Inventory issues highlighted as more properties needed to satisfy the market 

The spring real estate season finally arrived but waited until the summer to finally heat up. After two consecutive months of year-over-year declines in home sales due to the ongoing pandemic, June real estate closed transactions jumped by 7 percent to 1,408 total residential sales, compared to 1,322 in 2019. This marks the fifth highest month on record for total real estate sales.

Year-to-date, real estate sales are just 1 percent short of where they were in 2019, with 6,564 sales in 2020 compared to 6,624 sales last year.

Single-family home sales rose 6 percent, with 1,318 sales compared to 1,242 last year while townhouses/condos saw an increase of 13 percent with sales of 90 this year versus 80 in 2019.

New construction in June rose to the highest level in 2020 with 162 sales, an 84 percent increase over the June 2019 total of 88 sales and continued its climb for the fourth straight month with year-over-year increases. New construction made up 11.5 percent of the market for the month.

The increase in total sales follows back to back months of record numbers of pending sales. June saw transactions under contract increase 24 percent over last year and reach a new all-time high with 1,703 pending sales.

“The pandemic certainly hasn’t cut into the demand for housing in Central Kentucky,” said Greg Buchanan, president of the Lexington-Bluegrass Association of REALTORS® (LBAR). “It was predicted, as we moved through the quarantine, that the market would rebound quickly and the selling season would be pushed back a few months. That is certainly playing out locally as buyers are out in full force, however, inventory is suffering more now because of the demand level.”

Inventory levels throughout the region were low before the crisis hit and the shortage has only intensified over the past several months. Months of inventory plummeted to 1.6 months in June, compared to 2.9 months last year, a drop of 45 percent and down 24 percent from the 2.1 months seen in May. Homes priced from $160,000 to $250,000 had just over three weeks of inventory available across all 26 LBAR counties. In the counties of Fayette, Madison, Scott and Jessamine, the four most active counties in the jurisdiction, inventory levels were around two weeks or less for homes priced under $250,000. In Madison County, homes in the $120,000 to $140,000 had levels in the three-day range while Scott County didn’t have any homes listed for sale in that same price category. A six-month supply of inventory is often considered a balanced market.

Total residential housing inventory dropped to an all-time low with 2,276 available residential properties, a 41 percent decrease from a year ago and down 7 percent from the previous month. June’s inventory level marks the seventh consecutive month, starting in December, of record lows and the fifth straight month of levels falling below the 3,000-unit mark.

“Our market needs a more robust supply of homes to meet the needs of buyers who want to purchase real estate in the Central Kentucky region,” stated Buchanan. “Sellers who may have temporarily put their plans on hold, or who didn’t think it was the right time, should strongly consider listing during the summer months. All the right conditions exist to make it an ideal time to sell.”

After a slower than usual start to the spring season for buyer traffic, mainly due to the uncertainty brought on by the pandemic, housing demand has surged over the previous two months. Appointments for available homes experienced consecutive record-breaking months in May and June. Showings jumped 21 percent in June from last year, reaching 24,181 appointments, and was 6 percent higher than May, the previous record month.

An increase in demand has pushed home prices upward for 16 straight months, with June hitting a record high. The median price of a home hit $200,000 for the first time ever, a 6 percent increase over last year when the median was $188,700. Single-family homes increased 6 percent to a median of $204,000 while townhouses/condos jumped 18 percent to $165,000. Year-to-date, median prices stand at $190,000, up from $175,000 last year, a change of 9 percent.

Total sales volume for real estate sales increased 10 percent year-over-year, reaching $326 million in June, up from just under $300 million in 2019. For the year, the total volume for real estate sales closed north of $1.4 billion, an increase of 5 percent over the $1.3 billion closed in 2019.

Buchanan added, “Pent-up demand is going to be a big driver of the market through the coming months. Buyers are locking in record low interest rates and those will remain for the foreseeable future. Builders are putting up homes but the demand is pushing those timelines out to over a year in some cases. What the market needs is for existing homes to be listed to alleviate the supply problem we are currently facing.”

Mortgage rates averaged a record low 3.16 percent in June, according to the Federal Reserve Bank of St. Louis. As of the middle of July, according to Freddie Mac, interest rates had fallen below 3 percent for the first time since tracking began in 1971, almost 50 years ago. The Mortgage Bankers Association also reported that applications for mortgages were on the rise, with the unadjusted mortgage purchase index up 16 percent year-over-year.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,500 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

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Traffic to available properties resumes as economy opens 

Pending sales in May reversed course from a month prior. April saw pending sales down 16 percent year over year, while May saw pending sales jump 8 percent, with 1,634 properties under contract, an all-time high, compared to 1,517 in 2019. This is a positive sign for how the summer months may play out for the real estate market.

The volume of transactions that are under contract for the month comes at a time when inventory levels dropped to an all-time low with 2,439 available residential properties, a 34 percent decrease from a year ago and down 10 percent from the previous month. May’s inventory level marks the sixth consecutive month, starting in December, of record lows and rounds out the fourth straight month of levels falling below the 3,000 threshold.

“With the economy opening back up, we are seeing real estate do the same,” said Greg Buchanan, president of the Lexington-Bluegrass Association of REALTORS® (LBAR). “It’s just taking longer for closings to happen which is extending pending transactions and affecting sales volumes in the short term. This tightening of inventory will also likely put pressure on Lexington and other counties in our region to have additional conversations about growth.”

Inventory levels in Central Kentucky have been trending lower than what is typically seen in the area and the current environment has only exacerbated that fact. Months of inventory fell to 2.1 months in May, compared to 2.8 months in April and down 19 percent from the 2.6 months in 2019. Homes priced from $160,000 to $200,000 had less than one month of inventory available across all LBAR counties. Fayette County, the county that generates the most transactions in LBAR’s jurisdiction, showed inventory levels hovering around two weeks or less for homes under $250,000. Madison County, the second most active county, had around two weeks of inventory for homes priced between $120,000 and $200,000. A six-month supply of inventory is often considered a balanced market.

Days on market in May continued dropping for the year, with a 13 percent decline, hitting 46 days compared to 53 days last year while they dropped 4 percent from the previous month. Sixty-six percent of all home sales occurred in less than a month while only 13 percent of homes took longer than 120 days to sell in May.

“Interest rates are so favorable right now that buyers are out pounding the pavement trying to find available properties to purchase but it’s tough to find anything that hasn’t already gone under contract,” said Buchanan. “Now is a great time, if you are thinking about selling, or in a place where you need to sell, to reach out to a REALTOR® to explore options. Inventory is needed to meet buyer demand so sellers may find it very advantageous in the current market.”

 Home prices have been pushed upward due to the increased demand, reaching a median of $193,000 for the month, a 10 percent increase over the $176,200 median price from the year prior. May’s median price was the second highest on record, following the all-time high in April and marking 15 straight months of gains. Nationally, home prices jumped just over 2 percent but hit a median of $284,600, much higher than the median price seen locally. Across the country, home prices have now risen for 99 straight months.

Real estate sales in May experienced a 16 percent decline over last year, with 1,188 total sales compared to 1,412 in 2019. Single-family home sales dropped 14 percent, with 1,105 sales compared to 1,114 last year while townhouses/condos saw a drop of 34 percent with sales of 83 this year versus 125 in 2019.

New construction sales continued to climb for the third straight month with year-over-year increases. May sales hit 125, a 17 percent increase over last year’s 107 sales and 5 percent more sales than April. New construction made up almost 11 percent of the market for the month.

Nationally, overall sales dropped almost 27 percent year-over-year and NAR’s chief economist Lawrence Yun said that “sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lockdown and hence the cyclical low point.”

Traffic to available homes hit a low mark in April but experienced a strong rebound in May. Appointments for showings, which hit 22,094 in May, jumped 42 percent over the previous month and increased by 7 percent year-over-year. May’s traffic total was an all-time high, exceeding the previous record of 21,029 in April 2019 by 5 percent.

Buchanan added, “Late summer should see real estate sales pick up as closings return to normal and demand continues at a frenzied pace. Record low interest rates will also help spur buyers into action. As the market is dictating, most sellers who put their homes on the market continue to see quick sales and many are finding themselves in multiple offer situations.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,500 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

The Lexington-Bluegrass Association of Realtors® (LBAR) announces Mike Inman has been inducted into the National Association of Realtors® (NAR) Hall of Fame. He joins an elite group across the country to earn such an honor as only a fraction of all Realtors® nationwide receive this honor and recognition.

The National Association of Realtors® Hall of Fame recognizes dedicated Realtor® members who go above and beyond to invest in their profession and protect the private property rights of all Americans. As the voice of real estate in the United States, Realtors® like Inman understand the importance of homeownership as a major tenet of the American dream and work to preserve it. Inman was inducted into the Hall of Fame during the 2020 Realtors® Legislative Meetings. His name has now earned a distinguished position on the Hall of Fame wall located on NAR’s Washington, D.C. building rooftop overlooking the United States Capitol.

“Home ownership is vitally important to so many areas of the economy and no one knows this more than Realtors®,” said Inman. “We are in the best position, because of our chosen profession, to protect the interests of home owners. I believe it with all my heart, and so I invest in Realtor® Political Action Committee (RPAC).”

Inman is an agent with Coldwell Banker McMahan and has been a member of LBAR for over 13 years. He specializes in residential properties and farms primarily in Mercer, Anderson, Boyle, Franklin, Jessamine and Woodford counties. In addition to selling real estate, he has been very active at all levels of the Association and has held a number of leadership roles. He currently serves as a director for Kentucky Realtors® and is a graduate of the LeadershipKYR program. Inman has been an RPAC major investor for 8 years and was the 2017 and 2018 recipient of a Presidential Award at the state level. He has served on the RPAC Major Investor Council at NAR and as an RPAC Trustee at the state level. Inman is currently serving on the RPAC Participation Council at the national level. In 2019, he became the first Platinum R investor in Kentucky and was named Realtor® of the Year for LBAR. Mike is very active in his community, currently serving as vice chair for the Harrodsburg, Mercer County Tourism Commission, as a director for the Mercer County Chamber of Commerce and serves on the Pioneer Days Festival Committee. Inman is a deacon at Hopewell Baptist Church and is a 25-year veteran of the US Army, retiring as a Lieutenant Colonel.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

Buyer demand remains strong with rebound in foot traffic

For the first time since June of 2019, real estate sales in the region experienced a decline year-over-year, with the current pandemic and the ongoing inventory issues creating a ripple in the market.

Total sales in April were down 18 percent over last year, with 968 transactions in 2020 compared to 1,180 in 2019. Single-family home sales dropped 19 percent, with 906 sales compared to 1,114 last year. Townhouses/condos saw a decline of 6 percent in April, bringing monthly sales to 62 versus 66 in 2019.

New construction sales continued to strengthen in April with 119 sales, a 33 percent increase over last year’s 89 sales and pushing new construction to over 12 percent of the market for the month.

Year-to-date, due to a strong first quarter of the year, total real estate transactions remain up 2 percent compared to 2019. Transactions totaled 3,907 compared to 3,835, an increase of 72 homes sold. Fayette County has seen a drop of 6 percent in sales for the year while the next five largest counties – Madison, Scott, Jessamine, Franklin and Laurel – in total transactions have all experienced double digit increases year-to-date.

Nationally, overall sales dropped 17 percent year-over-year and NAR’s chief economist Lawrence Yun said that “the economic lockdowns – occurring from mid-March through April in most states – have temporarily disrupted home sales, however, listings that are on the market are still attracting buyers and boosting home prices.”

“We expected sales to wane for a few months as we entered into the spring market,” said Greg Buchanan, president of the Lexington-Bluegrass Association of REALTORS® (LBAR). “Inventory issues were low before the crisis happened and have proven to be a challenge as we navigate through the pandemic. Compound this with the abrupt halt to the economy and the result has been a shock to the market.”

Due to the sudden economic changes, levels of inventory took a hit of 25 percent for the month, dropping to 2,719 available residential properties, continuing a streak of three straight months of levels averaging less than 3,000 available residential properties for sale. With the drop in April, inventory levels have decreased year-over-year for 11 consecutive months and hit a new all-time low. In addition, new listings to the market fell 31 percent for the month, further contributing to lack of homes available in the region.

Months of inventory shrunk, hitting only 2.8 months in April 2020 compared to 3.1 months at the same time last year, a drop of 10 percent. Homes priced in categories from $100,000 to under $200,000, all had less than 2 months available while the categories generally considered in the range for many first-time buyers, $140,000 to less than $200,000, had less than 1.5 months available. A six-month supply of inventory is often considered a balanced market.

Days on market in April followed the trend for the year, with a 16 percent decline, hitting 48 days compared to 57 days in April 2019. Days on market dropped 19 percent in April from the previous month. Sixty-six percent of all home sales occurred in less than a month, 16 percent more than the total sold in that time last year when 57 percent sold in less than a month. Only 13 percent of homes took longer than 120 days to sell in April.

“The shortage of supply has put increased pressure on prices,” said Greg Buchanan, president of the Lexington-Bluegrass Association of REALTORS® (LBAR). “Real estate is still moving very quickly and the demand in this area is very strong. Some potential buyer, and even sellers, are putting a temporary hold on their decisions, however, we anticipate market activity on both sides to pick up quickly as the state, and country, start the opening process.”

Home prices were pushed upward, reaching a median of $198,000 for the month, ending at an all-time high. This surpasses the previous high last month of $191,500 and was a 13 percent increase over the $1750,000 median price from April 2019. Before consecutive months of record median prices, the next highest median price recorded was $189,900 in June of last year.

Median prices for both single-family homes and townhouses/condos rose 14 percent year-over-year, coming in at $199,900 and $164,950 respectively. This marks 14 straight months of gains while on the national level, home prices have risen for 98 straight months, coming in at $286,800 in April, an increase of over 7 percent from last year.

The spring housing market may be delayed at least another month as pending sales in April dropped for the second month in row, falling 16 percent, with 1,258 homes under contract, versus 1,497 last year. Pending sales serve as a good indicator of where total sales may be in the coming months.

And while a lower pending total in April is a likely signal to slower May transactions, data coming out now from the Mortgage Bankers Association has shown that mortgage applications for home purchases have increased for five consecutive weeks, ending the third week of May, and that purchase volume was almost even compared to being down 35 percent six weeks ago. In fact, government purchase applications, which include FHA, VA and USDA loans, are now 5 percent higher than the same time last year.

This tracks with information reported on real estate showings locally. Starting around mid-March, foot traffic decreased substantially in the Central Kentucky region. Around mid-April the spread between this year and last started to close and by the first week in May, foot traffic to available homes surpassed last year’s total.

Buchanan added, “Demand in the area hasn’t slowed down as ready and willing buyers have still been in the market. What we have seen has been a temporary hold on people listing their homes and some sitting out for a few weeks, waiting for the right time to resume their search. Because of the demand and tight inventory, prices have held steady, and in many cases accelerated. Good news is that mortgage forecasts have shown a downward rate trend so far this year and continue to project record-low rates for the foreseeable future.”

Fannie Mae projected recently the average rate in the second quarter of 2020 would be 3.2%, followed by 3.1% in the third quarter and 3% in the fourth quarter. For 2021, they are forecasting an average of 2.9% for every quarter of the year.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,500 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Spring housing market may be delayed 

The impact on Central Kentucky real estate through March was minimal, however, the region may see a delayed spring market as the crisis takes its toll on the economy.

In March, real estate sales posted a 4 percent increase in total sales over last year, with 1,133 transactions in 2020 compared to 1,088 in 2019. For the first quarter of the year, total sales ended up 10 percent over the same period last year as both January and February in 2020 were record months for total activity.

Single-family home sales saw an increase of 3 percent, with 1,048 total sales compared to 1,015 last year. Townhouses/condos saw a surge of 16 percent in March, bringing monthly sales to 85 versus 73 in 2019.

New construction sales also saw a significant increase in March with 117 sales, a 17 percent increase over last year and pushing new construction to just over 10 percent of the market for the month.

Nationally, overall sales increased 0.8 percent year-over-year and NAR’s chief economist Lawrence Yun said that “home sales would wane in March due to the coronavirus outbreak and more temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.”

Home prices locally did climb in March, reaching a median of $191,500 for the month. This was a 13 percent increase over the $169,900 median price from March 2019 and ended as the highest median price ever recorded for the Association. The next highest median price recorded was $189,900 in June of last year.

Median prices for single-family homes rose 14 percent $194,500 while townhouses/condos jumped 27 percent to $180,000. On the national level, homes prices jumped 8 percent, year-over-year, to a median of $280,600, marking 97 straight months of gains.

“Prices in our area have remained strong over several years due to the lack of inventory and strong demand,” said Greg Buchanan, president of the Lexington-Bluegrass Association of REALTORS® (LBAR). “With this crisis, we predicted inventory levels would be affected even more than in previous months as people contemplated whether or not to buy or sell and that seems to have occurred.”

Levels of inventory saw a decline of 15 percent for the month, averaging less than 3,000 available residential properties for sale for the second month in a row. With the drop in March, inventory levels have decreased year-over-year for 10 consecutive months and hit record monthly lows in every month this year. In addition, new listings to the market fell 8 percent for the month, contributing to lack of homes available in the region.

To further the impact on the real estate market, after 14 consecutive months of increases, pending sales took a hit in March, dropping 7 percent, with 1,316 homes under contract. Pending sales serve as a good indicator of where total sales may be in the coming months.

“People are being cautious right now with the pandemic,” stated Buchanan. “Some will hold off entering the market until the stay at home guidelines are lifted. Once businesses are able to reopen in the weeks ahead, however, we expect a robust housing market to follow. The autumn months should also give the market a lift with the increase in demand and, hopefully, an influx of inventory for buyers who have been sidelined.”

Months of inventory tumbled, hitting only 2.6 months in March 2020 compared to 3.2 months at the same time last year, a drop of 19 percent. Homes priced in categories from $100,000 to under $250,000, all had less than 2 months available while the categories generally considered in the range for many first-time buyers, $140,000 to less than $200,000, had less than 1.5 months available. A six-month supply is often considered a balanced market.

Days on market in March followed the trend for the year, with a 6 percent decline, hitting 59 days compared to 63 days in March 2019. Fifty-six percent of all home sales occurred in less than a month, 10 percent more than the total sold in that time last year when 51 percent sold in less than a month.

Buchanan added, “Real estate is considered essential so REALTORS® are able to work with buyers and sellers but you will see changes in the process. With the distancing guidelines in place, we are using PPE, showings are utilizing more technology and limits are being placed on in-person tours and walk-throughs. But demand is still there – people need to buy and sell for many reasons and many want to come to this area. That has not changed through all of this.”

If pent-up demand wasn’t enough to forecast a strong rebound when the crisis was over, Fannie Mae has predicted, in response to the toll on the economy, that interest rates for 2020 could drop to 3 percent before falling to 2.9 percent next year. Further predictions say that consumers with strong credit could see rates in the mid- to low- 2 percent range. This coming on the heels of already record low rates currently in the market. This could be a huge boon to refinances and prospective home buyers would be able to afford a house sooner than they thought or give some the opportunity to afford a more expensive home than they were able to before.

 “Lower rates would certainly be good news for buyers once the crisis is behind us,” said Buchanan. “A solid real estate market is fundamental to a strong economy so that would be a step in the right direction to help the country rebound.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,500 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

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At a recent Lexington-Bluegrass Association of REALTORS® Board of Directors meeting, it was approved to contribute $50K to the Team Kentucky Fund, developed by Governor Andy Beshear to deliver financial aid to those severely financially impacted by the COVID-19 pandemic. Aid provided by the fund, according to both the Governor and Lieutenant Governor Jacqueline Coleman, will help cover mortgages, rent, utilities and other needs after they have had their lives turned upside down by this devastating crisis.

