Just a quick look at the single family home market here in Trigg County, Kentucky. All data is from the Western Kentucky Regional MLS database as of 6-12-2017 at 0800 hrs.
Single family home sales continue to lag behind last year's figures. Year to date there have been 68 units sold while last year there were 73 units closed in the same time period. The last 90 day view is even worse. 40 homes have closed in the last 90 days while 49 homes sold during that time span last year. It certainly appears that our market demand is slowing down.
On the positive side, our Listing price to Sales price ratio is up to 94.99% which appears to be an all time high. Normally around 85%, this statistic tells us that homes are, on the average, selling for about 5% less than they are listed for. 10% below listing price has been more common.
Inventory, with only 123 units for sale, remains a problem as some buyers are unable to find a suitable home that they like or can afford. This lack of inventory likely contributes to homes continuing to sell as there are currently 23 single family homes under contract. These are the homes that will close in the next 4 weeks or so and reflect the number of buyers who are willing to sign on the dotted line to buy a home. The number of "Pendings" has historically been as low as 12 or 15.
While the rate of sales continues to decline, the mortgage rate is still favorable and we continue to see ready willing and able buyers. If this is the year to put your house on the market there will be no better time than now to show it to buyers.