Monday, October 10, 2016

Louisville Market Update [Analyze This]

by Osman Parvez
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As you can see from the chart above, the market is slowing in line with the normal seasonal cycle. 60 houses are on the market in Louisville, up about 20% from last year. Most of the increase is due to new construction in Markel's North End. About half of Louisville's inventory is currently under contract, which translates to 2 months of supply. 6 months is what many analysts consider a "balanced market." The pace of sales is what you'd expect, as 24 properties closed in the last 30 days, up slightly from last year.  

Note: About 2/3 of the available (not under contract) inventory has aged over 30 days. Some of these properties are attractive and deserve greater scrutiny. As I've mentioned in recent blog posts, this is bargain season. Aggressive buyers should look at listings that have been on the market for several weeks (or months) without an offer and also observe where the owners have significant equity. If your real estate agent thinks you should never offer below asking, find a better Realtor

The key to intelligent real estate decisions is a deep understanding of market conditions. 

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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

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