Just a quick check in the local real estate market. Statistics from the Western Kentucky Regional MLS database.
Regarding year to date sales of single family (S/F) homes in Trigg county, there have been 47 units sold, while last year in the same time period there had been 42. Increased unit sales by about 12%. Active s/f inventory (supply)sets at 159 units which is about the inventory available for the last two weeks. Pending sales (demand) is currently at 18, again very close to the numbers from the last 2 weeks. Both supply and demand are stable which should support stability in the current market value of the available inventory.
Looking at the last 90 days of Trigg County S/F sales compared to last year reveals some good news. 37 single family homes closed in the last 90 days in Trigg County while only 33 closed in the same period in 2013. Better than 10% increase. Median sale prices has shown a hugh increase in comparison. Last year median sale price was $105,00 for the period while this year it is $170,000 for the 90 days of sales. Dollars per square foot, the cost of buying the home on a square foot basis, rose from $70.57 last year to $80.52 this year. Note: while these figures are as accurate as the MLS data can be, remember that the statistics are based upon input. In small statistical samples, percentages of increase or decrease can be misleading. That being said, positive gains are positive gains and our data does show an improving market.
A final note on the last 90 days worth of local sales. Normally, in looking at a block of S/F sales, about 75% of the sales will be sold at less than $200,000 in this area. Last year, during the last 90 days, the figure was about 78%. This year that figure is 54%. That means that nearly 50% of the sales are of homes priced above $200,000. Higher priced home sales are inceasing.
By the way, mortgage rates (APR) has been stable for the last month or so with only slight fluctuations. While rates will vary with lender, 30 year fixed rates are at or just below 4.5% for conforming, VA and FHA loans with the FHA loans being the highest of the three.
If you have any quiestions about the local market or buying or selling a home, the agents of Lake Barkley Realty are available.