Looks like it has been a while since we did a market report so lets get caught up. All data is from the Western Kentucky Regional MLS as of 3:00pm on 5.15.2015.
A quick regional report. There have been 641 single family home sales recorded so far this year in the 13 counties that make up the regional MLS. That shows a 5% increase over the 609 sales last year in the same time frame. There are currently 1456 active listings (inventory)and that figure is up from 1424 about this same time last month. There are currently 325 single family homes under purchase contract, that being a large increase above the 235 pending sales of last month at this time. Finally, the days on market (DOM) on the average has been 189 days for single family sales in the entire MLS. Currently the Sale Price to List Price ratio for all sales so far this year has been 93.74%
Now some Trigg county, single family home statistics. Year to date there have been 46 single family home sales in Trigg county. That is about the same as the number of sales last year (47) in the same time period. There are currntly 157 homes for sale in Trigg County, that number up from 151 and 149 when we checked last month. (Inventory increasing slowly). Under contract for purchase there are currently 24 units. That number up from 20 and 16 the last two times we checked. At this time the average DOM for sold homes is 186 and for those still active the average DOM is 188. Year to date Sale price to List price ratio for single family homes sold has been 92.06% Of interest regarding single family Trigg county sales is that the average dollars per square foot spent on this years sales has been $84.84 per square foot while last year same time and number of sales the figure was $75.28 per square foot.
Bottom Line: Inventory (supply) is increasing only slowly. Demand (number of pending sales) is increasing much faster. Result should be that market value continues to increase until increases in inventory or decreases in demand level the playing field.
P.S. WHAT ABOUT WATERFRONT HOME SALES?? YTD in Trigg county there have been 12 waterfront homes sold. YTD 2014 the same number - 12 Of interest, 2015 Dollars per square foot equaled $123.35, while YTD 2014 that amount was $108.97. Bear in mind these averages are on only 12 sales but they are interesting never the less.