Time for a quick mid-month market report. All data comes from the Western Kentucky Regional MLS data base as of 3-16-2015. This report deals with single family home sales only, does not include manufactured homes or lots and land.
Just a quick look at the combined sales of all 13 counties in the WKRMLS. Year to date sales includes 287 units while same time last year there were 274 units sold. Increase of about 5%. Since Jan 1, 2015, units that sold averaged 160 days on market (DOM) and have sold for 93.71% of listing price. The average sale price was $134,413.00. There are currently 1390 units actively for sale in the 13 counties and 215 in pending or contract received status.
Looking at Trigg county sales shows 18 single family units have closed to date. Last year same time there were 25 units closed. Down by 28%. Is it possible the unusual snow and resultant difficulties in getting around the county contributed to the reduced sales? Since Jan. 1, 2015, units that sold averaged 219 days on market and sold for 90.65% of listing price. The average sale price was $140,188.00. High sale to date has been at $575,000.00 There are currently 149 single family units on the active market and16 in pending or contract received status. Interesting side note, while number of sales was down from last year, the sold dollars per square foot continues to increase. Last year the average $/sqft at this time was $69.01 per square foot. Sales this year have averaged $79.13 per square foot. This positive increase does indicate that property values continue to increase.
So, there are the stats. A mixed bag for sure. Future influences on our market will be the mortgage interest rate, which may begin to increase, in small amounts, by this summer, and availability of mortgage money and the ability to close deals. Mortgage industry changes are scheduled for June 1 with a big change in paperwork (say good bye to the HUD1 statement). Everyone hopes these changes do not put a damper on the market.