Here is a quick look at the Trigg County Single Family (S/F) home market. All data from the Western Kentucky Regional MLS on 5-21-2018.
Single Family Home sales continue at a brisk pace. Year to date, 68 units have closed compared to only 57 during the same time last year. Days on Market for those sold homes has dropped to 130 days while the days on market figure last year was 178. More homes selling in less time!! Additionally, the median sale price last year at this time was $134,500 while the current median for sold homes is $140,000.
Our Active listings number is still low at 101 homes available but a look at the Pending sales contracts show and increase to 36 contracts which is higher than any time earlier this year. Buyers are here and are looking for homes to buy! If you are considering putting your home on the market, now is the time to jump in.
BTW - We note that the bank which we use as a bench mark to watch the cost of mortgage money just raised the 30 year, fixed rate, APR to 4.825%. This is the third substantial rate increase this year and does not bode well for buyers who are setting on the fence about purchasing a home because they are having trouble qualifying for a loan. Many of these buyers will be left behind if the interest rates continue to climb (and they are predicted to continue to increase). Fewer buyers will slow the market down.