As March turns to April itis time to compare single family homes sales on a year to date basis. All data is from the Western Kentucky Regional MLs as of 4-2-2015.
Regional single family homes sales continue to out pace sales during the same time last year. To date 396 homes have closed in the western 13 counties of the Commonwealth while last years sales amounted to 363 units. Currently there are 235 homes that are under sales contracts and that number is up from 215 two weeks ago. It appears that demand continues to increase. The number of single family homes available on the MLS is currently at 1424 while it was 1390 two weeks ago. Inventory is increasing as we move toward the selling season during the summer months. The average sale price during the first quarter of 2015 was $133,753.00. Days on market for sold homes averaged 161 days and the sales price to listed price ratio was 93.93% All data points toward a recovering and inproving market.
Trigg county single family homes sales have not rebounded as well. Sales to date show 25 units have sold while 34 units had sold in the same time period last year. That is down 27%, which is about the same percentage we saw at last report, so the market has not surged. The best single item on the Trigg county report is that there are currently 20 homes under contract to be purchased. This figure is up from 16 in our previous report so we may be seeing an increase in demand for homes. There are currently 151 single family homes on the market in Trigg county and that is up slightly from 149 of two weeks ago. Of the homes that have sold to date, the average sale price was $141,728. They averaged 185 days on market and closed at 92.44% of their asking price.
So what is the bottom line? It appears we have entered the seasonal increase in home sales that is expected. Difficult to determine how far or fast the demand will increase. Keeping an eye on mortgage interest rates which should be steady for the next 60 days or so.