End of the year is a great time to look back a moment to see how the real estate market performed. In this report we will be considering combined sales of single family (S/F) homes in the 13 counties that makes up the area covered by the Western Kentucky Regional MLS. We will also review S/F sales in Trigg county. All data was gathered from the MLS data base on January 4, 2014.
2014 saw a total of 1,876 S/F home sales in the WKRMLS area. This compares to 1,837 in 2013. A slight 2% increase over 2013. By comparison, 2013 unit sales were a full 6% higher than 2012. Of interest is the fact that the average sale price in the MLS area has only increased 1% each of the last two years. The median sale price for a S/F home in the MLS area has been static at $110,000.00 since 2011 when it was $107,000. Inventory of homes for sale did increase by 4% in 2014 following a 3% increase in 2013.
Conclusion - Western Kentucky Regional MLS documented S/F home sales have shown little increase in unit sales compared to last year. Average home prices remain basically unchanged for the last 3years and the median sale price has not changed since 2011. Inventory for sale has increased slightly for the last 2 years.
Considering Trigg County S/F home sales. Unit sales in 2014 in Trigg county was 129 units down slightly from the 132 unit sales in 2013. This in sharp contrast to the 110 unit sales in 2012. Surprisingly the average sale price in Trigg County increased from $136,647 in 2013 to $160,563 in 2014, a solid 18% increase. Medial sale price has also increased from $111,500 in 2013 to $123,000 in 2014, a good 10% increase. Inventory increased only 2% in Trigg county in 2014 as compared to 2013. So what does it mean? Unit sales are down slightly, however, those homes that sold had and average higher sale price with contributed to a higher median price.
While the increases in productivity and market value are relatively small, the fact is that the market appears to be holding and improving in some areas as compared to years past. With our market having a solid base of sales and market price and considering that mortgage interest rates are forecast to remain low through the first 3 quarters of 2015, I think we are going to a strong year in the real estate market. While anything can happen, it is unlikely we will see a big economic meltdown and with employment figures better than they have been for years we should see measurable increases in unit sales and market value in Trigg county.
Happy new year to you all. If you would like to see a report on specific types of homes, please log on and make the request.