Mid-May and Spring is finally here. In addition to flowers, leaves and bugs this season marks a seasonal increase in local real estate activity. Let's see what the information from the Western Kentucky Regional MLS has for us. How is the market compared to last yea 2013 2012 % change
Single Family (S/F) Units, Trigg County Year to Date 42 33 +27%
S/F Units sold in All MLS (14 counties) Year to Date 597 536 +11%
Last 90 days, S/F Sold at AVG Dollars per Square Foot $70.57/sqft $67.25/sqft + 4%
Additional information of interest. Market absorption rate has been steady at 10 months for the last 60 days. Traditionally that dips to 8 months in late summer. Also of interest is the slight increase in mortgage rates over the last two weeks. We all know that interest rates must go up. Is this the beginning? My source for 30 year, fixed rate conventional 0/0 loans is currently at 3.937% ( up from 3.686%). We will watch and see what happens.
Bottom Line = Inventory increasing slightly, unit sales up substantially and $/sqft increase indicates strengthening market.
By the way. That specialty home, the lake house, has shown a surprising rebound in sales. Lake house sales on Lake Barkley so far this year have doubled compared to last year. While unit sales are up in this market segment the average sale price so far this year has been a low $275,812.00. Average price of active W/F homes that are unsold is $514,976.
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