LBAR President Greg Buchanan stated, "REALTORS® are the fabric of every community and this donation reiterates how important it is to remain community focused for all our citizens through this crisis. This fund is a perfect outlet to get much needed support to those who need assistance during these unprecedented times."

“I’m extremely proud of our association for stepping up,” said Justin Landon, LBAR’s chief executive officer. “REALTORS® are some of the most civic minded people you could ever be around and this is just one demonstration of that commitment.”

Kentucky's Public Protection Cabinet oversees the Team Kentucky Fund. Employees under the leadership of Secretary Kerry Harvey have a proven track record of getting money to citizens in times of crisis. For more information on Team Kentucky Fund go to ppc.ky.gov.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

Market uncertainty may affect spring sales 

Real estate sales tallied the highest February numbers ever recorded in 2020. At 881 transactions, this year saw a 9 percent gain over the 805 home sales in February 2019. For the year, sales are up 14% after a record setting January. With 1,733 total residential sales year-to-date, 2020 is off to a great start.

Single-family home sales saw an increase in sales of 8 percent, with 819 total sales compared to 757 last year. Townhouses/condos saw a spike of 29 percent in February, bringing monthly sales to 62 versus 48 in 2019.

New construction sales dipped 8 percent in February and reflected the first decline in year-over-year sales since June of last year. The 85 sales in 2020 represented less than 10 percent of the market in February.

“The market is off to a hot start this year and pending sales are strong going into March,” said Greg Buchanan, president of the Lexington-Bluegrass Association of REALTORS® (LBAR). “However, the nation was hit with the coronavirus pandemic going into March so we aren’t sure what may happen to the market this spring.”

Pending sales, coming off a 16 percent increase in January, saw another record-breaking month in February, registering 1,266 homes under contract, up 18 percent for the month. Pending sales have increased, year-over-year for 14 consecutive months.

On the flip side, inventory saw a record low for the second consecutive month, with only 2,902 residential properties for sale in February. This is the first-time inventory levels have dipped below 3,000 and registered a 15 percent drop for the month over the same period last year.

This lack of available homes has put potential buyers in a crunch to find a suitable property. Months of inventory dropped 21 percent, from 4.2 months last February to just 3.3 months in 2020. Homes priced in categories from $140,000 to under $200,000, generally the range for many first-time buyers, had between 1.6 and 1.9 months available. A six-month supply is often considered a balanced market.

“Finding less expensive homes right now can be a challenge,” continued Buchanan. “You have to be actively searching inventory, almost minute by minute, and a professional can help with this. When the selection is limited across the board like it is now, it creates a ripple effect across all segments of the market. It’s the classic supply and demand relationship at play and Central Kentucky is in high demand.”

Days on market in February logged in right at two months, or 60 days, for 2020, 6 percent lower than in 2019 when it was 64 days. Fifty-four percent of all home sales occurred in less than a month, 11 percent more than the total sold in that period in February last year when 47 percent sold in less than a month.

Demand is also pushing prices to record highs with houses in the region selling at a median of $175,000 in February, versus $165,000 in 2019, a rise of 6 percent year-over-year. This jump marks 37 straight months of year-over-year increases with the last decline coming in January 2017.

Single-family homes in February saw an increase of 8 percent in the median sales price, increasing to $178,000 while townhouse/condo prices grew 3 percent to $154,750.

The total dollar volume of home transactions jumped 17 percent in February to almost $180 million for the month, compared to just over $153 million last year.

Buchanan added, “LBAR members have indicated some hesitation from buyers and sellers to either put their home on the market or to view property in the current environment and that is certainly understandable. However, REALTORS® are implementing the necessary safety precautions for buyers and sellers to follow prior to putting their homes on the market or touring available homes. The market may offer fewer open houses in the short term, but should see that buyer interest is still extremely high.”

Another big factor playing a role in the current crisis and making its way into through real estate industry is the recent decision by the Fed to cut the interest rate to near zero percent. With already record low mortgage rates, many consumers should see their buying power increased if they take on a home loan. Many may be wondering if rates could go lower. And while that may not be the case, with the stock market taking a recent hit, the signs of continued suppressed rates could be a welcome sign going into the prime real estate season.

 “Mortgage rates are already extremely favorable for buyers, giving many the opportunity to realize homeownership for the first time,” said Buchanan. “But rates fluctuate regularly so my suggestion is to get multiple quotes from reliable lenders before locking in to guarantee the best terms. This advice would go for those looking to refinance as well.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,500 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

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Pending sales indicate transactions will continue to climb

The first month of a new decade saw a huge boost in real estate sales, jumping 20 percent versus 2019. Total home sales reached 828 in January compared to 691 during January last year. This is coming out of 2019, a record year in many ways, that ended up 7 percent over 2018 and, in December, posted an increase of 19 percent year-over-year.

In January, single-family home sales saw an increase in sales of 21 percent, with 781 total sales compared to 646 last year. Townhouses/condos saw a smaller increase of 4 percent in January, bringing monthly sales to 47 versus 45 in 2019.

New construction sales made up 15 percent of the total transactions for the month and rose 62 percent year-over-year, with 105 sales in January 2020 compared to 65 for the same month in 2019. New construction sales have risen, year-over-year, for seven consecutive months.

“Last year at this time, the federal government experienced the longest shutdown in history, which suppressed transactions in January,” said Greg Buchanan, president of the Lexington-Bluegrass Association of REALTORS® (LBAR). “Many federal loans, including VA, FHA and USDA, were delayed during this time which had an impact on closings. Even conventional programs like Fannie and Freddie were occasionally slower to close due to an increase in loan processing times.”

Pending sales, coming off a 13 percent increase in December, jumped a whopping 16 percent in January versus last year. The 1,161 homes under contract are the most ever for a January and the first time to exceed the 1,000 threshold for the month. Pending sales have increased, year-over-year for 13 consecutive months.

The run up in sales has again put a damper on inventory in the region. Homes for sale dropped 14 percent in January continuing to put pressure on buyers looking for property. In fact, with only 3,088 residential properties available for sale in January, that’s the lowest figure ever recorded for a single month since LBAR started tracking active data in 2006. The next closest month was in March 2018 when 3,240 homes were on the market.

The lack of inventory coupled with the increase in sales have cut into the months of inventory in the region. In January, the months of inventory dropped a staggering 27 percent, from 5.1 months last January to just 3.7 months in 2020. Homes priced in categories under $250,000 but more than $100,000 had less than 2.7 months of inventory with homes in the $120,000 to $140,000 range having only a 2 month supply available.

“It’s an interesting time for our region,” continued Buchanan. “People are staying in their homes for longer periods of time, likely due to the fact they are scared another property won’t match what they are looking for. This multiplies the lack of housing supply because homes don’t come on the market and the next buyer in line can’t move up either. It stalemates a large part of the cycle.”

But what homes do become available sell fast. Days on market in January fell 3 percent, with homes selling in an average of 59 days in 2020 versus 61 days last year. Almost half of all home sales occurred in less than a month with only 15 percent taking longer than 120 days.

With the demand still at such a high level, Central Kentucky housing prices have continued to climb with the median home price in January jumping 5 percent compared to 2019. This matches the increase from December 2019 and the total increase realized for the entire year in 2019. The overall median price hit $173,500 in January, compared to $165,000 in January 2019. Single-family homes increased 5 percent to $175,000 while townhouse/condo prices dipped 10 percent to $133,000.

The total dollar volume of home transactions jumped 25 percent in January to almost $171 million for the month, compared to just under $137 million last year.

Buchanan added, “As long as interest rates stay low, which is predicted by many, prices will continue to appreciate and home sales will continue to flourish. The only thing that seems to be holding back the market is the lack of inventory it seems everyone has talked about now for several years.”

The U.S. Census Bureau has reported that the homeownership rate in the country climbed to a 6-year high, increasing to over 65 percent in the fourth quarter of 2019. This comes as no surprise with a record number of sales reached in 2019 for all of LBAR and a gradual increase annually for the greater part of the past decade. In fact, the largest generational segment of homebuyers – the millennials – not only make up 48 of all home purchase mortgages, but they are also actively saving to buy a home. And the generation after them – Generation Z – according to Freddie Mac, shows that 80 percent prefer buying over renting because owning provides stability and financial security.

“Market conditions are favorable to a strong housing market,” said Buchanan. “The economy is moving, interest rates are low and demand in Central Kentucky has never been greater. People want to make this area home.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,500 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Richmond Industrial Development Corporation. Over the past 16 years, LBAR has made available over $550,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 26-county primary service area as a way to fund programs that will promote and build the local economy.

“LBAR continues to partner with communities to provide resources, foster regional collaboration and facilitate positive economic results,” said LBAR President Greg Buchanan. “The support provided to these local organizations will help attract, develop and expand businesses, and ultimately create jobs. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

2020 LBAR officers and board of directors announced

Greg Buchanan was installed as the 2020 president of the Lexington-Bluegrass Association of REALTORS® (LBAR). He has served on the LBAR Board of Directors for four years previous and on numerous committees and task forces. In addition to his involvement at the local level, Buchanan is a member of the National Association of REALTORS® Strategic Thinking Advisory Committee and the Kentucky REALTORS® Government Affairs Committee.

Beyond his work for the association, Buchanan is the Broker/Owner of ERA Select Real Estate, where he leads his agents in helping current and future residents of the great state of Kentucky buy and sell property. He studied Economics at the University of Kentucky and was raised in Danville attending Boyle County High School. 

The remaining 2020 officers are president-elect Kristy Gooch, RE/MAX Elite Realty, and treasurer Rusty Underwood, Milestone Realty Consultants.

Other 2020 Board of Directors include: Sandy Allnutt, The Agency; Al Blevins, Caswell Prewitt Realty; Greg Back, The Brokerage; Tommy Black, RE/MAX on Main; Anne Hart Cornett, Milestone Realty Consultants; Barb Curtis, Coldwell Banker McMahan; Anthony de Movellan, Berkshire Hathaway de Movellan; Gary Denton, Rector-Hayden, REALTORS®; Sha Fister, Rector-Hayden, REALTORS®; Todd Hyatt, Lois Ann Disponett Real Estate; Ruby Mason, RE/MAX Elite Realty; Randy Newsome, United Real Estate; Kelley Nisbet, Coldwell Banker McMahan; Kae Schennberg, Schennberg Realty and Tom Thomas, Rector-Hayden, REALTORS®.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

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Schennberg and Scolf recognized for their service to the industry

The Lexington-Bluegrass Association of REALTORS® (LBAR) presented its highest awards for 2019 at the recent Installation and Member Recognition Luncheon – REALTOR® of the Year, Good Neighbor and Distinguished Service – honoring outstanding REALTORS® within the Association.

Mike Inman was named LBAR’s REALTOR® of the Year for 2019. He is an agent with Coldwell Banker McMahan and member of LBAR for over 13 years. Inman specializes in residential properties and farms primarily in Mercer, Anderson, Boyle, Franklin, Jessamine and Woodford counties.  In addition to selling real estate, he has been very active at all levels of the Association and has held a number of leadership roles. He currently serves as a director for Kentucky REALTORS® and is a graduate of the LeadershipKYR program. Inman has been a REALTOR® Political Action Committee (RPAC) major investor for 8 years and was the 2017 and 2018 recipient of a Presidential Award at the state level. He has served on the RPAC Major Investor Council at the National Association of REALTORS® (NAR) and as an RPAC Trustee at the state level. In 2019, he became the first Platinum R investor in Kentucky and will be inducted into the NAR RPAC Hall of Fame in May. Mike is very active in his community, currently serving as vice chair for the Harrodsburg, Mercer County Tourism Commission, as a director for the Mercer County Chamber of Commerce and serves on the Pioneer Days Festival Committee. Inman is a deacon at Hopewell Baptist Church and is a 25-year veteran of the US Army, retiring as a Lieutenant Colonel.

The Good Neighbor Award was presented to Kate Imhoff, an agent with Rector Hayden, REALTORS® and member of LBAR since 2014. Over the past seven years, Imhoff has served as the volunteer coordinator for the Christ Community Cupboard. In her role, she has taken on many responsibilities to assist a wide range of low-income clients, including veterans, refugees, senior adults, single mothers and more. Some of her tasks include strategic planning, ordering and stocking supplies, fundraising and community outreach and recruiting and training more than 40 volunteers. Imhoff uses her strong ties with over 40 other community agencies like the local school system, rescue centers, community action council centers, the Salvation Army and the Nest to cover basic needs of those seeking help. Her outreach and solicitation of supplies from donors throughout the community is unparalleled as the Cupboard provides everything from clothes and shoes to household items, cleaning supplies, grooming products and toiletries. In 2019, it’s reported that Imhoff, through her volunteer role, helped provide assistance to more than 6,000 adults and children in the local community.

In addition, Kae Schennberg, broker/owner of Schennberg Realty, and Jason Scolf, an agent with Milestone Realty Consultants, took home Distinguish Service Awards, given on behalf of the LBAR president to recognize individuals who have gone above and beyond for the Association and industry. Schennberg was instrumental in facilitating the merger between the former Madison County Board of REALTORS® and LBAR, bringing valuable products and services to dozens of agents across four counties: Estill, Lee, Madison and Owsley. Scolf was, and continues to be, a driving force with the Young Professionals Network (YPN) at LBAR, taking the reins to create and volunteer at dozens of community events throughout the year while also taking on a primary role to establish a YPN group at the state level.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

Click here to view a PDF of this release

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in Scott County United. Over the past 16 years, LBAR has made available over $550,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 26-county primary service area as a way to fund programs that will promote and build the local economy.

“LBAR is partnering with communities to provide resources, foster regional collaboration and facilitate positive economic results,” said LBAR President Al Blevins. “The support provided to these local organizations will help attract, develop and expand businesses, and ultimately create jobs. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Sales skyrocket to record levels, housing demand remains strong

Home sales surged in December, jumping 19 percent over 2018, to bring 2019 to a close as the highest year on record for real estate transactions. With 1,054 sales in the last month of the year, versus 887 in 2018, total sales for 2019 ended at 14,153, up 7 percent over the 13,278 sold last year.

Single-family home sales saw an increase in sales of over 19 percent for the month, with 994 total sales compared to 833 in December last year. Total single-family sales for the year increased 7 percent with 13,270 total properties sold.

Townhouses/condos saw an uptick of 11 percent in December, bringing monthly sales to 60 versus 54 in 2018. On the year, townhouse/condo sales, which comprised slightly over 6 percent of the total market, remained relatively flat, rising only 1 percent to 883, an increase of only 10 properties when compared to 2018.

New construction sales rose to the highest total of the year, reaching 123 in December compared to only 69 for the same month in 2018, a 78 percent jump. New construction sales started to pick up in the middle of the year and increased every month, year-over-year, since July.

Nationally, total home sales were up almost 11 percent in December from a year ago but remained flat for the year as a whole. 

The boost in sales at the end of the year has put added pressure on housing inventory. Homes for sale have continued to drop in the last half of the year and experienced a 12 percent decline in December, with 3,235 residential properties available in 2019 compared to 3,679 in 2018.

Months of inventory also dropped significantly in December, hitting 3.1 months, a 24 decrease from the 4.1 months experienced in 2018. Properties in what is typically considered the average price range of affordability, $200,000 and below, have around 2 months of inventory available, with homes priced between $160,000 and $180,000, Central Kentucky’s median price range, having a 1.8 month supply available.

“Demand for housing in the region is really strong and remained that way throughout 2019,” said Greg Buchanan, president of the Lexington-Bluegrass Association of REALTORS® (LBAR). “National real estate experts have predicted another solid year for housing and, locally, that is occurring already with pending sales going into the first of the year.”

Pending sales saw an increase in every month in 2019 and ended the year up 13 percent in December with 801 homes under contract in 2019 compared to 711 in December last year.

The increase in demand, coupled with the shortage of supply, has resulted in speedy transactions to finish out the year. Days on market in December fell 7 percent, with homes selling in an average of 52 days in 2019 versus 56 last year. Fifty-four percent of all transactions in December occurred in less than one month, 8 percent faster than December 2018 when 50 percent took less one month. Only 12 percent of homes took longer than 4 months to sell.

Housing prices have continued to follow the spike in demand with the median home price in December jumping 5 percent compared to 2018. The overall median price hit $178,000 in December 2019, compared to $169,900 in December 2018. Single-family homes increased 3 percent to $179,000 while townhouse/condo prices climbed 43 percent to $165,000.

For the year, median prices stand at $180,000 for single-family properties and $144,000 for townhouses/condos. The overall median home price for 2019 was $178,000, a 5 percent increase over 2018 when the median stood at $168,900.

The total dollar volume of home transactions jumped 26 percent in December to almost $219 million for the month, compared to just under $174 million last year. For the year, the total volume of real estate sales fell just shy of $3 billion for the region.

Nationally, median home prices topped out at $274,500 in December, up almost 8 percent from last year when it reached $254,700, and marking 95 straight months of year-over-year gains.

Buchanan added, “There has been, and will continue to be, upward pressure on real estate prices in the region as long as demand continues to be strong and supply is restrained. The good news is that, nationally, home building is making a recovery which should help alleviate some of the shortage issues. Our hope is new construction will ramp up even more in our region throughout 2020.”

Housing starts across the country surged to a 13-year high in December, jumping almost 17 percent since the previous month and more than 40 percent year-over-year. For all of 2019, homebuilding across the U.S. was up 3.2 percent compared to 2018.

Another positive for the housing market continue to be low mortgage rates. After the Federal Reserve cut rates three times in 2019, predictions are that rates could be cut an additional three times again in 2020, the first coming as early as March. Forecasts are expecting 30-year mortgage rates, the most common type of home financing, to average between 3.5 and 4 percent.

“Low mortgage rates make purchasing a home more affordable and can help make rising home prices a little more digestible,” said Buchanan. “The opportunity to take advantage of these rates should last throughout the year giving first-time and move up buyers some relief.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Paris-Bourbon County Economic Development Authority. Over the past 16 years, LBAR has made available over $550,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 26-county primary service area as a way to fund programs that will promote and build the local economy.

“LBAR is partnering with communities to provide resources, foster regional collaboration and facilitate positive economic results,” said LBAR President Al Blevins. “The support provided to these local organizations will help attract, develop and expand businesses, and ultimately create jobs. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Cynthiana-Harrison County Economic Development Authority. Over the past 16 years, LBAR has made available over $550,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 26-county primary service area as a way to fund programs that will promote and build the local economy.

“LBAR is partnering with communities to provide resources, foster regional collaboration and facilitate positive economic results,” said LBAR President Al Blevins. “The support provided to these local organizations will help attract, develop and expand businesses, and ultimately create jobs. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 26 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Estill, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Lee, Madison, Menifee, Montgomery, Nicholas, Owsley, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

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Housing demand continues to fuel inventory issues

The increase in demand for homes in Central Kentucky has largely contributed to the lack of housing inventory that has plagued the local market for many months. New listings were down in November by 2 percent compared to last year, however, year-to-date the number of new listings is up 5 percent. The inventory issues are caused with the increase in sales throughout the year and the number of homes available on the market not being sufficient to replace those being sold.

However, because of the overall demand for housing in the region and sales reflecting that demand, total housing inventory has continued to drop every month since June. In November, inventory levels were down 10 percent, with 3,571 residential properties available, compared to 2018 when 3,961 properties were available.

