Here is a quick look at the local real estate market as of Monday, 10-20-2014 morning. All data comes from the Western Kentucky Regional MLS database.
Looking first at Year to Date(YTD) figures for single family home sales in the 13 counties of western Kentucky that make up the MLS, we find that there have been 1508 units sold. That number was 1507 for YTD 2013. Currently active (inventory) units amount to 1603 units and that figure has remained about the same for the past month. Inventory is stable. Of concern is the number of homes Pending, Currently there are 190 homes under contract. That number is down from 208 last week and 223,219,and 233 from previous weeks. This indicates a slow down in the market. While there is a historical market slow down as fall moves into winter, it does mean fewer buyers ready to sign contracts to purchase. YTD Days on Markiet has been 151 for units that have sold and they have sold, on average, for 93.79% of listing price.
Looking at the market for Trigg County YTD, we find 102 single family homes have sold. Last year in the same time frame 111 units sold. That represents an 8% reduction in sales YTD. Inventory is currently at 171 units and that figure has been stable for ;the last 4 weeks. Happily, the Pending sales figure is currently at 18. That figure is consistant with Pending sales for the last 4 weeks. This indicates that the market, here in Trigg County, has not begun the seasonal draw back yet. Days on Market for sold homes is 200 and the Sale Price to List Price Ratio has averaged 91% so far this year.
Looking at market stats from a shorter, more current period often shows a different market picture than that of the Year to Date figures. Let's consider the Trigg County, Single family sales during the last 90 days compared to same time last year. Since July 20, 2014 there have been 28 units sold. Last year, during the same time, there were 36 units sold. On a brighter note, Days on Market for sold units in the last 90 days averaged 159, while last year the figure was 180. Also the average Dollars per Square Foot on sold units in the last 90 days has been $82.66 while last year during the period the $/sqft was $78.60.
So what does it all mean? Unit sales in last 90 days were slower than last year, however, those that did sell, were on the market a shorter period of time and market value per square foot was higher.
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