With the beginning of October comes the turning leaves and the end of another quarter of the business year. Let's look at the single family homes sales statistics for our area. All data comes from the Western Kentucky Regional MLS as of October 6, 2014.
Year to date figures: Year to date, single family home from Jan. 1, 2014 to Sep. 30, 2014, for all 13 counties of the WKRMLS combined shows a total of 1432 units sold. This compares to 1428 units sold during the same time period in 2013. A scant 4% increase. Average sale price in 2014 was $134,600 while the 2013 average was $134,392. Median sale price in 2014 was $112,000 while median in 2013 was $109,000. A 3% incease. Active listings (inventory) during the first 9 months of 2014 amounted to 4,324 while same time in 2013 there were 4241 active listings. a 2% increase.
Looking at the statistics for single family home sales in Trigg County through Sep. 30, 2013 we see a little bit different picture. Unit sales for the first 9 month amounted to 99 units in 2014 while sales of 104 units were closed during the same time in 2013. Thats a reduction of 5%. Of interest though are the figures for average sale price and median sale price. Average sale price in 2014 was $172,898 while it was onloy $145,367 in 2013. An incease of 19%. Median sale price in 2014 was $132,000 while it was $120,250 in 2013. An increase of 10%. Inventory, homes actively for sale, was at 393 units this year while it was 399 last year. A 2% reduction.
How has the single family home market been so far this year? In western kentucky combined the market has been flat. We have seen minor fluctuations in unit sales, average and median sale prices and in the number of homes for sale.
Trigg county through September saw fewer homes sold but the average sale price and, more importantly, the median sale price increased by double digits. Supply (inventory) is unchanged. This data indicates demand for slightly higher priced homes and support for continued market value. As we approach the annual seasonal reduction in listings, we could see an upswing in market value. (Supply down means demand up)
I hope this information is helpful. I will look specifically at the market, just during the 3rd Quarter of 2014, in another post. If you have questions or thoughts, sign in and join the conversation. If you are considering listing your home, remember that finding the correct listing price can make the difference between a quick sale and a loooong wait. We offer free, no obligation, Comparable Market Analysis upon request.