Showing the strength in demand, sales in November surpassed the 1,000 threshold for only the second time in LBAR history, reaching 1,002 homes sold, up 5 percent compared to 953 in 2018. Single-family homes also saw a 5 percent increase for the month, jumping from 910 sales last year compared to 952 sales in 2019. Townhouses/condos spiked 16 percent in November, with 50 sales in November compared to 43 last year.

Total sales for the year have seen increases every month except June. For the 11 months in 2019, sales have jumped 6 percent versus the same period last year, with over 13,000 homes sold to date. Single-family home sales have contributed to the entire increase for the year as townhouse/condo sales remain flat for the year. Nationally, sales were up over 2 percent from a year ago.  

New construction sales reported were up 15 percent year over year with increases being shown in the previous 5 months. Good news that builders seem to be ramping up construction, even if only slightly, across the region. In fact, the National Association of Home Builders reported that homebuilder confidence increased this month to the highest reading since June of 1999 spurred on by a 12.5 year high for home construction permits.

“The market continues to be rock solid going into the last month of the year,” said Al Blevins, president of the Lexington-Bluegrass Association of REALTORS® (LBAR). “Buyers are selecting and closing on homes quickly and the colder weather doesn’t seem to be having any effect on showings, as data for November indicates foot traffic was up 3 percent for the month.”

Pending sales saw a rise in November of 6 percent, with 981 homes pending compared to 929 in 2018. Pending sales have risen every month, year-over-year, in 2019 and the expectation is that will also be the case to finish out the year.

With total sales surging and new listings on the decline, the months of inventory saw a drop for the month. In November, the supply of homes decreased 14 percent, from 4.2 months of inventory in 2018 to 3.6 months this year. Properties in the price categories between $100,000 and $200,000 all have less than 2.5 months of inventory available, with homes priced between $180,000 and $200,000 only having a 2 month supply available.

A lack of inventory also led to homes in Central Kentucky selling quicker this year than in 2018. Days on market in November fell 6 percent, with homes selling in an average of 48 days in 2019 versus 51 last year. Over 58 percent of all transactions occurred in less than one month, a full 2 percentage points more in 2019 than last year. Only 10 percent of homes took longer than 4 months to sell.

Home prices in November seemed to have moderated slightly as the median price in Central Kentucky rose only 4 percent year-over-year, reaching $176,750, up from $170,000 last year. Single-family homes increased 5 percent to $179,350 while condos/townhome prices dropped 5 percent to $135,000. For the year, median prices stand at $180,000 for single-family properties and $143,250 for condos/townhomes. With increases in both the number of homes sold and median price, the total dollar volume of home transactions jumped to just under $210 million for the month, a 5 percent increase over November last year and over 10 percent year to date.

Nationally, median home prices topped out at $271,300 in November, up more than 5 percent from last year and marking 94 straight months of year-over-year gains.

Blevins added, “We have seen a robust real estate market for an extended period of time in our region. Despite the inventory concerns seen nationwide, locally it doesn’t seem to be impacting buyers, however, having a more plentiful supply of homes available certainly would help, especially in the moderate price ranges. The economy is still ramped up so I don’t expect any major changes for housing moving into 2020.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Click here to view a PDF of this release

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Kentucky Capital Development Corporation. Over the past 16 years, LBAR has made available over $550,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

“LBAR is partnering with communities to provide resources, foster regional collaboration and facilitate positive economic results,” said LBAR President Al Blevins. “The support provided to these local organizations will help attract, develop and expand businesses, and ultimately create jobs. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Morehead-Rowan County Economic Development Authority. Over the past 16 years, LBAR has made available over $550,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

“LBAR is partnering with communities to provide resources, foster regional collaboration and facilitate positive economic results,” said LBAR President Al Blevins. “The support provided to these local organizations will help attract, develop and expand businesses, and ultimately create jobs. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Lawrenceburg-Anderson County Economic Development Authority. Over the past 16 years, LBAR has made available over $550,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

“LBAR is partnering with communities to provide resources, foster regional collaboration and facilitate positive economic results,” said LBAR President Al Blevins. “The support provided to these local organizations will help attract, develop and expand businesses, and ultimately create jobs. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Corbin Economic Development Agency. Over the past 16 years, LBAR has made available over $550,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

“LBAR is partnering with communities to provide resources, foster regional collaboration and facilitate positive economic results,” said LBAR President Al Blevins. “The support provided to these local organizations will help attract, develop and expand businesses, and ultimately create jobs. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

Click here to view a PDF of this release

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in Mt. Sterling-Montgomery County Industrial Authority. Over the past 16 years, LBAR has made available over $550,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

“LBAR is partnering with communities to provide resources, foster regional collaboration and facilitate positive economic results,” said LBAR President Al Blevins. “The support provided to these local organizations will help attract, develop and expand businesses, and ultimately create jobs. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

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Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Woodford County Economic Development Authority. Over the past 16 years, LBAR has made available over $550,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

“LBAR is partnering with communities to provide resources, foster regional collaboration and facilitate positive economic results. The support provided to these local organizations will help attract, develop and expand businesses, and ultimately create jobs,” said LBAR President Al Blevins. “Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, the Lexington-Bluegrass Association of REALTORS® understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

Click here to view a PDF of this release

Transactions pick up pace in October

Homes in Central Kentucky sold much quicker in October this year than in 2018. Days on market throughout the region fell 20 percent, with homes selling in an average of 41 days in 2019 versus 51 in October last year. Over 61 percent of all transactions occurred in less than one month with only 8 percent taking longer than 4 months.

With homes selling so rapidly, and total sales surging, the months of inventory saw a steep decline for the month. In October, the supply of homes decreased 15 percent, from 3.9 months of inventory in 2018 to just 3.3 months this year. This is following a 21 percent drop in inventory in September and is 2.5 percent decrease month-over-month. The hottest segment of the market continues to be properties priced between $140,000 and $200,000 which have less than 2.5 months of inventory available.

“The housing market has been, and continues to be, very robust,” said Al Blevins, president of the Lexington-Bluegrass Association of REALTORS® (LBAR). “Despite inventory challenges, home sales haven’t been hampered to this point. In fact, Central Kentucky is experiencing monthly highs across many categories, much of it due to high demand.”

Real estate sales were up 8 percent compared to last year, with total transactions for the month reaching 1,169, compared to 1,086 in 2018. October marked four consecutive months of year-over-year increases with nine out of 10 months in 2019 showing sales growth.

Single-family home sales rose 7 percent overall, 1,096 in 2019 versus 1,028 in 2018. Condos/townhome sales, which made up just over 6 percent of the total market, jumped a staggering 26 percent, with 73 sales in September versus 58 last year. Year-to-date, sales are up 6 percent, reaching 11,963 this year compared to 11,307 in 2018. Nationally, homes sales are up 4.6 percent from a year ago.

Pending sales, a leading indicator of future housing activity, saw a large jump in October, increasing 15 percent over the same month last year, with 1,195 homes pending compared to 1,040 in 2018. Pending sales have risen every month, year-over-year, in 2019 including four consecutive months of double-digit increases.

“The market is on a roll,” said Blevins. “The economy is still strong, reports show that homeownership is still a priority for most people in the U.S., and interest rates are low and forecasted to remain under 4 percent in 2020. Given all of this, real estate should remain solid for a while, especially in this region.” 

Data from Realtor.com shows Millennials made up a whopping 46 percent of all mortgage originations last month – up from 43 percent the year prior. And this group of buyers, the largest generation of buyers, rank homeownership as one of their top goals in life (72 percent saying it’s their top priority even over getting married, having children and traveling). Across non-owners, 78 percent believe homeownership is a good financial decision and 81 percent want to own a home in the future.

Continuation of a strong market and uptick in demand has pushed housing appreciation higher. The median price in Central Kentucky rose 14 percent in October 2019, reaching $185,000, up from $162,950 last year. Single-family homes increased 13 percent to $185,000 while condos/townhome prices rose 2 percent to $145,900. For the year, median prices stand at $180,000 for single-family properties and $143,250 for condos/townhomes. With increases in the number of homes sold and the steady rise in median price, the total dollar volume of homes sold jumped to nearly $260 million for the month, a 23 percent surge over last year. Total volume jumped just over 10 percent breaking the $2.5 billion mark for the year.

Nationally, home prices have risen year-over-year for 92 straight months, topping out at $270,900 in October, up just over 6 percent from last year when prices were $255,100.

The number of new properties coming to the market isn’t keeping up with the upturn in demand. At 1,480 new residential listings hitting the market in October, this represented a drop of 5 percent year-over-year and down more than 4 percent from September. According to recent data, nationally, the average homeowner is staying in their home 13 years, up from just eight years a decade ago, which may account for some of the housing shortage.

The total number of residential listings available for sale in October fell by 8 percent, hitting 3,876 homes, down from 4,230 available at the same time last year. This is the fifth straight month of year-over-year declines for properties available.

Blevins added, “Despite somewhat limited choices for properties, buyers continue to scoop up available homes at record paces. If the information I’m seeing holds true, the remainder of 2019, and into 2020, will remain positive for real estate. The only limiting factor could be a tremendously harsh winter and weather that would prohibit buyers from staying active in the market.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

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Buyer demand pushes inventory levels lower 

The start of the fall season has produced a robust real estate industry with the number of transactions in September skyrocketing. Sales were up 17 percent compared to last year, with total transactions for the month reaching 1,180, compared to 1,010 in 2018. September marks three consecutive months of year-over-year increases.

Single family home sales matched overall sales, rising 17 percent overall, 1,107 in 2019 versus 949 in 2018. Condos/townhome sales, which made up 7 percent of the total market, jumped an impressive 20 percent, with 78 sales in September versus 61 last year. Year-to-date, sales are up 5 percent, with sales surpassing the 10,000 mark, reaching 10,729 this year compared to 10,183 in 2018. Nationally, homes sales are up 3.9 percent from a year ago.

“Pending sales have been up every month so far in 2019, including over 12 percent in August, so we were expecting strong sales heading deeper into fall,” said Al Blevins, president of the Lexington-Bluegrass Association of REALTORS® (LBAR). “But a 17 percent sales jump in a single month is a little surprising considering the inventory pressures the market is under currently.”

Pending sales in September took another unexpected turn, almost hitting a 20 percent rise over the same period last year. With 1,199 homes pending this month – compared to 1,004 pending last year – the region should see another positive sales month heading into the last quarter of the year.

With buyers scooping up homes so quick, the months of inventory saw a sharp decline for the month. In September, the supply of homes decreased 21 percent, from 4.3 months of inventory in 2018 to just 3.4 months in September of this year. Homes priced between $140,000 and $160,000 had just 1.8 months of inventory available while all homes priced under $250,000 averaged out at just 2.5 months of homes available.

The drop in months of inventory is a result of properties coming to market not being able to keep pace with the number of sales generated each month. In September, however, new listings did increase 8 percent from last year, with 1,548 new properties available to buyers. But the increase isn’t enough to cover the rise in housing demand that has consumed the region.

  The total number of residential listings available for sale in September fell by 8 percent, hitting 3,978 active homes, down from 4,303 available at the same time last year. This is the fourth straight month of year-over-year declines for properties available.

“So far, 2019 has been an interesting year for real estate,” said Blevins. “Sales remained fairly steady for most of the year with a few ups and downs but then really spiked in September. Without a greater number of homes coming online, buyers are going to remain limited in the number of options going forward but have, so far, been able to find properties to fit their search.”

And buyers are scooping up homes in less time this year. Days on market dropped 6 percent in September, moving from 47 days in 2018 to 44 days in September this year.

Housing starts nationally are down just over 9 percent in September from last month, with single-family home starts up less than a percent from August. Completions of single-family homes were down more than 8 percent in September from the previous month. This shortage in housing options across the country is pushing home prices up in most places, including Central Kentucky.

The median home price in the region rose 6 percent in September 2019, reaching $180,000, up from $170,000 last year. Single family homes increased 8 percent to $183,500 while condos/townhome prices shrank 5 percent to $145,000. For the year, median prices stand at $179,900 for single family properties and $140,950 for condos/townhomes. With an increase in both prices and homes sold, the total volume of homes sold exceeded $245 million for the month, a 22 percent surge over last year. On the year, total volume jumped 9 percent hitting just north of $2.2 billion.

Nationally, home prices have risen year-over-year for 91 straight months, topping out at $272,100 in September, up almost 6 percent from last year when prices were $256,900.

“Purchasing a home in the Bluegrass is categorically cheaper than the national average by almost 40 percent,” continued Blevins. “Affordable real estate continues to be a hallmark of the region, even with the uptick in the median price, and the low rates that are sticking around are making the market very favorable to those who are in the market to buy.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,400 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

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Figures predict a strong start leading up to the fourth quarter

The weather was hot in August and so was the real estate market in Central Kentucky. Sales were up 4 percent compared to last year, with total transactions in August reaching 1,389, compared to 1,339 in 2018. Single family home sales jumped 5 percent overall, 1,311 in August versus 1,252 in 2018. Condos/townhome sales dropped to 78 in August from 87 last year, a decrease of 10 percent. Year-to-date, sales are up 4 percent, with a total of 9,509 total transactions in 2019 compared to 9,128 in 2018.

Nationally, homes sales are up 2.6 percent from a year ago, marking two consecutive months of increases, the same trend experienced locally.

As a result of the higher sales in the region, the supply of homes can’t keep up with the level needed to fulfill demand. Months of inventory dropped 6 percent in August over last year, hitting 2.9 months versus 3.1 in 2018. Homes priced between $100,000 and $160,000 had less than two months of inventory while homes priced between $160,000 and $300,000 had 2.1 to 2.6 months of inventory.

But consumers are quickly snapping up the homes that do find their way to market. Pending sales jumped 12 percent in August over last year, giving double digit increases in back-to-back months. Pending sales reached 1,427 in 2019 versus 1,272 in 2018. Contract activity has increased, year-over-year, in every month for 2019.

 “The warmest months of the year have proven to be extremely active for the real estate industry,” said Al Blevins, president of the Lexington-Bluegrass Association of REALTORS® (LBAR). “The factors for a strong market have been seen consistently throughout 2019, and now, like before, we need more inventory to satisfy the demands of the buyer.”

New listings increased 1 percent for the month but it still wasn’t enough to move the needle based on the increase in sales each month.

Total residential inventory available in August was down 4 percent with just over 4,000 units on the market, similar to the decrease seen in July when drops were also 4 percent.

The lack of inventory has pushed median price increases higher than typically seen for LBAR with August rising 8 percent over last year. Median prices jumped from $169,000 in 2018 to $182,500 this year. Single family homes increased a total of 9 percent to $185,000, however, condos/townhomes slipped 8 percent to $139,900. Total volume for Central Kentucky home sales for the year are just shy of $2 billion, coming in at $1.98 billion, up 8 percent compared to 2018. For August, total volume was up 9 percent with $293 million in homes sales.

On the national level, the median price jumped 4.7 percent in August to $278,200 and marked the 90^th straight month of year-over-year gains.

Blevins continued, “Sales are up, but with inventory levels still lower than what is needed, price increases are growing faster than normal. And more buyers are entering the market to take advantage of the current interest rates, putting even more pressure on prices.”

Properties stayed on the market on average for 44 days in August, two days less than in August of 2018. Sixty-four percent of homes were on the market less than a month, while only 9 percent stayed on the market longer than four months.

Mortgage rates could see a dip in the near future as the Fed lowered its benchmark interest rate for the second time in two months, and have expressed a strong possibility of another rate cut later this year. Although the cut does not typically affect long-term rates like mortgages, borrowing costs in 2019 have steadily declined and have hovered near record lows most of the year. Currently, they are almost a percent lower than they were in November 2018 when they hit a 7.5 year high.

“For someone looking to buy a home, with the fall season taking hold, now would be an ideal time to jump in and start the search,” said Blevins. “Interest rates are hard to resist right now and with homes continuing to appreciate, owning will get more expensive as time passes.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

Pending sales in July tally highest year-over-year increase for 2019

After a minor slowdown in sales last month, real estate picked back up in July. Transactions increased 9 percent for the month, 1,405 in 2019 versus 1,294 in 2018, reaching the second highest monthly gain for the year. For single family homes, sales increased from 1,217 in July 2018 to 1,318 this month, for an 8 percent increase, while condos/townhomes jumped 13 percent, from 77 last July to 87 in 2019. Year-to-date, sales are up 4 percent, climbing to 8,055 transactions for 2019, compared to 7,746 in 2018.

“Sales activity continues to be strong throughout the Central Kentucky region despite low inventory in most areas,” said Al Blevins, president of the Lexington-Bluegrass Association of REALTORS® (LBAR). “Homes coming on the market are selling at an extremely fast pace when priced correctly, which has resulted in driving inventory levels even lower.”

Months of inventory dropped 13 percent in July compared to the same month last year due in part to the pace at which homes on the market are being purchased. In July, there were only 2.8 months of inventory for all residential properties versus 3.2 months in 2018. In fact, homes ranging between $100,000 and $199,999 have less than 2 months of inventory with the lowest months of inventory at 1.5 for homes priced between $140,000 and $159,999.

New listings on the market rose 8 percent in July, to 1,873, but the increase in listings didn’t make up for the low inventory caused by the surge in sales as total active properties were down 4 percent to 3,968 homes currently available.

Nationally, housing starts dropped for the third straight month in July, mainly due to a steep decline in multi-family housing, however, single-family homebuilding increased 1.3 percent to the highest level in six months. And building permits surged 8.4 percent for the month, the largest gain since June 2017.

This is good news for the housing market and comes at a time when pending sales for July jumped to the highest year-over-year level seen in 2019, increasing 12 percent, with 1,449 pending sales versus 1,294 in 2018. This should translate into strong sales numbers for August.

“Consumers are taking advantage of the robust economy and historically low interest rates being offered,” said Blevins. “Sales are happening at a frantic pace as qualified buyers are actively in the market at a time when they can afford to purchase and mortgages are at levels, currently around 3.5 percent, that seem to trend down every month.”

Median prices in July rose 3 percent over last year, reaching $181,000, up from $175,000. For single family homes, prices increased 4 percent to $184,000, up from $176,125 in 2018. Prices for condos/townhomes, which made up just over 6 percent of all residential transactions, jumped 10 percent in 2019 to $145,000. Nationally, July marked the 89^th straight month of year-over-year price gains, with a 4.3 percent increase to $280,800.

Total volume for Central Kentucky home sales broke through the $300 million threshold for the month, jumping 13 percent to $302,777,063 in 2019, compared to $269,37,011 in July 2018. For the year, total volume for LBAR reported homes sold reached just over $1.6 billion.

Homes stayed on the market an average of 42 days in July, the same as a year ago. Two-thirds of all properties sold in the first 30 days of being listed for sale, with a total of 80 percent selling in the first two months of being made available.

“Moving into the last few weeks of summer and starting the fall season, the real estate market is looking strong here in the Bluegrass,” continued Blevins. “As long as the economic factors remain on good footing and rates are low, the fall months should remain solid for local real estate.”

With July homes sales up nationally, NAR chief economist Lawrence Yun has noted that because of lower mortgage rates, the second half of year will be notably better than the first half in terms of transactions. And that follows the positive report from the Fannie Mae Home Purchase Sentiment Index, which reached a new survey high in July, and the National Association of Home Builders Housing Market Index hit the highest levels since October.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Inventory shortage may be back in play for the summer

Real estate sales in Central Kentucky slowed in June with total transactions slipping 4 percent year-over-year. This was the first monthly decline since January and follows a double digit increase in sales from last month. Sales reached 1,322 in June versus 1,380 in 2018. Single family homes were down 3.6 percent in June versus last year while condos/townhomes dropped by 12 percent. The condo/townhome market made up just over 6 percent of all transactions for the Association.

