Here is a quick look at the local real estate market condition. All information is gathered from the Western Kentucky Regional MLS data base on June 16, 2016. This report regards Single Family (S/F) homes exclusively.
As of mid month unit sales of single family homes in Trigg County showed a 15% increase over unit sales for the same time last year. 74 S/F homes had closed by mid month. The average sale price for units sold was $164,609.00 and the average listing price of those that sold was $179,112.00. Sale price to List price ratio was 91.9%. Inventory remains low with only 140 homes on the Trigg County market. Market Absorption rate is at 9%, which is a historically low number and very close to a balanced market place. There are currently 22 homes under contract in Trigg County. That figure has remained at 17 or above for the last few months which shows the market remains strong with willing buyers considering and writing contracts to purchase. Monthly home closing figures for 2016 are January-6, Feb-11, Mar-11, Apr-19, May-21. These figures reflect the seasonal nature of our market and sales should continue to increase month over month until August or September.
A quick note on the S/F market in western Kentucky as a whole. Unit sales for all 13 counties combined show a 6% decrease in sales over same time last year. 850 homes closed year to date for Mid-June. Inventory of available single family homes stands at 1289 which is a slight increase over the 1278 figure from the end of May. Absorption rate for western Kentucky as a whole stands at 8.5%. Pending Sales are up slightly over last months report indicating that the market is still improving but very slowly. Monthly sales have shown an increase each month since January with Apr-174 units and May-198 units closed.
There you have it. If you have questions or would like a report regarding a specific portion of our market, sign on and let me know. Charlie