Mid month figures are in from the Western Kentucky Regional MLS, so let's do a quick review.
Considering all single family homes sales in the 13 counties that make up the Western KY Regional MLS (MLS) we find that Year to Date there have been 1,656 single family units closed. This compares to 1,636 during the same period in 2013. YTD 2014 has shown an average sale price of $133,856 and a Sale Price to List Price ratio of 93.68%. The Average Days on Market for sold units, so far this year, has been 150 days, area wide.
Regarding more current MLS wide information, there are now 1522 single family homes on the market (inventory). This figure is down from 1539 two weeks ago and 1574 in mid October, and less than the next two previous figures. Obviously, inventory is declining in the area. Historically, this is a seasonal condition so the decline is not too surprising. There are currently 189 Pending single family homes sales. This figure is down from 196,200, and 208 from previous dates. This would indicate a reduction in the number of buyers who are ready, willing and able to sign purchase contracts. Read "slowing market".
Looking at Trigg County Single Family Home Sales the YTD figure shows 115 closings. This compares to 118 in the same time last year. Current inventory stands at 156 units, down from 161, 166, and 171 from previous checks. Show inventory declining. Pending sales contracts are also down. Currently there are 12 contracts pending while previous checks showed 12, 18, and 18. 'Slowing Market" Sale Price to List Price ratio this year has been 91.34%.
There is a bit of good news. Considering the Trigg County Single Family Home sales in the last 90 days compared to the same 90 days last year, some of the figures are encouraging. 34 Units were closed in the last 90 days while only 32 closed during the same time period last year. This year the average sale price was $151,664, last year $133,990. This year the average median sale price was $136,000 while last year the median was $109,500. And finally, the average dollar per square foot for sold single family homes in the last 90 days has been $79.16 per square foot. Last year during the same time, the $/sqft. was $78.93
Bottom line - Year to date sales regionally and locally are about the same as last year. Declining inventory and Pending sales indicates a slow down, probably the seasonal slow down. A close look at the last 90 days shows slightly positive market value for local single family homes compared to last year.
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