For the first half of the year, total home sales are up 3 percent, reaching 6,624 total transactions in 2019 compared to 6,418 in 2018. Nationally, homes sales were down over 2 percent in June from a year ago.

“A slower month in June was unexpected following several solid months for sales within the region,” said Al Blevins, president of the Lexington-Bluegrass Association of REALTORS®. “The economic factors continue to be really strong so inventory shortages could finally be coming into play. It’s too early to tell as one month doesn’t necessarily suggest a trend but we will certainly be keeping an eye on the market conditions over the coming months.”

The latest national report says the new construction industry dropped in June on all three major metrics: building permits, housing starts and housing completions. In addition, locally, new listings that came on the market were down 4 percent in June versus last year. That could have an effect on future sales, however, one positive indicator for the market is that pending sales rose 3 percent in June as it has every month so far in 2019.

Interest rates dropped to an average of 3.8 percent in June on a 30-year conventional loan, down from just over 4 percent in the prior month and over 4.5 percent for all of 2018. It is expected that the Fed will cut rates later in July which may keep mortgage rates low.

“The rates we are seeing are incredible, even by historical standards” said Blevins. “If a buyer can locate a home and lock in on a mortgage now – given the current, favorable conditions seen in the market – it would be a decision that will pay off well into the future.”

The supply struggle, along with a lack of new inventory as of late, has kept unsold inventory just under a 3-month supply. In June, months of inventory hit 2.9 months, the same as it was this time last year.

Properties stayed on the market an average of 42 days in June versus 43 days in 2018, a decline of 2 percent. Compared to last month’s 53 days, homes in June flew off the shelves 21 percent faster as the weather heats up.

A strong demand for homes in the Bluegrass region has driven price increases in many of the counties in LBAR’s jurisdiction. Home prices jumped 7 percent in June over the same month in 2018 – double the percent increase that has typically been seen for most of 2019. Median prices hit $188,700 for the month versus $176,500 last year and $176,200 from May. For single family homes, the median price increased 8 percent to $192,000, up from $178,000, while condo/townhomes saw an 8 percent drop in median price to $140,000. For the year, single family homes have seen median prices rise 4 percent to $176,000 while condo/townhomes are down 10 percent, hitting $139,950. Nationally, home prices were up just over 4 percent in June, reaching $285,700, and marking the 88th straight month of year-over-year gains.

“Residential properties available on the market dropped by a percent in June compared to last year,” continued Blevins. “Coupled with a very strong demand, this creates an issue for buyers who are ready and willing to purchase. It’s important for those who are searching the market to stay up to date on new properties that become available so they can jump when the time is right. Buyers should get pre-qualified and keep a resource like lbar.com at their fingertips to give them immediate access to properties that come online. And using a REALTOR® - 87 percent of buyers purchased their home through a real estate agent in 2018 – is extremely important in an active market like we have right now.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

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Price increases slow but still on track for a hot summer market

Demand for Central Kentucky real estate is still on the rise going into the summer months. Total home sales surged 10 percent in May, hitting 1,412 total transactions in 2019 versus 1,281 in May 2018. This is the highest monthly total since June 2017 and marks the fourth straight month for year over year increases. Single family homes were up 9 percent in May versus last year while condos/townhomes jumped an impressive 25 percent. The condo/townhome market makes up just under 10 percent of all transactions for the Association. Year-to-date, total home sales are up 6 percent, reaching 5,260 total transactions in 2019 compared to 4,975 in 2018. Nationally, homes sales were down just over 1 percent in May from a year ago.

“Sales continue to be strong in the prime buying season of the year,” said Al Blevins, president of the Lexington-Bluegrass Association of REALTORS®. “The lack of sufficient inventory hasn’t slowed the market as buyers take advantage of historically low interest rates and a strong economy.”

Interest rates have hovered below 4 percent now for several weeks and the Fed has indicated that a rate cut may be possible, maybe as early as July. In fact, several forecasters are predicting that rates may hit all time lows if the economy doesn’t expand to the levels formerly projected in 2019 and 2020. These low rates give qualified buyers the ability to purchase more house for the same money.  

Home price increases have been tempered so far in 2019. In May, the median price of a home rose just 2 percent year-over-year to $176,200 from $172,500 in 2018. For single family homes, the median price increased 3 percent to $180,750 while condo/townhomes saw a 10 percent drop in median price to $128,328. For the year, single family homes have seen median prices rise 4 percent while condo/townhomes are down 12 percent. Total sales volume for LBAR reached just shy of $300 million for May, an increase of 15 percent over 2018. Year-to-date, total sales volume has now exceeded $1 billion, an increase of over 7 percent in 2019 compared to 2018.

Nationally, home prices were up almost 5 percent in May, reaching $277,700, and marking the 87th straight month of year-over-year gains.

Months of inventory dropped in May by 10 percent, from 2.9 months in 2018 to 2.6 months in 2019, due to the increase in the number of homes selling and sold inventory not being replaced with properties coming to the market. New listings were flat when compared to the previous year with 1,958 new listings available in May compared with 1,959 in 2018. 

Total available residential inventory in May was up 1 percent at 3,680 properties available in 2019 versus 3,651 in 2018. This was also an increase of just over 1 percent from the previous month.

“Buyers are in the market actively looking for homes,” said Blevins. “However, sellers are not listing properties fast enough to cover demand and new home construction is not as robust as it should be to meet the needs of the consumer.”

Days on market increased 4 percent in May, hitting 53 days, or two days longer than in 2018. Last month, properties stayed on the market 57 days, or 7 percent longer than they did this month. The percent of homes that stayed on the market a month or less jumped to 64 percent, up 2 percent from May 2018, and the percent of homes that stayed on the market 4 months or more rose from 14 percent last May to 15 percent this month.

“The conditions in the market are right for buyers as their purchasing power is bolstered,” Blevins continued. “Most sellers have seen price appreciation over the last several years which helps their financial situation. It is a ‘best of both worlds’ scenario right now – we just need more properties to help facilitate transactions so people can meet their goals with homeownership and take advantage of the low interest rates.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

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April sees increases in several categories

The warmer weather has been good to the real estate market in Central Kentucky. Total home sales spiked in April by 9 percent, hitting 1,180 total transactions in 2019 versus 1,085 in April 2018. This monthly total is the highest since August 2018 and the most in April for the Association. April marks the third straight month for year over year increases. Single family homes are sustaining the market with an 11 percent increase in April while condos/townhomes are down 21 percent. Year-to-date, total home sales are up 5 percent. Nationally, homes sales were down over 4 percent in April from a year ago.

Lexington-Bluegrass Association of REALTORS® President Al Blevins says that increased sales and a jump in new listings is a good sign of a strong market going into the prime selling season. He continued, “Buyers have more choices when looking at available properties at a time when the market is traditionally at its most active. This area of the country and, in fact, this area of the state, is very much in demand as we’ve seen by the sales activity reported.”

New listings on the market jumped 3 percent in April year-over-year reaching 1,830 listings and 9 percent compared to the prior month. Year-to-date, new listings are up 8 percent hitting a total of 6,141 new listings through April.

Total housing inventory has seen 8 consecutive months of year-over-year increases with April reaching 3,628, an increase of 4 percent from April 2018 and up 5 percent from March.

“With an increase in inventory, homes are staying on the market slightly longer than they were a year ago but selling faster then they were last month,” said Blevins. “This, however, did cause the months of inventory to drop in April as homes were not being replenished as fast as they were selling.”

Properties remained on the market for an average of 57 days in April, two days longer than a year ago but down from 63 days last month. Fifty-seven percent of the homes sold in April were on the market for a month or less compared to 61 percent in April last year and the number of homes that stayed on the market for more than 120 days increased by more than 11 percent. The inventory of homes for sale dropped 3 percent from a year prior, reaching a 3.1-month supply in April versus 3.2-months in 2018.

Following a slowing of price appreciation from last month, April saw a modest 3 percent increase in median price year-over-year and the same from March. The median price for homes was $175,000. Interestingly, median prices dropped in 3 out of the 5 most active counties in LBAR’s jurisdiction including Fayette, Scott and Madison. Franklin and Jessamine both saw increases. 

Nationally, home prices were up 3.6 percent in April, reaching $267,300, and marking the 86th straight month of year-over-year gains.

Blevins noted that interest rates not only maintained historically low rates moving into the spring but reached the lowest they’ve been since the beginning of 2018. Forecasters have predicted that mortgage rates will continue to slump and experts have stated that the Federal Reserve may even cut rates later this year.

 “Mortgage rates being at or below 4 percent going into late spring and summer is definitely a positive sign for the market,” Blevins continued. “If the economy stays strong and inventory levels continue to rise and keep pace with sales, real estate should have a good year, maybe better than 2018. But the homes have to be available for buyers to make a move because there is stiff competition at most every price point.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

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Sales, inventory and prices increase in March

Central Kentucky region’s real estate market continues to flourish. Many of the major economic indicators point to this continuing through the remainder of the year - a powerful combination of low mortgage rates, increasing inventory, rising incomes and higher consumer confidence. This has translated into increased local activity in the market, even as national home sales slowed.

Home sales rose in March by 4 percent, hitting 1,088 total transactions in 2019 versus 1,042 in March 2018. Coupled with a strong February, the first quarter of 2019 ended up 4 percent as well, reaching 2,628 total home sales. Nationally, homes sales were down over 5 percent in March from a year ago.

Demand for housing in the area, as in many places across the country, has outpaced supply for several years. Although that is still happening locally, the lack of inventory issues that have plagued buyers for so long are starting to fade. Over the past several months, the total number of homes on the market has increased year-over-year, giving buyers more options when they start their search.

Total housing inventory in March hit 3,465, an increase of 7 percent from March 2018 and up 1.5 percent from February. New listings on the market jumped 8 percent in March year-over-year and hit the same growth in the first quarter. With the buying season ramping up, new listings grew 35 percent in March over the previous month, providing more options to house hunters.

Lexington-Bluegrass Association of REALTORS® President Al Blevins says that continued inventory increases coupled with a bump in new listings is a good sign for real estate in the bluegrass region. He continued, “Buyers have been limited in selection for some time now and this new trend opens up choices for those looking to purchase as well as bringing discouraged buyers back into the market.”

This demand has pushed prices up in the region, however, increases have slowed. The median price for homes was $169,900 in March, up 3 percent from $165,000 a year prior. For the quarter, prices were up 3 percent as well, reaching $167,200 in 2019 versus $163,000 in 2018.

Even with a historically steady price increase, residents in the area enjoy housing affordability rates not seen in many parts of the country. With the national median home price reaching north of $250,000, the local region offers residents good value and the chance to build equity if they decide to purchase a property.

Properties remained on the market for an average of 63 days in March, the same as it was a year ago. For the quarter, homes sold on average in the same amount of time, which was down 2 percent from the 64 days it took in the first quarter of 2018. Fifty-one percent of the homes sold in March were on the market for a month or less.

Blevins noted that with interest rates still at historically low levels, the real estate market should continue to be extremely strong throughout the Central Kentucky area.

Showing signs of strength, pending sales in March were up 8 percent year over year and up over 32 percent from February. The inventory of homes for sale jumped 3 percent in March from a year prior, reaching a 3.2-month supply.

“Buyers will enjoy a more favorable market for the next several months as more and more listings should become available,” Blevins said. “The spring months, typically the second quarter is when most people list their homes for sale.”

In fact, research from realtor.com shows that April and May are two of the best months to put a home on the market, giving sellers more property views, better exposure and ultimately selling faster than other times of the year.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Click here to view a PDF of this release

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Kentucky Capital Development Corporation. Over the past 15 years, LBAR has made available over $500,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

LBAR President Al Blevins said, “By providing support to the organizations that help attract, develop and expand businesses, and ultimately create jobs, LBAR is partnering with these communities to provide resources, foster regional collaboration and facilitate positive economic results. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $25,000 investment in Commerce Lexington Economic Development. Over the past 15 years, LBAR has made available over $500,000 to promote economic development across central Kentucky, and over $300,000 in Fayette County alone.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

LBAR President Al Blevins said, “By providing support to the organizations that help attract, develop and expand businesses, and ultimately create jobs, LBAR is partnering with these communities to provide resources, foster regional collaboration and facilitate positive economic results. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Rising inventory helps buyers with more selection

Housing sales in the Bluegrass region picked up in February, jumping 15 percent over the same month in 2018. The 805 sales recorded by the Lexington-Bluegrass Association of REALTORS® (LBAR) in February marked the highest number ever for the month, beating last year’s home sales of 700. Townhouse/condo sales dropped 19 percent year-over-year, from 59 to 48 units sold, however, single family home sales rose from 641 to 757, an increase of 18 percent for the month. February sales increased over 16 percent from the previous month. Year to date, home sales are up 5 percent over 2018, increasing by 68 transactions to hit 1,515 total sold.

“The market is hot going into the spring, which most in the industry predicted,” said Al Blevins, 2019 president of LBAR. “The government shutdown and the months of cold, wet weather certainly pushed more closings into February, however, it turned out to be a record-breaking month for the Association. The data we see for the upcoming months also looks positive as pending sales are showing an increase as well.”

Pending sales in February were up 2 percent, following a January increase of 5 percent. Total pending sales ended February at 1,075, up from 1,050 in 2018.

The boost in home sales pushed the months of inventory lower in February to 4.2 months, a decline of 11 percent over 2018 when it was 4.7 months. This is also a 17 percent decline from January.

However, the overall housing inventory available has increased for six consecutive months and jumped again in February by 4 percent, to a total of 3,418 homes available on the market, an increase from 3,294 in February 2018. New listings on the market also increased in February, jumping 4 percent year-over-year and follows a 9 percent increase that was recorded in January.

“Continued inventory increases coupled with a bump in new listings is a good sign for real estate in the Bluegrass region,” explained Blevins. “Buyers have been limited in selection for some time now and this new trend opens up choices for those looking to purchase as well as bringing discouraged buyers back into the market.”

 Another positive result of the housing stock increase is that price increases have slowed, at least for now. February saw a 2 percent drop in the median price, from $168,000 in 2018 to $165,000 this year. Single family homes remained relatively steady, however, the townhouse/condo median price fell 6 percent, from $160,000 to $150,000 year-over-year. Nationally, the median home price continued to rise for the 83^th straight month, ending just north of $247,000 in January. The central Kentucky region continues to be much more affordable than what is seen in many parts of the country.

Days on market also reversed course in February, rising 1 percent to 64 days, up from 63 days a year ago and an increase from 61 days in January. Several factors may have contributed to the increase including delayed closings as well as buyers taking more time to choose a home since inventory levels have been steadily rising.

“Buyers will enjoy a more favorable market for the next several months as more and more listings should become available,” Blevins said. “The spring months, typically the second quarter, which starts in April, is when most people list their homes for sale. With interest rates still at historically low levels, the real estate market will continue to be extremely strong throughout the central Kentucky area.”

LBAR data shows consumers are in the market and looking to buy as property showings were up almost 8 percent in February and scheduled appointments for viewing properties saw a 7 percent increase for the month, marking 13 consecutive months of increases.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Click here to view a PDF of this release

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Cynthiana/Harrison County Economic Development Authority. Over the past 15 years, LBAR has made available over $500,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

LBAR President Al Blevins said, “By providing support to the organizations that help attract, develop and expand businesses, and ultimately create jobs, LBAR is partnering with these communities to provide resources, foster regional collaboration and facilitate positive economic results. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Morehead-Rowan County Economic Development Authority. Over the past 15 years, LBAR has made available over $500,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

LBAR President Al Blevins said, “By providing support to the organizations that help attract, develop and expand businesses, and ultimately create jobs, LBAR is partnering with these communities to provide resources, foster regional collaboration and facilitate positive economic results. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Lawrenceburg-Anderson County Economic Development Authority. Over the past 15 years, LBAR has made available over $500,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

LBAR President Al Blevins said, “By providing support to the organizations that help attract, develop and expand businesses, and ultimately create jobs, LBAR is partnering with these communities to provide resources, foster regional collaboration and facilitate positive economic results. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Click here to view a PDF of this release

Prices increase year over year along with pending sales 

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The new year brought with it several indicators that 2019 may be a turnaround period for housing supply in the central Kentucky region. The months of inventory in January jumped over 24 percent from December 2018 and 13 percent year-over-year, reaching 5.1 months in January 2019. In addition, January had 106 more new listings this year than last year, a 9 percent increase, and 456 more new listings than in December, a 56 percent increase. Nationally, housing inventory is still much lower than in central Kentucky, landing at 3.9 months in January. However, that is up from 3.4 months of supply in January 2018.

Total housing inventory has risen year-over-year for five consecutive months, after being lower in each of the previous eight months, increasing 7 percent in January 2019 with 3,521 active listings versus 3,305 in January 2018.

“The spring season will be here before we know it and all the signs are pointing to an active market, especially for buyers,” said Al Blevins, 2019 president of LBAR. “The region is seeing an increase in properties hitting the market earlier than usual, which will give buyers a greater selection and the opportunity to view more homes than in recent months.”

Median home prices increased 4 percent in January, hitting $165,000 in 2019 compared to $158,000 a year ago. Single family home prices jumped 5 percent to $167,500, up from $159,000 in January 2018. Townhouse/condo prices rose from $141,500 in January 2018 to $147,500 this year, an increase of 4 percent. On the national level, January saw median prices increase to $247,500, up 2.8 percent from a year prior and marking the 83^rd straight month or year-over-year gains. Total sales volume in the central Kentucky region hit $136.8 million in January 2019, down 2 percent from last January when it was just over $140.1 million.

“Price increases may slow gradually in 2019 due to the addition of available properties,” Blevins added. “As buyers continue to enter the market, if inventory continues to rise, sales may also start to pick up. We already saw indications of that in January as pending sales jumped during the first month even though closed sales were down. Some of that could be delayed closings due to the government shutdown but we’ll see as we move through the first quarter.”

Pending sales increased 5 percent in January, with 998 pending home sales in January 2019 versus 949 in January 2018. Compared to last month’s pending home sale total of 711, January’s total pending sales spiked more than 40 percent.

Home sales for the month of January declined 5 percent from the same period the prior year, with total sales reaching 691 in 2019 versus 728 in 2018. Single family home sales dropped 6 percent, from 688 in January 2018 to 646 in January 2019. Townhouse/condo sales picked up in January increasing 13 percent, from 40 sold in January 2018 to 45 in January 2019. The local market is faring significantly better than the national picture, which experienced a decrease in total sales of 8.5 percent.

Lawrence Yun, chief economist for the National Association of REALTORS®, said that sales in January were weak compared to historical norms but have reached a cyclical low. Yun echoed what Blevins stated that more buyers will likely jump in the market in coming months.

“Lower than expected interest rates, a strong economy and increasing inventory will work in favor of home buyers looking in the near future,” says Blevins. “Pent-up demand in the region will likely push more people into the market to take advantage of the opportunities presented by the current real estate climate.”

The time a home took to sell increased from December to January by 9 percent, from 56 days in December 2018 to 61 days in January. Year-over-year, however, homes stayed on the market 7 less days, a drop of 10 percent from 68 days in January 2018.

Search for a home today!

