A quick look at the Trigg county single family (S/F) homes market as of May 1, 2018. All data from the Western Kentucky Regional MLS on the same date.
Single family home sales continue to exceed last year's sales rate for this time of year. Year to date, 34 S/F homes have sold while 31 sold during the same time last year. Average Days on Market (DOM) for sold homes this year is 142 days while last year the DOM for sold homes was 170 days. The year to date Sales Price to List Price ratio averages 93%. Homes that sold under $100K (22 units) averaged just over $54.00 per square foot (sqft). Homes that sold between $100K and $200K closed at about $87.00 per sqft. Homes that sold between $200K and $300K closed at about $107 per sqft. Note: the average sqft are averages that are made up of higher and lower amounts.
Most concerning about the Trigg County market is the lack of inventory. There were less than 100 single family units in the active and available category. This down from about 130 units available last year at this time. Lack of inventory will be a frustration for buyers who want to invest in the home they like, not just the home that was available. Combine that frustration with rising mortgage interest rates and we are likely to continue to see a restricted market. Current homes under contract number at 34 which is exceptionally high but continued sales and reduced inventory will inevitably move us into a Seller market which will increase to cost of the homes that are on the market.
If you are considering selling your home, now might the best time of the year. Call me and we can discuss the market and how it will effect your plans. Charlie