Here is a quick look at the local real estate market as of October 10. 2017. All data is gathered from the Western Kentucky Regional MLS database as of this morning. In Trigg county there are currently 110 single family homes on the active market and this reflects a decline in available properties. This is the third consecutive week of decline in available homes and likely marks the historical slow down of our market. As fewer homes are available, fewer homes will be purchased.
Surprisingly, the number of active buyers has not slowed down. This is measured by the number of purchase contracts that have been written. Currently there are 30 homes in Pending or Contract Received status and this is an increase over last week's number. In fact, the number of Buyers, who have signed purchase contracts, has increased over the last 4 weeks. Buyers are still here and are willing to buy if they can find the right house.
Note, Kentucky Housing Finance Corp. announced a mortgage rate increase to just over 4.0% this morning. While USBank is still showing 3.946% APR for a 30 fixed mortgage, the industry consensus seems to be that mortgage rates will be increasing the later part of 2017. That may have begun with the Kentucky Housing increase. Higher rates will reduce the number of homes sold as fewer people will be able to afford mortgage expenses.
Average days on market for single family homes in Trigg county is currently standing at 161 days. Homes that have sold year to date (YTD) were on the market for an average of 178 days. The ratio of listing price to sale price for homes sold year to date stands at 94.22%.
Finally, comparing this year's market to same time last year shows a definite increase in market activity. YTD single family home sales include 145 units while in same time 2016 only 129 units had sold. YTD median home sale price is $140,000.00 while last year at this time it stood at $117,500.00. Bottom line is more homes are selling this year and at higher prices.
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