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Click here to view a PDF of this release

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Woodford County Economic Development Authority. Over the past 15 years, LBAR has made available over $500,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

LBAR President Al Blevins said, “By providing support to the organizations that help attract, develop and expand businesses, and ultimately create jobs, LBAR is partnering with these communities to provide resources, foster regional collaboration and facilitate positive economic results. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Click here to view a PDF of this release

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Jessamine County Joint Economic Development Authority. Over the past 15 years, LBAR has made available over $500,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

LBAR President Al Blevins said, “By providing support to the organizations that help attract, develop and expand businesses, and ultimately create jobs, LBAR is partnering with these communities to provide resources, foster regional collaboration and facilitate positive economic results. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Click here to view a PDF of this release

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in the Carlisle-Nicholas County Economic Development Authority. Over the past 15 years, LBAR has made available over $500,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

LBAR President Al Blevins said, “By providing support to the organizations that help attract, develop and expand businesses, and ultimately create jobs, LBAR is partnering with these communities to provide resources, foster regional collaboration and facilitate positive economic results. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in Mt. Sterling-Montgomery County Industrial Authority. Over the past 15 years, LBAR has made available over $500,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

LBAR President Al Blevins said, “By providing support to the organizations that help attract, develop and expand businesses, and ultimately create jobs, LBAR is partnering with these communities to provide resources, foster regional collaboration and facilitate positive economic results. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

Click here to view a PDF of this release

For months now Supra has been preparing to release the most recent updates to your Supra eKEY®. Making it faster, more efficient, and offering an all new interface to boot, we hope you’ll love these updates as much as we do!

What you need to know

To start, please note that the latest updates to the eKEY® will only be compatible for devices with the following operating systems:

• Android iOS 5 or greater
  
• Apple iOS 10 or greater

If you're using an older smartphone/OS, don't worry! All other operating systems will continue having access to the eKEY® app we all know and love, although, they will not be able to utilize the most recent updates without a device upgrade.

How and when will updates be delivered?

If your operating system is compatible with the latest updates, Supra will notify you that a new version of the app is available. Your eKEY® will update on its own if you have opted into automatic updates through the app settings, otherwise you can go to the app store on your device and manually download the new app.

Take a look!

Here's what the new app should look like when you're logging onto the new app for the first time:

New features

Although some enhanced features will not roll out immediately, eligible users will now have access to the following eKEY® updates:

• New interface designed to accommodate both left-handed and right-handed individuals
• Ability to access lockboxes using system biometrics
• Apple watch access when connected to an eKEY® enabled device
• Once a day PIN code entry, depending on password/security activation
• Data at the door, including listing photo and current property notes
• In-app showing details, including showing duration
• Ability to send real-time alerts at the touch of a button

For more information on the new eKEY® app, please go to www.supraekey.com and select Customer Support > eKEY Resources or visit this page: http://www.supraekey.com/CustomerSupport/Pages/eKEY-Resources.aspx.

If you have any questions, please contact our agent support team at 1-877-699-6787.

Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced its $2,000 investment in Scott County United. Over the past seven years, LBAR has provided over $200,000 to promote economic development across central Kentucky.

This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's 22-county primary service area as a way to fund programs that will promote and build the local economy.

LBAR President Al Blevins said, “By providing support to the organizations that help attract, develop and expand businesses, and ultimately create jobs, LBAR is partnering with these communities to provide resources, foster regional collaboration and facilitate positive economic results. Studies show that a strong real estate market is the foundation to a healthy community and this investment is the Association’s dedication to achieving that goal.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

Click here to view a PDF of this release

2018 ends with strong increase in inventory

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Consumers in the Bluegrass region entered 2019 with more homes on the market, according to the Lexington-Bluegrass Association of REALTORS® (LBAR). December numbers showed that total housing inventory was up 7 percent versus the same month the prior year, jumping from 3,440 to 3,679 active properties, marking the fourth consecutive month of year-over-year increases. This, coupled with slower sales for the month, led to the months of inventory to spike 21 percent over last December, ending 2018 at 4.1 months of available properties compared to 3.4 months in 2017.

“The weather certainly played a large role in the housing market at the end of year,” said Al Blevins, 2019 president of LBAR. “Weather reports indicate that 2018 was the wettest year on record for Lexington and December was certainly one for the books as well.”

Home sales for the month of December declined, falling 11 percent from the same period the prior year, with total sales reaching 887 in 2018 versus 1,000 in 2017. Both single family and townhouse/condo sales dropped the same 11 percent for the month. Single family home sales decreased from 939 to 833 while townhouse/condo sales fell from 61 to 54. For the year, home sales slowed 5 percent over 2017, reaching a total of 13,278 for 2018 compared to 13,929 in 2017.

Prices, though, were a different story as the median home sold for $169,900 in December, versus $161,500 in December 2017, an increase of 5 percent. For the month, single family homes hit a median of $173,000, compared to $162,500 last year, a 6 percent increase, while townhouses/condos sold for $115,000 in December, down 15 percent compared to last year’s median of $135,625. For the year, median prices jumped from $160,000 in 2017 to $168,900 for all of 2018, an increase of 6 percent.

Total sales volume for the month saw a drop of 12 percent year-over-year, while the annual sales volume dropped 1 percent, ending at $2.67 billion versus $2.69 billion in 2017. The annual sales volume decline was considerably smaller due to the increase in home prices even though total sales were lower for the year.

“2018 turned out to be a solid year for real estate overall. The trend seems to be fewer homes selling in Fayette County, which represents just over a third of all home sales in LBAR’s market area,” said Blevins. “Counties adjacent to Fayette are representing a larger percentage of real estate transactions as people are moving into these areas due to growth and development opportunities. Some of the counties to the east and south of Fayette are also seeing an uptick in sales.”   

Even with slower sales, the time a home took to sell continued to slip as it hit 56 days in December, a 3 percent decline versus the same time last year. For the year, days on market (DOM) dropped 4 percent to end 2018 at 52 days. Data also showed the number of homes that stayed on the market under a month dropped to 50 percent, the lowest it’s been since January 2018 when that number was 46 percent. It jumped to a high of 69 percent in both June and July.

On the national level, December saw home sales drop just over 10 percent year-over-year with median prices increasing almost 3 percent for the same time period. December’s increase marked the 82^nd straight month of year-over year gains. Inventory levels nationally jumped 6 percent in December versus 2017 while the months of inventory rose from 3.2 months last December to 3.7 months this year, a 16 percent increase.

“This year, home price increases should slow a bit and if inventory levels continue to increase, even slightly, consumers should have an easier time entering the market and finding what they are looking for,” according to Blevins. “The Fed has indicated less rate hikes for 2019 and we entered the new year with lower mortgage rates than expected so that should benefit consumers now and well into the spring buying season if they stay at current levels.”

            As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

Click here to view a PDF of this release

Consumers in the Bluegrass region entered 2019 with more homes on the market, according to the Lexington-Bluegrass Association of REALTORS® (LBAR). December numbers showed that total housing inventory was up 7 percent versus the same month the prior year, jumping from 3,440 to 3,679 active properties, marking the fourth consecutive month of year-over-year increases. This, coupled with slower sales for the month, led to the months of inventory to spike 21 percent over last December, ending 2018 at 4.1 months of available properties compared to 3.4 months in 2017.

“The weather certainly played a large role in the housing market at the end of year,” said Al Blevins, 2019 president of LBAR. “Weather reports indicate that 2018 was the wettest year on record for Lexington and December was certainly one for the books as well.”

Home sales for the month of December declined, falling 11 percent from the same period the prior year, with total sales reaching 887 in 2018 versus 1,000 in 2017. Both single family and townhouse/condo sales dropped the same 11 percent for the month. Single family home sales decreased from 939 to 833 while townhouse/condo sales fell from 61 to 54. For the year, home sales slowed 5 percent over 2017, reaching a total of 13,278 for 2018 compared to 13,929 in 2017.

Prices, though, were a different story as the median home sold for $169,900 in December, versus $161,500 in December 2017, an increase of 5 percent. For the month, singly family homes hit a median of $173,000, compared to $162,500 last year, a 6 percent increase, while townhouses/condos sold for $115,000 in December, down 15 percent compared to last year’s median of $135,625. For the year, median prices jumped from $160,000 in 2017 to $168,900 for all of 2018, an increase of 6 percent.

Total sales volume for the month saw a drop of 12 percent year-over-year, while the annual sales volume dropped 1 percent, ending at $2.67 billion versus $2.69 billion in 2017. The annual sales volume decline was considerably smaller due to the increase in home prices even though total sales were lower for the year.

“2018 turned out to be a solid year for real estate overall. The trend seems to be fewer homes selling in Fayette County, which represents just over a third of all home sales in LBAR’s market area,” said Blevins. “Counties adjacent to Fayette are representing a larger percentage of real estate transactions as people are moving into these areas due to growth and development opportunities. Some of the counties to the east and south of Fayette are also seeing an uptick in sales.”   

Even with slower sales, the time a home took to sell continued to slip as it hit 56 days in December, a 3 percent decline versus the same time last year. For the year, days on market (DOM) dropped 4 percent to end 2018 at 52 days. Data also showed the number of homes that stayed on the market under a month dropped to 50 percent, the lowest it’s been since January 2018 when that number was 46 percent. It jumped to a high of 69 percent in both June and July.

On the national level, December saw home sales drop just over 10 percent year-over-year with median prices increasing almost 3 percent for the same time period. December’s increase marked the 82^nd straight month of year-over year gains. Inventory levels nationally jumped 6 percent in December versus 2017 while the months of inventory rose from 3.2 months last December to 3.7 months this year, a 16 percent increase.

“This year, home price increases should slow a bit and if inventory levels continue to increase, even slightly, consumers should have an easier time entering the market and finding what they are looking for,” according to Blevins. “The Fed has indicated less rate hikes for 2019 and we entered the new year with lower mortgage rates than expected so that should benefit consumers now and well into the spring buying season if they stay at current levels.”

            As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

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The Lexington-Bluegrass Association of REALTORS® (LBAR) presented its two highest awards – REALTOR® of the Year and Good Neighbor – honoring outstanding REALTORS® within the Association.

Mike Gooch, who passed away on August 27, 2018, was named LBAR’s REALTOR® of the Year for 2018. He was the broker/owner of Gooch Auction Group, an accomplished auctioneer and member of LBAR for over 25 years. Gooch was an instructor for the Kentucky Real Estate Commission and taught many courses for LBAR, Kentucky REALTORS® and other organizations throughout his career. He was a motivational speaker and was a certified John Maxwell trainer and coach. With LBAR, he served on many committees including professional standards, education, public relations and was a member of the board of directors. Gooch was a member of AARE (Accredited Auctioneer of Real Estate), one of only 275 in the entire country, and a candidate for the Certified Auctioneers Institute (CAI).

The Good Neighbor Award was presented to Jennifer Sisson, an agent with Milestone Realty Consultants and member of LBAR since 2012. She puts in countless hours of volunteer time with several charities in the community, however, her focus has been with the Salvation Army. With the organization, Sisson contributes by shopping for kids during back to school time, evaluating families for the Angel Tree program while also collecting toys, clothes and other gifts for children and staffing locations for the Red Kettle ring days. Also, during the holidays, Sisson, along with her family, give their time at the Salvation Army distribution center to make sure all the donations are bagged, wrapped and ready for delivery. Because of her dedication, the organization was able to serve 3,800 central Kentucky children with gifts during the holidays. In addition, Sisson was also named as one of the newest members to the Salvation Army advisory board.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

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2019 LBAR Board of Directors announced

Al Blevins was installed as the 2019 president of the Lexington-Bluegrass Association of REALTORS® (LBAR).  Blevins is the Broker Manager of Caswell Prewitt Realty, and has been a licensed real estate professional since 1990. Prior to joining Caswell Prewitt Realty full-time in 2002, he had a successful banking career for 21 years in Mt. Sterling where he served in several leadership roles as an executive vice president, chief operating officer and a member of the board of directors. Blevins was named REALTOR® of the Year in 2017 for LBAR and previously served as president in 2013. Over the years, he has been a member of several committees including executive, finance and the board of directors. At the state level with Kentucky REALTORS®, Blevins served on many committees including investment, member services and bylaws. He has also been a member of the KYR board of directors.

Blevins is a graduate of Georgetown College where he was a basketball standout and was inducted into the Georgetown College Athletic Hall of Fame in 2006. In addition, he earned a degree from the Graduate School of Banking at Louisiana State University in 1996. In his local community, Blevins has given his time to various organizations like the Montgomery County Industrial Authority Board, the United Way, the Mount Sterling Main Street Commission, Chamber of Commerce and Golf and Country Club. He is an active member of First Baptist Church in Mt. Sterling where he serves in various roles.

The remaining 2019 officers are president-elect Greg Buchanan, ERA Select Real Estate and treasurer Alicia Huff, Bluegrass Partners Trust Realty.

Other 2019 Board of Directors include: Nancy Allison, DG Schell Real Estate; Greg Back, Keller Williams Bluegrass; Anne Hart Cornett, Milestone Realty Consultants; Barb Curtis, Coldwell Banker McMahan; Anthony de Movellan, Berkshire Hathaway de Movellan; Gary Denton, Rector-Hayden, REALTORS®; John Groft, RE/MAX Creative Realty; Sha Fister, Rector-Hayden, REALTORS®; Todd Hyatt, Lois Ann Disponett Real Estate; Randy Newsome, Twin Eagles Realty; Kelley Nisbet, Coldwell Banker McMahan; Kae Schennberg, Schennberg Realty; Tom Thomas, Rector-Hayden, REALTORS® and Rusty Underwood, Milestone Realty Consultants.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in 22 counties: Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

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November sees single family sales rise, townhouses/condos down

             Strong pending sales in October translated into an increase in November's real estate sales for members of the Lexington-Bluegrass Association of REALTORS® (LBAR). Sales rose year-over-year for only the third month in 2018, bringing November’s total to 953, beating last year by two sales or less than a 1 percent increase. Single family sales for the month were up 3 percent, from 880 in November 2017 to 910 in 2018. Townhouse/condo sales dropped from 71 in 2017 to 43 in 2018, a 39 percent decrease year-over-year.

For the year, total sales activity has dropped 4 percent over 2017, with 12,309 properties sold in 2018 versus 12,846 in 2017. Even with the decline in sales, the total sales volume for the year is flat due to the increase in home prices. In November, the total sales volume increased 11 percent, reaching just shy of $200 million dollars.

Median home prices continued to rise, increasing 10 percent in November to $170,000 from a year ago. Single-family homes followed the overall trend, also jumping 10 percent to $170,000 from the previous November when prices were $155,000. Median prices for townhouses/condos dipped 14 percent to $142,000 in 2018 versus $165,000 in 2017. Year-to-date, median prices in 2018 gained 5 percent for single-family homes, $170,000 in 2018 versus $162,000 in 2017 while townhouses/condos rose 10 percent reaching $151,250 for 2018 versus $138,000 for 2017.

On the national level, median prices were up 4.2 percent in November from last year, reaching $257,700 in 2018 and marking the 81^st straight month of year-over year gains.

“Going into 2019, we could possibly see some slow down in price appreciation, although prices will continue to rise,” according to John Groft, 2018 president of LBAR. “If employment numbers and wage growth stay at current levels into next year, the slightly higher home prices and any additional mortgage interest rate hikes that may be passed by the Fed should be offset. The demand for housing should continue to be strong and activity will be robust, at least in the central Kentucky region.”

Total housing inventory at the end of November jumped 7.3 percent to 3,961 homes available for sale, up from 3,692 homes available this time last year, marking the third straight month with year-over-year increases.

Unsold inventory hit 4.2-months of supply in November, up 8 percent year-over year. Months of inventory is up from October when it stood at 3.9 months. Nationally, months of inventory is lower than what is being seen locally with a 3.9-month supply, down from 4.3 the prior month and up from 3.5 months for the same time in 2017.

According to Groft, “The current market, with more inventory, is allowing buyers to be a little more selective about the property they make an offer. The catch is days on market dipped in November so these same shoppers are looking at the properties quick and making a decision sooner than in previous months, possibly because there are more properties to view.”

November’s days on market (DOM) of 51 days was a decrease of 6 percent versus 2017 when DOM was 54 days. The percent of homes that sold within a month of being listed stood at 56 percent with those homes selling at close to 98 percent of their list price.

Pending home sales were down 4.5 percent in November versus the previous year and 10 percent from October.

“Even though new listings are down slightly along with pending home sales, we anticipate this year to end as one of the better years on record for real estate,” stated Groft. “Real estate has been on a multi-year boom, both locally and nationally, and that, to some degree, will continue into the near future if the market conditions stay relatively the same as they are now.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

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Supra is excited to announce the all-new eKEY app is targeted for release on Wednesday, December 19.

How and when will the app be delivered?
If you have automatic app updates turned on, the app stores will automatically deliver the app to your phone. The app stores stage rollouts over 7 days so it could be a week before it is downloaded to your phone.

If you do not have automatic updates turned on, you can download the new eKEY app as soon as it is available on the app stores. Launch the app store on your device and locate the Supra eKEY app to manually download it any time after December 19.

If you want to enable or disable automatic updates:
– On an iPhone, tap Settings > iTunes & App Store and enable or disable the setting for Apps.
– On an Android device, open the Google Play Store app and tap Menu > Settings. Tap Auto-update apps and choose the option.

Do the apps need a new authorization code?
The eKEY app does not require a new authorization as long as it is installed on a device that already has an authorized eKEY app.

The minimum requirements for the new eKEY app are:
– Apple iOS 10 or grater
– Android OS 5 or greater

If you do not have either of these operating systems, the new eKEY app will not install. The old eKEY app will continue to work but it will no longer be updated.

Will all of the new features be available immediately?
Some enhanced features in the eKEY app including the ability to see listing photos, Supra Home Tour, and upgrade to eKEY Pro within the app will be rolling out over the coming weeks. For more information on the new eKEY app please go to www.supraekey.com and select Customer Support > eKEY Resources or visit this page: www.supraekey.com/CustomerSupport/Pages/eKEY-Resources.aspx

If you have any questions, please contact our agent support team at 1-877-699-6787.

Pending sales show promise toward year-end

             Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) rose 7.5 percent in October 2018 from the previous month (1,086 versus 1,010) but were down slightly compared to the same month a year prior when sales were 1,115.  

For the year, total sales activity has dropped 4 percent over 2017, with 11,307 properties sold in 2018 versus 11,838 in 2017. Single-family homes are down 5 percent year-over-year, while townhouses/condos are down 1 percent.

Median home prices continued an upward trend in October, increasing 1.4 percent to $162,950 from a year ago. Single-family homes jumped 1 percent, reaching $163,750 in 2018, up from $162,000 in 2017. Median prices for townhouses/condos moved up 3 percent to $143,000 in 2018 versus $139,500 in 2017. Year-to-date, median prices in 2018 gained 5 percent for single-family homes and 12 percent for townhouses/condos.

On the national level, median prices were up 3.8 percent in October, reaching $255,400 in 2018 and marking the 80^th straight month of year-over year gains.

“There is a lot of chatter nationwide about a cooling down in the real estate market,” according to John Groft, 2018 president of LBAR. “In central Kentucky, the market is still very active. With the available inventory up over the past two months, buyers are finding the process of searching for their next home a little more manageable but properties are not staying on the market as long as a year ago if they are priced correctly.”

Total housing inventory at the end of October increased 4 percent to 4,230 homes available for sale, up from 4,071 homes available this time last year and up less than a percent from the previous month when inventory levels were 4,200.

Unsold inventory hit 3.9-months of supply in October, up 5.4 percent year-over year. Months of inventory is down from September when it stood at 4.3 months. Nationally, months of inventory is tracking than what is being seen locally with a 4.3-month supply, down from 4.4 the prior month and up from 3.9 months for the same time the previous year.

