of sales. Time will tell if that is the only reason for the lower averages in Trigg county. Mortgage interest rates continue to be in the low 4% range so we should continue to see demand and sales at least for the next 90 days or so.
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