Here is a quick look at Trigg county real estate data information from the Western Kentucky Regional MLS. This sales information regards Single Family homes sold, in Trigg county from January 1 through August 5 of 2014 and 2013. As of August 5 of this year there were 78 units sold. 2013 closed 83 in the same time period. That represents a 6% decline in unit sales this year. Average Days on Market for this years sales was 216 days. Current S/F units active on the market (inventory) is 166 homes. This figure is similar to figures from the 4 preceding weeks so inventory is stable. Average Days on Market for active listings is 179. Current pending sales is 18, again similar to the 4 preceding weeks so market demand is also stable. ( It should be mentioned that a slight reduction in unit sales, and stable inventory and demand are also reflected in the average figures for the 13 counties that make up the WKyRMLS.) The average sale price was $173,790. The average Sale Price to List Price ratio was 91.03% This 91% figure iis an increase from the high 80% figures we saw in June and July of this year.
So, whats the bottom line? Unit sales down 6% year to date, inventory stable, demand stable.
What's to come? It is likely the market we are seeing now is the 'normal' market. Changes are unlikely to occur unless there are changes in the social environment. Increased consumer confidence in the economy would support more first time and retirement home purchases. Increased employment opportunities locally would increase local demand for homes. Increase in mortgage interest rates ( now projected to happen in Q4 2014) will eliminate some buyers who will not be able to qualify at higher interest rates. Loss of Mortgage Interest Deduction on federal taxes would reduce the number of buyers who see the advantages of buying vs. renting.
While it is difficult to predict the future with so many facets of change out there, we will continue to report to you the current market information so you can stay updated. Have a question? Sign in and join the conversation.