According to Groft, “Total pending home sales went up in October for only the second time this year when compared to 2017 and the first time since May. Buyers seem to be making offers on properties now to take advantage of the recent leveling on mortgage interest rates. In fact, the news from the Federal Reserve this past week seemed optimistic that rates could be pushed lower this year, reversing course from the hikes many were predicting. If this happens toward the end of the year, more buyers may find themselves in a more favorable buying position.”

Pending home sales were up 1 percent in October versus the previous year and 3.6 percent from September. This is positive news as nationally, pending sales have declined for ten straight months, decreasing 2.6 percent in October from the previous month and 6.7 percent year-over-year.

In October, first-time buyers jumped into the market, making up just over 24 percent of the market for the month, up 2 percent from September.

Another positive sign for the housing market in LBAR’s 22-county territory is that new listings rose 17 percent in October, bringing 1,558 more properties to market, up from the 1,331 buyers saw last year.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

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Lexington-Bluegrass Association of REALTORS® experiences decreased sales activity

Median home prices increased in September for existing single-family homes, townhouses and condos sold by members of the Lexington-Bluegrass Association of REALTORS® (LBAR). Single-family homes jumped 2 percent, reaching $170,000 in 2018, up from $166,700 in 2017. Median prices for townhouses/condos climbed 34 percent to $153,000 in 2018 versus $113,900 in 2017. Year-to-date, median prices in 2018 gained 4 percent for single-family homes and 13 percent for townhouses/condos.

New construction homes experienced a price decline in September with the median dropping just over 7 percent to $239,525 in 2018, down from $259,900 in 2017. Compared to the previous month, September’s median price of new construction properties was up 6 percent.

On the national level, median prices were up 4.2 percent in September, reaching $258,100 in 2018 and marking the 79^th straight month of year-over year gains.

“Low inventories through the year have continued to push up prices in most counties in our area,” according to John Groft, 2018 president of LBAR. “September marked the first month this year where the available inventory of homes increased compared to 2017. New homes on the market increased as well. If we continue to see inventory levels rise over the next several months, it will certainly help move buyers into homes.”

Total housing inventory at the end of September increased 2.5 percent to 4,303 homes available for sale, up from 4,200 homes available this time last year and up 2.6 percent from the previous month when inventory levels were 4,192.

Unsold inventory hit 4.3 months in September which is closer to a normalized market than it has been in the previous 6 months. Months of inventory is up over 10 percent year-over-year and 38 percent from August when it stood at 3.1 months. Nationally, months of inventory is tracking at a 4.4-month supply, up from both the prior month and the same time the previous year.

Real estate sales by members of LBAR decreased in September, dropping 7 percent from the same period in 2017. Sales activity reached 1,010 in September 2018 versus 1,084 during the same month in 2017.  New construction saw a decrease in sales of 15 percent in September (74) versus 2017 (87) and down 30 percent versus August 2018 when 106 sales were reported.

For the year, total activity has dropped 4 percent over 2017, with 10,183 properties sold in 2018 versus 10,659 in 2017. Single-family homes are down 5 percent year-over-year, while townhouses/condos are down 1 percent.

According to Groft, “Looking at the real estate environment here in Kentucky and across the nation, sales activity has slowed. Nationally, sales are down to the lowest levels since November 2015 due in large part to mortgage rates hitting a decade high. Buyers are still very active in the market however, we may start to experience longer wait times before they place offers on properties.”

This is reflected locally by the average days on market (DOM), which increased for townhouses and condos by 27 percent in September from a year ago, rising to 71 days from a previous 56 days. For single-family homes, average DOM remained flat year-over-year, although it was down 6 percent, to 45 days, compared to the previous month. The number of homes that sold within a month of being on the market dropped from 66 percent to 64 percent.

First-time buyers made up just over 22 percent of the market in September, the same as it was in the month prior, but increased from 21.7 percent from September 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources.

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Townhouses and condos see increased activity

Total real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) increased in August for the second time in 2018. August sales activity ticked up 2.1 percent with 1,339 sales reported compared to 1,311 sales reported in August 2017.

Single-family home sales were 1,252 in 2018, an increase of 1 percent over the 1,238 homes sold in August 2017. Townhouses and condos saw a sharp increase in August with 19 percent more units sold in 2018 (87) than in 2017 (73).

Median home prices reached $169,000 in August, up 3.4 percent over the same period in 2017 when the median was $163,500. Single-family homes experienced a 3 percent increase in August over the same month from last year, hitting $169,900 versus $165,000 in 2017. The townhouses/condos median sales price jumped to $152,500, up sharply from $121,000 in August, an increase of 26 percent.

According to 2018 LBAR President John Groft, “New listings in August jumped 8 percent giving the market over 1,800 newly available properties. This should help alleviate some of the pent-up buyer demand that has been present in the market for some time now. This is refreshing as data shows that homes priced between $100,000 and $179,000 have less than two months of inventory available at the current sales pace. Homes continue to move swiftly when priced correctly.”

The average days on market (DOM) decreased for townhouses and condos by 67 percent in August from a year ago, dropping to 19 days from a previous 57 days. For single-family homes, average DOM rose from 46 days last August to 48 days in August 2018, an increase of 4 percent.  Sixty-six percent of all homes sold in August were on the market less than a month.

“The townhouse and condo market saw a steep drop in the number of days these properties stayed on the market, falling to 19 days,” said Groft. “This turned out to be a hot segment of the market in August.”

Total housing inventory at the end of August decreased 6 percent to 4,192 homes available for sale, down from 4,271 homes available this time last year. Housing inventory hit 3.1 months in August, down from 3.3 months this time last year. 

New construction home sales in August made up 8 percent of the market, with 106 properties sold.

Year-to-date, total sales are down 4 percent through August with 9,128 sales in 2018 versus 9,523 sales in 2017. The median home price has increased for both single-family and townhouses and condos, reaching $170,000, up 5 percent, and $151,000, up 9 percent. Days on market dropped 5 percent to 52 days for single-family homes and 8 percent to 60 days for townhouses and condos.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com for up to the minute real estate listings and buying and selling resources. 

        July sales activity decreased four percent with 1,353 sales reported closed in July 2017 compared to 1,294 sales reported closed in July 2018. Of the 1,294 sales 301 sales were to first time homebuyers and 172 sales were to out of state buyers. Residential sales decreased three percent from 1,257 sales closed in July 2017 compared to 1,217 sales closed in July 2018. The residential average days on market increased two percent from 42 in July 2017 to 43 days in July 2018.

        Townhouses/condos sales decreased 20 percent from 96 sales reported closed in July 2017 to 77 sales reported closed in July 2018. The townhouses/condos median sales price decreased five percent from $138,750 in July 2017 to $132,000 in July 2018. The average days on market decreased 41 percent from 49 in July 2017 to 29 days in July 2018. According to 2018 LBAR President John Groft, “Now is a great time to sell as the residential median price rose six percent overall. And although prices are up, it is also a great time to buy as interest rates remain low. In a perfect world, we would have more homes for people to buy. Wages and inventory growth are key to offsetting affordability declines brought on by higher rates and rising prices. Contact your Realtor for a more accurate and detailed understanding of what is happening across different market areas, segments and price points.

        The year-to-date 2018 total sales decreased five percent from 8,169 sales to date in 2017 to 7,746 sales to date in 2018. The year-to-date 2018 residential single family sales decreased five percent from 7,601 sales to date in 2017 to 7,203 sales to date in 2018. The residential median sales price increased six percent from $161,500 to date in 2017 to $171,000 to date in 2018. The residential average days on market decreased five percent from 55 days to date in 2017 to 52 days to date in 2018. The year-to-date 2018 townhouses/condos sales decreased four percent from 568 sales to date in 2017 to 543 sales to date in 2018.

        As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,300 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Woodford County economy in first half of 2018 with 159 reported sales totaling $37,548,302. Sales continue to be a driving force in Woodford County economy.

Residential sales decreased one percent from 160 sales reported in first half of the year 2017 to 159 sales reported in first half of the year 2018. The median sales price had increased from $202,000 in first half of the year 2017 to $231,600 in first half of the year in 2018. The average days on the market increased 10 percent from 51 days in first half of the year 2017 to 56 days in first half of the year 2018.

Residential sales in Woodford County decreased three percent from June 2017 with 33 sales compared to 32 sales in June 2018. Pending sales decreased from 42 in June 2017 to 40 pending sales reported in June 2018. The median sales price had decreased from $252,000 in June 2017 to $236,000 in June 2018. New listings decreased eight percent from 65 new listings in June 2017 to 60 new listings in June 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Scott County economy in first half of 2018 with 555 reported sales totaling $125,459,220. Sales continue to be a driving force in Scott County economy.

Residential sales decreased six percent from 593 sales reported in first half of the year 2017 to 555 sales reported in first half of the year 2018. The median sales price increased nine percent from $188,000 in first half of the year 2017 to $204,900 in first half of the year in 2018. The average days on the market increased 27 percent from 44 days in first half of the year 2017 to 56 days in first half of the year 2018.

Residential sales in Scott County decreased 24 percent from June 2017 with 126 sales compared to 96 sales in June 2018. Pending sales decreased from 112 in June 2017 to 109 pending sales reported in June 2018. The median sales price had increased from $188,576 in June 2017 to $221,493 in June 2018. New listings decreased 29 percent from 186 new listings in June 2017 to 132 new listings in June 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Rowan County economy in first half of 2018 with 50 reported sales totaling $7,004,150. Sales continue to be a driving force in Rowan County economy.

Residential sales decreased 31 percent from 72 sales reported in first half of the year 2017 to 50 sales reported in first half of the year 2018. The median sales price increased ten percent from $130,200 in first half of the year 2017 to $143,000 in first half of the year in 2018. The average days on the market had no percentage change from 72 days in first half of the year 2017 to 72 days in first half of the year 2018.

Residential sales in Rowan County increased 56 percent from June 2017 with 9 sales compared to 14 sales in June 2018. Pending sales increased from 7 in June 2017 to 17 pending sales reported in June 2018. The median sales price had increased from $145,000 in June 2017 to $151,500 in June 2018. New listings remained the same from 23 new listings in June 2017 to 23 new listings in June 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Montgomery County economy in first half of 2018 with 160 reported sales totaling $20,553,515. Sales continue to be a driving force in Montgomery County economy.

Residential sales increased nine percent from 147 sales reported in first half of the year 2017 to 160 sales reported in first half of the year 2018. The median sales price increased one percent from $117,000 in first half of the year 2017 to $118,000 in first half of the year in 2018. The average days on the market decreased 12 percent from 73 days in first half of the year 2017 to 64 days in first half of the year 2018.

Residential sales in Montgomery County increased 14 percent from June 2017 with 35 sales compared to 40 sales in June 2018. Pending sales increased from 34 in June 2017 to 49 pending sales reported in June 2018. The median sales price had decreased from $117,500 in June 2017 to $91,450 in June 2018. New listings increased 53 percent from 34 new listings in June 2017 to 52 new listings in June 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Laurel County economy in first half of 2018 with 183 reported sales totaling $25,912,257. Sales continue to be a driving force in Laurel County economy.

Residential sales decreased three percent from 189 sales reported in first half of the year 2017 to 183 sales reported in first half of the year 2018. The median sales price increased two percent from $129,900 in first half of the year 2017 to $132,000 in first half of the year in 2018. The average days on the market decreased 15 percent from 98 days in first half of the year 2017 to 83 days in first half of the year 2018.

Residential sales in Laurel County decreased 33 percent from June 2017 with 46 sales compared to 31 sales in June 2018. Pending sales had no change with 45 in June 2017 to 45 pending sales reported in June 2018. The median sales price had increased from $126,250 in June 2017 to $145,000 in June 2018. New listings increased 11 percent from 57 new listings in June 2017 to 63 new listings in June 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Jessamine County economy in first half of 2018 with 357 reported sales totaling $89,097,685. Sales continue to be a driving force in Jessamine County economy.

Residential sales decreased two percent from 365 sales reported in first half of the year 2017 to 357 sales reported in first half of the year 2018. The median sales price increased 12 percent from $164,900 in first half of the year 2017 to $185,000 in first half of the year in 2018. The average days on the market decreased 12 percent from 52 days in first half of the year 2017 to 46 days in first half of the year 2018.

Residential sales in Jessamine County decreased 20 percent from June 2017 with 93 sales compared to 74 sales in June 2018. Pending sales decreased from 87 in June 2017 to 74 pending sales reported in June 2018. The median sales price had increased from $176,500 in June 2017 to $242,250 in June 2018. New listings decreased 17 percent from 121 new listings in June 2017 to 100 new listings in June 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Harrison County economy in first half of 2018 with 79 reported sales totaling 11,490,755. Sales continue to be a driving force in Harrison County economy.

Residential sales increased four percent from 76 sales reported in first half of the year 2017 to 79 sales reported in first half of the year 2018. The median sales price increased 40 percent from $96,625 in first half of the year 2017 to $135,000 in first half of the year in 2018. The average days on the market increased 10 percent from 72 days in first half of the year 2017 to 79 days in first half of the year 2018.

Residential sales in Harrison County increased 64 percent from June 2017 with 11 sales compared to 18 sales in June 2018. Pending sales increased from 18 in June 2017 to 19 pending sales reported in June 2018. The median sales price had increased from $112,000 in June 2017 to $156,450 in June 2018. New listings increased 13 percent from 24 new listings in June 2017 to 27 new listings in June 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Franklin County economy in first half of 2018 with 273 reported sales totaling $40,604,982. Sales continue to be a driving force in Franklin County economy.

Residential sales decreased nine percent from 301 sales reported in first half of the year 2017 to 273 sales reported in first half of the year 2018. The median sales price increased two percent from $127,000 in first half of the year 2017 to $129,000 in first half of the year in 2018. The average days on the market decreased 27 percent from 90 days in first half of the year 2017 to 66 days in first half of the year 2018.

Residential sales in Franklin County decreased 26 percent from June 2017 with 65 sales compared to 48 sales in June 2018. Pending sales decreased from 67 in June 2017 to 61 pending sales reported in June 2018. The median sales price had decreased from $129,900 in June 2017 to $129,250 in June 2018. New listings increased 14 percent from 63 new listings in June 2017 to 72 new listings in June 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Fayette County economy in first half of 2018 with 2,384 reported sales totaling $580,373,880. Sales continue to be a driving force in Fayette County economy.

Residential sales decreased 11 percent from 2,682 sales reported in first half of the year 2017 to 2,384 sales reported in first half of the year 2018. The median sales price increased nine percent from $186,250 in first half of the year 2017 to $203,000 in first half of the year in 2018.  The average days on the market decreased three percent from 38 days in first half of the year 2017 to 37 days in first half of the year 2018. 

Residential sales in Fayette County decreased one percent from June 2017 with 552 sales compared to 549 sales in June 2018. Pending sales decreased from 529 in June 2017 to 466 pending sales reported in June 2018. The median sales price had increased from $205,000 in June 2017 to $215,400 in June 2018. New listings decreased 18 percent from 749 new listings in June 2017 to 617 new listings in June 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Clark County economy in first half of 2018 with 231 reported sales totaling $38,976,408. Sales continue to be a driving force in Clark County economy.

Residential sales decreased 13 percent from 265 sales reported in first half of the year 2017 to 231 sales reported in first half of the year 2018. The median sales price increased 22 percent from $130,000 in first half of the year 2017 to $158,000 in first half of the year in 2018. The average days on the market increased seven percent from 69 days in first half of the year 2017 to 74 days in first half of the year 2018.

Residential sales in Clark County decreased four percent from June 2017 with 52 sales compared to 50 sales in June 2018. Pending sales increased from 52 in June 2017 to 55 pending sales reported in June 2018. The median sales price had increased from $137,500 in June 2017 to $170,500 in June 2018. New listings decreased four percent from 74 new listings in June 2017 to 71 new listings in June 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

     Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bourbon County economy in first half of 2018 with 73 reported sales totaling $11,197,398. Sales continue to be a driving force in Bourbon County economy.

Residential sales decreased five percent from 77 sales reported in first half of the year 2017 to 73 sales reported in first half of the year 2018. The median sales price decreased 14 percent from $139,000 in first half of the year 2017 to $120,000 in first half of the year in 2018.  The average days on the market decreased 20 percent from 83 days in first half of the year 2017 to 66 days in first half of the year 2018. 

Residential sales in Bourbon County increased 14 percent from June 2017 with 14 sales compared to 16 sales in June 2018. Pending sales decreased from 18 in June 2017 to 16 pending sales reported in June 2018. The median sales price had decreased from $126,750 in June 2017 to $96,500 in June 2018. New listings increased 13 percent from 15 new listings in June 2017 to 17 new listings in June 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Anderson County economy in first half of 2018 with 136 reported sales totaling $23,018,511. Sales continue to be a driving force in Anderson County economy.

Residential sales decreased four percent from 141 sales reported in first half of the year 2017 to 136 sales reported in first half of the year 2018. The median sales price increased one percent from $149,450 in first half of the year 2017 to $150,250 in first half of the year in 2018. The average days on the market decreased 18 percent from 76 days in first half of the year 2017 to 62 days in first half of the year 2018.

Residential sales in Anderson County decreased 24 percent from June 2017 with 33 sales compared to 25 sales in June 2018. Pending sales decreased from 41 in June 2017 to 30 pending sales reported in June 2018. The median sales price had decreased from $158,900 in June 2017 to $130,000 in June 2018. New listings decreased 20 percent from 51 new listings in June 2017 to 41 new listings in June 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of June 30, 2018 with 6,418 reported sales totaling $1,288,808,869.

According to 2018 LBAR President John Groft, “Although the number of total closed units is down we have seen an increase in overall closed sales volume. This is largely a factor of the six percent increase in median sales price. Houses are selling a little quicker than last year and there are fewer of them available. The one market segment that is holding steady is townhouses/condos which may be indicative of new supply.”

The first half 2018 total sales decreased four percent from 6,718 sales to date in 2017 to 6,418 sales to date in 2018.  The first half 2018 residential single family sales decreased five percent from 6,253 sales to date in 2017 to 5,953 sales to date in 2018.  The residential median sales price increased six percent from $160,000 to date in 2017 to $170,000 to date in 2018. The residential average days on market decreased five percent from 58 days to date in 2017 to 55 days to date in 2018.  The year-to-date 2018 townhouses/condos sales remained the same with no percentage change from 465 sales to date in 2017 to 465 sales to date in 2018.

President Groft continues, “Every agent in town has buyers that can’t find what they’re looking for as supply continues to tighten in Lexington. However, we’re seeing much more activity out of the Lexington Fayette area especially in Madison County and Scott County which together account for nearly 20 percent of the sales in our region.”  June sales activity decreased three percent with 1,428 sales reported closed in June 2017 compared to 1,380 sales reported closed in June 2018.  Of the 1,380 sales 337 sales were to first time homebuyers and 179 sales were to out of state buyers. Residential sales decreased four percent from 1,338 sales closed in June 2017 compared to 1,289 sales closed in June 2018. The residential average days on market decreased nine percent from 47 in June 2017 to 43 days in June 2018. The residential median sales price increased seven percent from $167,000 in June 2017 to $178,000 in June 2018. 

Townhouses/condos sales increased one percent from 90 sales reported closed in June 2017 to 91 sales reported closed in June 2018. The townhouses/condos median sales price decreased five percent from $160,500 in June 2017 to $152,500 in June 2018.  The average days on market decreased 13 percent from 60 in June 2017 to 52 days in June 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

            The Lexington-Bluegrass Association of REALTORS® (LBAR) and the Madison County Board of REALTORS® (MCBR) have executed a mutual agreement to consolidate their Realtor memberships. Seventy (70) Realtors from Madison County will be joining LBAR immediately paving the way to include four new counties, Estill, Lee, Madison, and Owsley among the 22 counties already in LBAR’s jurisdiction, pending approval by the National Association of REALTORS®.

