Things are looking up! Single Family Home (SFH) sales continue to show improvment over last year's sales. Trigg county year to date unit sales are up about 35%. Sale Price to List Price ratio is at 91.5% and average days on market is 199. All these figures are improvments over last weeks review. In addition, we have the first gain in inventory in the last 3 months.
Looking at the last 90 days SFH sales statistics, compared to the same time last year, shows positive gains in nearly every area. Unit sales are up 10%, and average $/sqft sold is up to $77.30 from $64.42 last year. One cloud in the 90 day report is the days on market for units that sold. This figure is 219 days and seems to indicate that those homes on the market for a longer period are selling first. As new inventory becomes available it will be interesting to see the effect on the days on market.
The good news also applies to the Western KY Regional MLS statistics (source of all this data) . This covers the 14 counties of western Kentucky. Active listed SFH inventory is higher for the second week. Year to date Sale Price to List Price ratio is at 93.19% a figure close to historical norm. Days on market for sales on the entire MLS is at 170 at this time. Additionally, pending contracts are up about 18% over the previous week.
Whether caused by seasonal norm or by increased consumer confidence it appears that our real estate market is recovering, certainly compared to the same time period last year.
With interest rates remaining very low, now is a great time to buy a home in western Kentucky.