Just a quick look at the real estate market statistics as of June 26, 2014. All data from the Western Kentucky Regional MLS database.
The energetic market for single family homes that we all were hoping to see appears to be losing steam. S/F home sales in Trigg County and in Western Kentucky as a whole are lagging just behind last years sales figures. Trigg county is down about 3% and Western Kentucky is down about 1%. The average days on market for S/F sales in Trigg county is currently 227 days. That average figure is 155 days for Western Kentucky as a whole. Year to date Sale Price to List Price ratio for sales in Trigg County is at 89.19% while the figure is 93.15% for all Western Kentucky sales combined. 92% to 94% is the normal range for this area.
Where is the market going? Looking at pending sales shows a slight decline in the scheduled closings in Trigg County and in Western Kentucky as a whole. This will show up as a reduction in the number of sales in the next 4 to 6 weeks. That would support the position that the market is slowing down.
In general our real estate market is seasonal. Sales generally increase in the Summer months and decline during the Winter months. A decline in June is a departure from our normal market condition.
As a side note, inventory (houses for sale) is down slightly over the same time last year here in Trigg County. Next week we ill consider the Q2 figures compared to earlier quarters.