Here is a quick look at the market figures from the Western Kentucky Regional MLS as of 4-23-18. These figures refer to single family home activity.
Trigg county market continues to exceed last years market in most catagories. Unit sales Year to Date (YTD) include 51 sales while last year same time sales were only 42 units. Average Days on Market (DOM) for sales this year has been 131 days while last year it was 171 DOM. More sales with less time on market is in everyone's best interest. Unit sale price to list price ratio remains at a high 93%. Unfortunately, we still have a substantial lack of inventory. Only 98 single family homes are on the active market today when we would normally expect 120 or so this time of year. On the other side of the supply/demand scale is Buyer demand. We currently have 31 homes under contract and while this is a high number, it has been consistent for nearly 2 months. Buyers are buying homes when they can find them. Supply is down and Demand is high. This will lead to increased value of homes. That, combined with the raising mortgage interest rate (up to 4.699% for 30 year, fixed) will keep some first time buyers on the sidelines if they wait until late summer to find a home.