John Groft, president of the Lexington-Bluegrass Association of Realtors® said, “This new membership consolidation will allow LBAR to create maximum value for our Realtor members bringing additional data into the Multiple Listing Services which will allow the region’s Realtors® to work even better together and to become more productive.”

            According to information provided by LBAR’s Multiple Listing Service (MLS), the Madison County year to date January 2018 to May 2018 sales have increased 16 percent with 510 sales in 2018. Median sales price has increased 6 percent to $167,250; days on market has increased 5 percent to 60 days. Ten percent of the total transactions in the MLS year-to-date are in Madison County.

Adding to the wide variety of expertise, qualifications and skills currently exemplified by the governing body of LBAR, Kae Schennberg, president of the Madison County Board of Realtors®, will join the LBAR board of directors. Schennberg added, “We are excited to join the LBAR Realtor family.  LBAR has a rich history in the community, capable of supporting the Realtor Code of Ethics, playing a political advocacy role, conducting outreach to consumers, maintaining fiscal responsibility, operating a successful consumer website, and providing an outstanding support and training staff for our local area Realtors.  Although our Madison County Board of Realtors® office will close at the end of August, our local Realtors will continue to serve Madison, Estill, Lee, and Owsley counties through our new MLS, LBAR.  We promise to continue serving all of our local real estate customers with the same dedication to real estate service in partnership with LBAR.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of Realtors® (LBAR) understands the value and joy of owning a home. At the present time, LBAR currently represents more than 3,200 Realtors® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties.

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Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy with 1,281 reported sales totaling $259,263,788 during the month of May.

According to 2018 LBAR President John Groft, “Inventory and days on market both continue to skim along at historic lows, while buyer demand is creating competitive purchase offer situations that are increasing the number of homes sold for more than the asking price. This practice is nothing new in more popular areas. Sellers are receiving 97.7 % of the list price.  Now more than ever it is imperative to work with a Realtor® to assist you with your home buying needs.  Both buyers and sellers benefit from the experience and guidance a Realtors® brings to the table.”

May sales activity decreased nine percent with 1,411 sales reported closed in May 2017 compared to 1,281 sales reported closed in May 2018.  Of the 1,281 sales, 322 sales were to first time homebuyers and 168 sales were to out of state buyers. Residential sales decreased 10 percent from 1,314 sales closed in May 2017 compared to 1,181 sales closed in May 2018. The residential median sales price increased six percent from $165,175 in May 2017 to $174,900 in May 2018. The residential average days on market increased two percent with 49 days in May 2017 to 50 days in May 2018. Months of inventory increased four percent to 2.9 months in May 2018. 

Townhouses/condos sales increased three percent from 97 sales reported closed in May 2017 to 100 sales reported closed in May 2018. The townhouses/condos median sales price decreased 17 percent from $172,000 in May 2017 to $142,500 in May 2018.  The average days on market decreased 15 percent from 73 in May 2017 to 62 days in May 2018.

“A cause of the decreased sales activity in much of the area continues to be the utter lack of available listings in the market to meet the strong demand for buying a home,” Groft continues. “Realtors® say the healthy economy and job market are keeping buyers in the market. However, inventory shortages are even worse than in recent years, and home prices keep climbing.”

The year-to-date 2018 residential single family sales decreased five percent from 4,860 sales to date in 2017 to 4,607 sales to date in 2018. The year-to-date 2018 townhouses/condos sales decreased one percent from 372 sales to date in 2017 to 368 sales to date in 2018. The residential median sales price increased six percent from $158,000 to date in 2017 to $168,000 to date in 2018. The residential average days on market decreased five percent from 61 days to date in 2017 to 58 days to date in 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,200 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

According to 2018 LBAR President John Groft, “As with last spring, the home-purchasing season is competitive this year. Demand is still strong, especially in light of rising mortgage rates. Savvy consumers will want to get into a home before rates go up again. Amidst an environment of low inventory, buyers need to remain watchful of new listings and make their offers quickly.”

April sales activity increased one percent with 1,071 sales reported closed in April 2017 compared to 1,085 sales reported closed in April 2018.  Of the 1,085 sales, 246 sales were to first time homebuyers and 133 sales were to out of state buyers. Residential sales increased two percent from 980 sales closed in April 2017 compared to 1,001 sales closed in April 2018. The residential median sales price increased four percent from $163,000 in April 2017 to $170,000 in April 2018. The residential average days on market decreased eight percent with 59 days in April 2017 to 54 days in April 2018.   Months of inventory decreased nine percent to 3.2 months in April 2018.

Townhouses/condos sales decreased eight percent from 91 sales reported closed in April 2017 to 84 sales reported closed in April 2018. The townhouses/condos median sales price increased 37 percent from $126,000 in April 2017 to $173,000 in April 2018.  The average days on market decreased 20 percent from 82 in April 2017 to 66 days in April 2018.

Groft continues, “Realtors throughout the area are seeing the seasonal ramp-up in buyer demand this spring; however, new listings only increased 5% in April 2018 with 1,770 new listings.  As a result, competition is swift and homes are going under contract in 54 days, which is five days faster than last year and a remarkable 31 days faster than March 2016.”

The year-to-date 2018 residential single family sales decreased three percent from 3,515 sales to date in 2017 to 3,394 sales to date in 2018. The year-to-date 2018 townhouses/condos sales decreased two percent from 271 sales to date in 2017 to 265 sales to date in 2018. The residential median sales price increased seven percent from $154,000 to date in 2017 to $165,500 to date in 2018. The residential average days on market decreased eight percent from 66 days to date in 2017 to 61 days to date in 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. 

Click here to view a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Woodford County economy in first quarter 2018 with 59 reported sales totaling $12,522,109. Sales continue to be a driving force in Woodford County economy.

Residential sales increased two percent from 58 sales reported in first quarter 2017 to 59 sales reported in first quarter 2018. The median sales price increased eight percent from $181,750 in first quarter 2017 to $196,000 in first quarter in 2018.  The average days on the market decreased two percent from 51 days in first quarter 2017 to 50 days in first quarter 2018. 

Residential sales in Woodford County decreased 38 percent from March 2017 with 39 sales compared to 24 sales in March 2018. Pending sales decreased from 41 in March 2017 to 31 pending sales reported in March 2018. The median sales price had increased from $175,000 in March 2017 to $210,000 in March 2018. New listings decreased 23 percent from 44 new listings in March 2017 to 34 new listings in March 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Scott County economy in first quarter 2018 with 230 reported sales totaling $49,902,013. Sales continue to be a driving force in Scott County economy.

Residential sales had no percentage of change with 230 sales reported in first quarter 2017 and first quarter 2018. The median sales price increased nine percent from $180,725 in first quarter 2017 to $196,750 in first quarter in 2018.  The average days on the market increased 31 percent from 51 days in first quarter 2017 to 67 days in first quarter 2018. 

Residential sales in Scott County increased three percent from March 2017 with 77 sales compared to 79 sales in March 2018. Pending sales decreased from 136 in March 2017 to 112 pending sales reported in March 2018. The median sales price had decreased from $216,500 in March 2017 to $186,500 in March 2018. New listings decreased 22 percent from 167 new listings in March 2017 to 130 new listings in March 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.  

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Rowan County economy in first quarter 2018 with 16 reported sales totaling $2,144,900. Sales continue to be a driving force in Rowan County economy.

Residential sales decreased 38 percent from 26 sales reported in first quarter 2017 to 16 sales reported in first quarter 2018. The median sales price increased 41 percent from $103,500 in first quarter 2017 to $146,250 in first quarter in 2018.  The average days on the market increased 45 percent from 60 days in first quarter 2017 to 87 days in first quarter 2018. 

Residential sales in Rowan County had no percentage of change with eight sales in March 2017 and March 2018. Pending sales increased from 11 in March 2017 to 13 pending sales reported in March 2018. The median sales price had decreased from $152,500 in March 2017 to $151,500 in March 2018. New listings increased 50 percent from 14 new listings in March 2017 to 21 new listings in March 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.  

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Montgomery County economy in first quarter 2018 with 56 reported sales totaling $7,427,655. Sales continue to be a driving force in Montgomery County economy.

Residential sales decreased seven percent from 60 sales reported in first quarter 2017 to 56 sales reported in first quarter 2018. The median sales price increased five percent from $120,000 in first quarter 2017 to $125,750 in first quarter in 2018.  The average days on the market decreased 10 percent from 84 days in first quarter 2017 to 76 days in first quarter 2018. 

Residential sales in Montgomery County increased 23 percent from March 2017 with 26 sales compared to 32 sales in March 2018. Pending sales had no percentage of change with 37 pendings in March 2017 and March 2018. The median sales price had decreased from $169,950 in March 2017 to $125,750 in March 2018. New listings decreased 17 percent from 47 new listings in March 2017 to 39 new listings in March 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. 

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Laurel County economy in first quarter 2018 with 77 reported sales totaling $10,835,460. Sales continue to be a driving force in Laurel County economy.

Residential sales decreased five percent from 81 sales reported in first quarter 2017 to 77 sales reported in first quarter 2018. The median sales price increased seven percent from $120,000 in first quarter 2017 to $128,000 in first quarter in 2018.  The average days on the market decreased 24 percent from 114 days in first quarter 2017 to 87 days in first quarter 2018. 

Residential sales in Laurel County increased 14 percent from March 2017 with 29 sales compared to 33 sales in March 2018. Pending sales decreased from 38 in March 2017 to 29 pending sales reported in March 2018. The median sales price had increased from $124,500 in March 2017 to $132,000 in March 2018. New listings decreased 13 percent from 61 new listings in March 2017 to 53 new listings in March 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Jessamine County economy in first quarter 2018 with 132 reported sales totaling $32,265,600. Sales continue to be a driving force in Jessamine County economy.

Residential sales increased two percent from 129 sales reported in first quarter 2017 to 132 sales reported in first quarter 2018. The median sales price increased 13 percent from $161,900 in first quarter 2017 to $183,147 in first quarter in 2018.  The average days on the market decreased seven percent from 57 days in first quarter 2017 to 53 days in first quarter 2018. 

Residential sales in Jessamine County decreased 15 percent from March 2017 with 53 sales compared to 45 sales in March 2018. Pending sales decreased from 85 in March 2017 to 71 pending sales reported in March 2018. The median sales price had increased from $150,000 in March 2017 to $213,000 in March 2018. New listings decreased 28 percent from 99 new listings in March 2017 to 71 new listings in March 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.  

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Harrison County economy in first quarter 2018 with 41 reported sales totaling $5,852,173. Sales continue to be a driving force in Harrison County economy.

Residential sales increased 21 percent from 34 sales reported in first quarter 2017 to 41 sales reported in first quarter 2018. The median sales price increased 31 percent from $104,125 in first quarter 2017 to $136,500 in first quarter in 2018.  The average days on the market decreased 13 percent from 84 days in first quarter 2017 to 73 days in first quarter 2018. 

Residential sales in Harrison County decreased eight percent from March 2017 with 12 sales compared to 11 sales in March 2018. Pending sales decreased from 18 in March 2017 to 10 pending sales reported in March 2018. The median sales price had increased from $111,500 in March 2017 to $129,750 in March 2018. New listings decreased 45 percent from 20 new listings in March 2017 to 11 new listings in March 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Franklin County economy in first quarter 2018 with 117 reported sales totaling $18,601,981. Sales continue to be a driving force in Franklin County economy.

Residential sales decreased one percent from 118 sales reported in first quarter 2017 to 117 sales reported in first quarter 2018. The median sales price increased eight percent from $124,500 in first quarter 2017 to $135,000 in first quarter in 2018.  The average days on the market decreased 18 percent from 95 days in first quarter 2017 to 78 days in first quarter 2018. 

Residential sales in Franklin County increased 20 percent from March 2017 with 45 sales compared to 54 sales in March 2018. Pending sales decreased from 82 in March 2017 to 66 pending sales reported in March 2018. The median sales price had increased from $120,000 in March 2017 to $147,500 in March 2018. New listings decreased 26 percent from 90 new listings in March 2017 to 67 new listings in March 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.  

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Fayette County economy in first quarter 2018 with 920 reported sales totaling $215,628,456. Sales continue to be a driving force in Fayette County economy.

Residential sales decreased 12 percent from 1,050 sales reported in first quarter 2017 to 920 sales reported in first quarter 2018. The median sales price increased ten percent from $175,000 in first quarter 2017 to $192,500 in first quarter in 2018.  The average days on the market increased four percent from 47 days in first quarter 2017 to 49 days in first quarter 2018. 

Residential sales in Fayette County decreased ten percent from March 2017 with 426 sales compared to 382 sales in March 2018. Pending sales decreased from 549 in March 2017 to 482 pending sales reported in March 2018. The median sales price had increased from $226,862 in March 2017 to $230,372 in March 2018. New listings decreased 14 percent from 659 new listings in March 2017 to 569 new listings in March 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.  

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Clark County economy in first quarter 2018 with 92 reported sales totaling $14,472,635. Sales continue to be a driving force in Clark County economy.

Residential sales decreased 16 percent from 110 sales reported in first quarter 2017 to 92 sales reported in first quarter 2018. The median sales price increased 16 percent from $129,200 in first quarter 2017 to $149,750 in first quarter in 2018.  The average days on the market decreased 16 percent from 93 days in first quarter 2017 to 78 days in first quarter 2018. 

Residential sales in Clark County increased 38 percent from March 2017 with 34 sales compared to 47 sales in March 2018. Pending sales increased from 44 in March 2017 to 47 pending sales reported in March 2018. The median sales price had increased from $133,750 in March 2017 to $147,500 in March 2018. New listings decreased 16 percent from 57 new listings in March 2017 to 48 new listings in March 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bourbon County economy in first quarter 2018 with 35 reported sales totaling $5,564,148. Sales continue to be a driving force in Bourbon County economy.

Residential sales increased six percent from 33 sales reported in first quarter 2017 to 35 sales reported in first quarter 2018. The median sales price decreased four percent from $145,500 in first quarter 2017 to $140,000 in first quarter in 2018.  The average days on the market decreased 30 percent from 120 days in first quarter 2017 to 84 days in first quarter 2018. 

Residential sales in Bourbon County decreased eight percent from March 2017 with 12 sales compared to 11 sales in March 2018. Pending sales decreased from 14 in March 2017 to 12 pending sales reported in March 2018. The median sales price had decreased from $182,156 in March 2017 to $149,145 in March 2018. New listings increased 15 percent from 27 new listings in March 2017 to 31 new listings in March 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Anderson County economy in first quarter 2018 with 62 reported sales totaling $11,424,111. Sales continue to be a driving force in Anderson County economy.

Residential sales had no percentage of change with 62 sales reported in first quarter 2017 and first quarter 2018. The median sales price increased 23 percent from $150,299 in first quarter 2017 to $184,260 in first quarter in 2018.  The average days on the market decreased 32 percent from 95 days in first quarter 2017 to 65 days in first quarter 2018. 

Residential sales in Anderson County increased eight percent from March 2017 with 24 sales compared to 26 sales in March 2018. Pending sales increased from 20 in March 2017 to 27 pending sales reported in March 2018. The median sales price had increased from $149,750 in March 2017 to $161,750 in March 2018. New listings had no percentage of change with 27 new listings in March 2017 and March 2018.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. 

Click here for a PDF of this release.

Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of March 31, 2018 with 2,531 reported sales totaling $495,904,009.

According to 2018 LBAR President John Groft, “Climbing out of winter has taken more time than usual for much of the area, but house hunting should finally be taking center stage for many buyers. In March, sellers received 97% of their list price and remain willing to list their home due to the increased median sales price and decreased days on market. Additionally the healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018.”

The first quarter residential single family sales decreased five percent from 2,487 sales in first quarter 2017 to 2,361 sales in first quarter 2018. The residential median sales price increased 10 percent from $150,000 in first quarter 2017 to $165,000 in first quarter 2018. The residential average days on market decreased nine percent from 69 days in first quarter 2017 to 63 days in first quarter 2018. 

The townhouses/condos sales decreased three percent from 176 sales in first quarter 2017 to 170 sales in first quarter 2018. The townhouses/condos median sales price increased 15 percent from $127,250 in first quarter 2017 to $145,750 in first quarter 2018. The townhouses/condos average days on market increased 25 percent from 64 days in first quarter 2017 to 80 days in first quarter 2018. 

March total sales activity decreased two percent with 1,060 sales reported closed in March 2017 compared to 1,042 sales reported closed in March 2018.  Of the 1,042 sales 269 sales were to first time homebuyers and 111 sales were to out of state buyers. Residential sales decreased three percent from 999 sales closed in March 2017 compared to 974 sales closed in March 2018. Pending sales for March decreased nine percent from 1,458 pending in March 2017 to 1,323 pending in March 2018. This is the fourth consecutive month with decreased pending sales. The residential average days on market decreased six percent from 68 in March 2017 to 64 days in March 2018. The residential median sales price increased eight percent from $155,350 in March 2017 to $168,200 in March 2018. 

Townhouses/condos sales increased 11 percent from 61 sales reported closed in March 2017 to 68 sales reported closed in March 2018. The townhouses/condos median sales price decreased eight percent from $143,250 in March 2017 to $132,500 in March 2018.  The average days on market decreased 34 percent from 70 in March 2017 to 46 days in March 2018.

President Groft continues, “Realtors continue to note that entry-level homes for first-timers are hard to come by, which is contributing to their underperforming share of overall sales in the first quarter of the year. Prospective buyers should start working with a Realtor on what they want in a new home. Even with the expected uptick in new listings in coming months, buyers in most markets will likely have to act fast on any available listing that checks all their boxes.  New listings decreased in March 2018 with a total of 1,555 new listings with 3.1 months of inventory.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy for the month of February 2018 with 700 reported sales totaling $140,242,191.

February sales activity decreased 12 percent with 794 sales reported closed in February 2017 compared to 700 sales reported closed in February 2018. Of the 700 sales, 152 sales were to first time homebuyers and 88 sales were to out of state buyers. Residential sales decreased 13 percent from 741 sales closed in February 2017 compared to 641 sales closed in February 2018. The residential median sales price increased 15 percent from $145,900 in February 2017 to $168,000 in February 2018. The residential average days on market decreased 19 percent with 72 days in February 2017 to 58 days in February 2018.

Townhouses/condos sales increased 11 percent from 53 sales reported closed in February 2017 to 59 sales reported closed in February 2018. The townhouses/condos median sales price increased 33 percent from $120,750 in February 2017 to $160,000 in February 2018. The average days on market increased 100 percent from 58 in February 2017 to 116 days in February 2018.

According to 2018 LBAR President John Groft, “Residential real estate hit new lows in February 2018 both in inventory with 3,294 total active listings, down for the 19th consecutive month and new listings down 14 percent compared to February 2017. Therefore, if you are in the market to purchase a new home, now more than ever it is imperative work with a local Realtors for your buying needs.”

The year-to-date 2018 residential single family sales decreased eight percent from 1,467 sales to date in 2016 to 1,346 sales to date in 2018. The year-to-date 2018 townhouses/condos sales decreased 12 percent from 115 sales to date in 2017 to 101 sales to date in 2018. The residential median sales price increased 11 percent from $146,950 to date in 2017 to $163,000 to date in 2018. The residential average days on market decreased 10 percent from 70 days to date in 2017 to 63 days to date in 2018.

