Just a quick market note before the long weekend. All data from the Western Kentucky Regional MLS database.
Single family home sales in Trigg County have been HOT!! Year to date there have been 64 unit sales but only 50 in same time 2015. That's a healthy 22% increase in unit sales over last year. A very good number, but wait until you hear about the last 90 days sales comparison. In the last 90 there have been 51 unit closed in Trigg County. Last year, for the same time period, there were only 36 sales. A whopping 41% increase. An amazing number. Our market absorption rate has dropped from it's normal double digit figure to a meager 9 months of inventory on the market. Low inventory continues to impact our market with only 146 units currently on the market. That number is increasing slowly, but it has a way to go to top out at our usual 165 to 175 inventory numbers. Low inventory is a problem across the nation.
One sobering note is the number of homes currently under contract. These are the homes that will close in the next 4 to 6 weeks and will then be part of that sold group. Normally in the 22 to 28 group, there are currently only 17 units under contract. That means we will have a slow down in closings in the next few weeks so the 41% increase will be dropping. Units under contract are our best gauge of where the market is heading.
Summer peak buying months are still in front of us, so another increase is possible. We will just have to watch the numbers to see what is happening. If you have any questions about the figures or anything real estate, sign on and let me know. I will try to get you answers. CC