According to information from the Western Kentucky Regional MLS, our Trigg county single family home market continues to gather steam. Year to date 65 single family homes have closed in Trigg county and that exceeds the 56 units that closed during the same time last year. Days on market for homes that have sold has dropped to an average of 135 days while last year they averaged 177 days. Median sale price has increase a small amount from $135K last year to $135.5K this year. Demand remains high with 35 pending units on the market, this up from an average of 32 over the last 4 weeks.
One cloud on our horizon seems to be the lack of inventory. There are currently only 98 active listings on the MLS market. Lack of inventory may lead to increased prices as we move into a sellers market which will occur unless we can increase the number of homes available on the local market.
Another issue of concern is the mortgage interest rate. Raised to above 4.5% a couple of weeks ago, the Fed has indicated the possibility that there will be a couple of more increases this year. That will exclude some buyers.
If you have been thinking of selling, now is the time to get your home in front of buyers.