The latest news from our Louisville area market is here, so let’s review some of the most significant ways things have changed since last year.
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The weather is getting warm out there, and our real estate market is heating up, too. To demonstrate this, let’s review some year-over-year statistics from March of 2018 versus March of 2019.
In March of 2018, 1,429 homes sold in our local market. This March, that number dropped down to 1,361. This may not be a significant change, but it does reflect some of the other developments we’ve observed—namely, the increases in inventory and average sales price.
Inventory rose over this same 12-month period from 2.3 months’ worth of supply to about 2.45 months’ worth, leaving us with 3,500 active listings in March 2018 and 3,600 in March of this year. The average sales price, meanwhile, rose from $208,035 to $217,619.
Likely as a result of these changes, the average number of days that listings spent on the market in March also changed, going from 67 in 2018 to 75 in 2019.
Last but not least is the matter of interest rates. Last March, the average interest rate for a 30-year fixed mortgage in our area was 4.4%. Interestingly enough, the average interest rate this March actually decreased, sitting at 4.33%. This is great news for anyone looking to buy, and our still-low inventory levels indicate favorable conditions for sellers, too.
In short, our current market conditions are prime for buyers and sellers alike. There are plenty of opportunities in our Louisville market, regardless of your real estate goals.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.