President Groft continues, “Buyer traffic is easily outpacing seller traffic in several areas and is why homes are selling at a faster rate than a year ago. Competition is likely to heat up even more heading into the spring for house hunters looking for homes. Supply and demand imbalances continue to be burdensome in many counties.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

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Click here for the infographic.

The Lexington-Bluegrass Association of REALTORS® (LBAR) is pleased to announce Justin Landon as the next CEO.

Landon previously served as the Vice President of Government Affairs for the San Antonio Board of REALTORS®.   Landon was chosen after a nationwide search and will join the local association in April. 

“Justin will be responsible for leading the association to the next level, building on the solid foundation and momentum achieved under the leadership of former CEO Elaine Hangis,” said John Groft, LBAR 2018 President.

The local association has a strong record in education and technology, and Landon has pledged to continue this prioritized focus to help Realtors succeed. As the new CEO, Landon will be working with dedicated volunteer leaders, community partners and more than 3,100 Realtors. 

Before becoming a part of the REALTOR® family, Landon spent over ten years working in the United States Congress. Landon is a graduate of the University of California, Santa Barbara and grew up in a multi-generational REALTOR® family. He has served the REALTOR organization at the state and national level and brings with him a breadth of experience in association management.  Landon with his wife and two children are excited to move to the beautiful Bluegrass state.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. 

Click here for a PDF of this release.

Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of January 31, 2018 with 728 reported sales totaling $140,105,368.

January sales activity decreased six percent with 776 sales reported closed in January 2017 compared to 728 sales reported closed in January 2018.  Of the 728 sales, 178 sales were to first time homebuyers and 63 sales were to out of state buyers. Residential sales decreased four percent from 714 sales closed in January 2017 compared to 688 sales closed in January 2018. The residential median sales price increased seven percent from $148,900 in January 2017 to $159,000 in January 2018. The residential average days on market remained at 68 days in January 2017 and January 2018.

According to 2018 LBAR President John Groft, “Even though January 2018 sales are slightly down from January 2017, other indicators of a stable housing market are evident.  While it’s true that inventory has remained tight, buyers still are not deterred from jumping into the market. It is important now more than ever to talk to your LBAR Realtor member.  Both buyers and sellers benefit from the experience and guidance a Realtor brings to the table.”

Townhouses/condos sales decreased 35 percent from 62 sales reported closed in January 2017 to 40 sales reported closed in January 2018. The townhouses/condos median sales price increased 25 percent from $113,500 in January 2017 to $141,500 in January 2018.  The average days on market increased 30 percent from 64 in January 2017 to 83 days in January 2018.

President Groft continues, “Once again, declining inventory is going to continue to be a hot topic of discussion this year with only 4.5 months of inventory for the area, a six percent decrease compared to January 2017.  Specific counties, neighborhoods, and zip codes have even lower inventory levels.  For now, prices are increasing and days on market continue to remain stable, both indicative of healthy demand.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Click here for the infographic.

Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of December 31, 2017 with 13,929 reported sales totaling $2,692,760,970.

According to 2018 LBAR President John Groft, “As we close the books on 2017, it is clear that there is an ongoing housing shortage in the Central Kentucky area.  December ends with 3.4 months of inventory.  Consumers are most definitely purchasing homes quickly.  Average days on the market is down 16 percent in 2017. Demand is strong, and there is plenty to feel optimistic about in 2018.  Overall, 2017 was a great year for housing in the region with an increase in home sales, increase in median sales price and decrease in days on market.”

The 2017 total sales increased three percent from 13,580 sales to date in 2016 to 13,929 sales to date in 2017.  The 2017 residential single family sales increased two percent from sales to date in 2016 to 12,725 sales to 13,011 sales in 2017.  The residential median sales price increased five percent from $155,000 to date in 2016 to $162,000 to date in 2017. The residential average days on market decreased 16 percent from 63 days to date in 2016 to 53 days to date in 2017.  The year-to-date 2017 townhouses/condos sales increased seven percent from 855 sales in 2016 to 918 sales in 2017.

December sales activity decreased seven percent with 1,081 sales reported closed in December 2016 compared to 1,000 sales reported closed in December 2017.  Of the 1,000 sales 224 sales were to first time homebuyers and 106 sales were to out of state buyers. Residential sales decreased eight percent from 1,017 sales closed in December 2016 compared to 939 sales closed in December 2017. The residential average days on market decreased 11 percent from 63 in December 2016 to 56 days in December 2017. The residential median sales price increased eight percent from $149,900 in December 2016 to $162,500 in December 2017. 

Townhouses/condos sales decreased five percent from 64 sales reported closed in December 2016 to 61 sales reported closed in December 2017. The townhouses/condos median sales price decreased 12 percent from $153,703 in December 2016 to $135,625 in December 2017.  The average days on market increased 17 percent from 63 in December 2016 to 74 days in December 2017.

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Anderson County economy in 2017 with 313 reported sales totaling $50,135,268. Sales continue to be a driving force in Anderson County economy.

Residential sales decreased two percent from 319 sales reported in 2016 to 313 sales reported in 2017. The median sales price increased ten percent from $134,000 in 2016 to $147,000 in 2017.  The average days on the market decreased 30 percent from 84 days in 2016 to 59 days in 2017. 

Residential sales in Anderson County decreased six percent from December 2016 with 50 sales compared to 47 sales in December 2017. Pending sales decreased from 24 in December 2016 to 22 pending sales reported in December 2017. The median sales price increased from $132,500 in December 2016 to $157,750 in December 2017. New listings decreased 20 percent from 20 new listings in December 2016 to 16 new listings in December 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bourbon County economy in 2017 with 166 reported sales totaling $26,937,616. Sales continue to be a driving force in Bourbon County economy.

Residential sales increased two percent from 162 sales reported in 2016 to 166 sales reported in 2017. The median sales price increased two percent from $127,250 in 2016 to $130,000 in 2017.  The average days on the market had no percentage of change with 67 days in 2016 and 2017. 

Residential sales in Bourbon County decreased 44 percent with 18 sales in December 2016 compared to 10 sales in December 2017. Pending sales had no percentage of change with 9 listings in December 2016 and December 2017. The median sales price decreased from $118,750 in December 2016 to $80,500 in December 2017. New listings decreased 44 percent from 25 new listings in December 2016 to 14 new listings in December 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Clark County economy in 2017 with 518 reported sales totaling $81,895,475. Sales continue to be a driving force in Clark County economy.

Residential sales increased 14 percent from 456 sales reported in 2016 to 518 sales reported in 2017. The median sales price increased eight percent from $129,953 in 2016 to $139,900 in 2017.  The average days on the market decreased 33 percent from 90 days in 2016 to 60 days in 2017. 

Residential sales in Clark County increased three percent from December 2016 with 35 sales compared to 36 sales in December 2017. Pending sales decreased from 40 in December 2016 to 14 pending sales reported in December 2017. The median sales price increased from $110,000 in December 2016 to $148,950 in December 2017. New listings decreased 57 percent from 46 new listings in December 2016 to 20 new listings in December 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.  

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Fayette County economy in 2017 with 5,328 reported sales totaling $1,231,435,452. Sales continue to be a driving force in Fayette County economy.

Residential sales decreased three percent from 5,501 sales reported in 2016 to 5,328 sales reported in 2017. The median sales price increased six percent from $175,000 in 2016 to $186,000 in 2017.  The average days on the market decreased 15 percent from 40 days in 2016 to 34 days in 2017. 

Residential sales in Fayette County decreased 14 percent from December 2016 with 410 sales compared to 351 sales in December 2017. Pending sales decreased from 274 in December 2016 to 251 pending sales reported in December 2017. The median sales price increased from $180,000 in December 2016 to $189,000 in December 2017. New listings decreased 12 percent from 259 new listings in December 2016 to 228 new listings in December 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Franklin County economy in 2017 with 622 reported sales totaling $88,035,081. Sales continue to be a driving force in Franklin County economy.

Residential sales made no percentage change from 623 sales reported in 2016 to 622 sales reported in 2017. The median sales price decreased one percent from $130,000 in 2016 to $129,000 in 2017.  The average days on the market decreased 20 percent from 93 days in 2016 to 74 days in 2017. 

Residential sales in Franklin County decreased five percent from December 2016 with 62 sales compared to 59 sales in December 2017. Pending sales had no percentage change from 35 in December 2016 to 35 pending sales reported in December 2017. The median sales price increased from $119,450 in December 2016 to $128,900 in December 2017. New listings increased 46 percent from 26 new listings in December 2016 to 38 new listings in December 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here to view a PDF of this release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Harrison County economy in 2017 with 153 reported sales totaling $18,416,321. Sales continue to be a driving force in Harrison County economy.

Residential sales decreased four percent from 159 sales reported in 2016 to 153 sales reported in 2017. The median sales price increased two percent from $110,000 in 2016 to $112,000 in 2017.  The average days on the market decreased 12 percent from 77 days in 2016 to 68 days in 2017. 

Residential sales in Harrison County decreased 55 percent from December 2016 with 20 sales compared to 9 sales in December 2017. Pending sales increased from 14 in December 2016 to 19 pending sales reported in December 2017. The median sales price increased from $109,800 in December 2016 to $135,000 in December 2017. New listings decreased 40 percent from 15 new listings in December 2016 to 9 new listings in December 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Jessamine County economy in 2017 with 761 reported sales totaling $174,782,075. Sales continue to be a driving force in Jessamine County economy.

Residential sales increased seven percent from 714 sales reported in 2016 to 761 sales reported in 2017. The median sales price increased five percent from $158,700 in 2016 to $166,000 in 2017.  The average days on the market decreased 30 percent from 63 days in 2016 to 44 days in 2017. 

Residential sales in Jessamine County increased two percent from December 2016 with 45 sales compared to 46 sales in December 2017. Pending sales decreased from 43 in December 2016 to 41 pending sales reported in December 2017. The median sales price increased from $131,700 in December 2016 to $206,450 in December 2017. New listings decreased six percent from 52 new listings in December 2016 to 49 new listings in December 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Laurel County economy in 2017 with 414 reported sales totaling $60,676,325. Sales continue to be a driving force in Laurel County economy.

Residential sales decreased nine percent from 454 sales reported in 2016 to 414 sales reported in 2017. The median sales price increased five percent from $124,000 in 2016 to $129,950 in 2017.  The average days on the market increased eight percent from 85 days in 2016 to 92 days in 2017. 

Residential sales in Laurel County increased four percent from December 2016 with 27 sales compared to 28 sales in December 2017. Pending sales increased from 16 in December 2016 to 20 pending sales reported in December 2017. The median sales price increased from $108,000 in December 2016 to $122,000 in December 2017. New listings decreased 25 percent from 36 new listings in December 2016 to 27 new listings in December 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. 

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Montgomery County economy in 2017 with 298 reported sales totaling $39,878,005. Sales continue to be a driving force in Montgomery County economy.

Residential sales increased one percent from 296 sales reported in 2016 to 298 sales reported in 2017. The median sales price increased four percent from $117,250 in 2016 to $122,000 in 2017.  The average days on the market decreased 18 percent from 83 days in 2016 to 68 days in 2017. 

Residential sales in Montgomery County decreased 17 percent from December 2016 with 24 sales compared to 20 sales in December 2017. Pending sales decreased from 13 in December 2016 to 11 pending sales reported in December 2017. The median sales price decreased from $116,500 in December 2016 to $112,500 in December 2017. New listings increased 11 percent from 19 new listings in December 2016 to 21 new listings in December 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.  

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Rowan County economy in 2017 with 136 reported sales totaling $19,864,349. Sales continue to be a driving force in Rowan County economy.

Residential sales decreased one percent from 138 sales reported in 2016 to 136 sales reported in 2017. The median sales price increased two percent from $130,000 in 2016 to $132,700 in 2017.  The average days on the market increased four percent from 84 days in 2016 to 87 days in 2017. 

Residential sales in Rowan County decreased 53 percent from December 2016 with 17 sales compared to 8 sales in December 2017. Pending sales had no percentage of change in December 2016 to December 201 with 4 pending listings. The median sales price increased from $100,000 in December 2016 to $107,500 in December 2017. New listings decreased eight percent from 12 new listings in December 2016 to 11 new listings in December 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of the release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Scott County economy in 2017 with 1,254 reported sales totaling $267,045,957. Sales continue to be a driving force in Scott County economy.

Residential sales increased eight percent from 1,159 sales reported in 2016 to 1,254 sales reported in 2017. The median sales price increased four percent from $180,000 in 2016 to $186,998 in 2017.  The average days on the market decreased 25 percent from 59 days in 2016 to 44 days in 2017. 

Residential sales in Scott County increased 33 percent from December 2016 with 87 sales compared to 116 sales in December 2017. Pending sales increased from 73 in December 2016 to 66 pending sales reported in December 2017. The median sales price increased from $173,000 in December 2016 to $180,000 in December 2017. New listings decreased 16 percent from 69 new listings in December 2016 to 58 new listings in December 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Woodford County economy in 2017 with 345 reported sales totaling $89,283,349. Sales continue to be a driving force in Woodford County economy.

Residential sales had no percentage of change from 346 sales reported in 2016 to 345 sales reported in 2017. The median sales price increased 11 percent from $193,700 in 2016 to $215,000 in 2017.  The average days on the market decreased 18 percent from 57 days in 2016 to 47 days in 2017. 

Residential sales in Woodford County decreased 39 percent from December 2016 with 31 sales compared to 19 sales in December 2017. Pending sales decreased from 18 in December 2016 to 15 pending sales reported in December 2017. The median sales price increased from $160,000 in December 2016 to $185,000 in December 2017. New listings decreased 11 percent from 19 new listings in December 2016 to 17 new listings in December 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.  

The Lexington-Bluegrass Association of REALTORS® (LBAR) announces Ruby Mason as the 2017 Good Neighbor award recipient. 

The Good Neighbor Award program recognizes Realtors who are improving the lives of others through their volunteer work. 

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. 

Click here for a PDF of this release.

The Lexington-Bluegrass Association of REALTORS® (LBAR) announces Al Blevins as the 2017 Realtor of the Year.

The Realtor of the Year award is designed to give recognition to Realtors who have served not only their profession, but also their communities.  Mr. Blevins exhibits high principles of integrity, adherence to the Realtor Code of Ethics and furthered the principles of good real estate practice among brokers, agents, and the general public.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this announcement.

Bo Smith is the 2018 president of the Realtor®-Community Housing Foundation (RCHF).  Smith is associated with Keller Williams Greater Lexington.

The 2018 officers are president elect, Rusty Underwood – Milestone Realty Consultants; vice president, Tim Adams – Guardian Savings Bank; secretary/treasurer, Melinda Earlywine – Century 21 Commonwealth Real Estate; immediate past-president, Deni Hamilton – Coldwell Banker McMahan.

The 2018 RCHF board of directors include: Pat Borg – Weesner Properties, Inc. Cheryl Bromagen – Chase; Gesela Brown – First Security Bank; Greg Buchanan – ERA Select Real Estate; Amanda Marcum – Berkshire Hathaway H S Foster Realtors; Ed Moore – Community Volunteer; Becky Murphy – Charlie Murphy Real Estate; Maggie Napier – Napier Realtors; Will Puckett – PNC Mortgage; Jeff Rietze – Rector Hayden Realtors; and Joan Whitman – Whitman, REALTORS.

RCHF is a 501(c) (3) tax-exempt nonprofit organization incorporated in 1992 established by the Lexington-Bluegrass Association of Realtors® (LBAR). RCHF's goals are to empower families and strengthen neighborhoods by assisting homeowners in need to be able to stay in their homes and help make homes more accessible with the installation of ramps and/or other adaptations for low-income persons with disabilities and/or mobility impairments. 

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John Groft is the 2018 president of the Lexington-Bluegrass Association of Realtors® (LBAR).  Groft is associated with RE/MAX Creative Realty in Lexington.

The 2018 officers are president, John Groft; president elect, Al Blevins - Caswell Prewitt Realty, Inc and treasurer, Kristy Gooch –RE/MAX Elite Realty.

The 2018 Board of Directors include: Nancy Allison – DG Schell Real Estate;  Greg Back – Keller Williams Bluegrass; Ty Brown– Weichert, Realtors-Towne & Country; Greg Buchanan – ERA Select Real Estate; Anne Hart Cornett – Milestone Realty Consultants; Sha Fister – Rector-Hayden, Realtors; Mike Gooch – Gooch Auction Group & Realty Company; Alicia Huff – Bluegrass Partners Trust Realty; Todd Hyatt – Lois Ann Disponett Real Estate; Amanda Marcum – Berkshire Hathaway H S Foster Realtors; Randy Newsome – Twin Eagles Realty; Kelley Nisbet – Coldwell Banker McMahan; and Rusty Underwood – Milestone Realty Consultants.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. 

Click here for a PDF of this release.

Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of November 31, 2017 with 951 reported sales totaling $179,031,135.

The year-to-date 2017 total sales increased four percent from 12,409 sales to date in 2016 to 12,846 sales to date in 2017.  The year-to-date 2017 residential single family sales increased three percent from 11,627 sales to date in 2016 to 11,995 sales to date in 2017.  The residential median sales price increased five percent from $155,000 to date in 2016 to $162,000 to date in 2017. The residential average days on market decreased 16 percent from 63 days to date in 2016 to 53 days to date in 2017.  The year-to-date 2017 townhouses/condos sales increased nine percent from 782 sales to date in 2016 to 851 sales to date in 2017.

According to 2017 LBAR President Ty Brown, “Listings — especially those in the affordable price range — continue to go under contract quickly. With the seasonal decline in inventory beginning to occur in most markets, prospective buyers will likely continue to see competitive conditions through the winter.”

November sales activity decreased six percent with 1,012 sales reported closed in November 2016 compared to 951 sales reported closed in November 2017.  Of the 951 sales 198 sales were to first time homebuyers and 123 sales were to out of state buyers. Residential sales decreased seven percent from 946 sales closed in November 2016 compared to 880 sales closed in November 2017. The residential average days on market decreased eight percent from 59 in November 2016 to 54 days in November 2017. The residential median sales price had no percentage of change from $154,450 in November 2016 to $155,000 in November 2017. 

Townhouses/condos sales increased eight percent from 66 sales reported closed in November 2016 to 71 sales reported closed in November 2017. The townhouses/condos median sales price increased 19 percent from $138,500 in November 2016 to $165,000 in November 2017.  The average days on market decreased 48 percent from 97 in November 2016 to 50 days in November 2017.

President Brown continues, “There continues to be an increase in pending home sales which would seem to indicate additional increases in homes sales for final month of 2017.  In November, pendings increased from 954 in November 2016 to 973 in November 2017,” comments Brown.  Additionally, months of inventory continue to remain low with 3.9 months, a decrease of three percent compared to November 2016.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Click here for supporting documents.

Click here for the infographic.  

This school year Realtors representing the Lexington-Bluegrass Association of REALTORS® (LBAR) visited the public elementary schools in Harrison County including Eastside Elementary, Northside Elementary, Southside Elementary, and Westside Elementary and presented a book.  Each school received Spaghetti in a Hot Dog Bun by esteemed author Maria Dismondy.  This charming story empowers children to always do the right thing and be proud of themselves, even when they are faced with a challenging person.

In its tenth year, Melissa Poynter, the chair of the LBAR community education task force, has continued to lead this project. Realtors Nancy Allison, Shannon Allison, Aimee Davis, and Linda Lewis delivered the book and read to a group of students during library class.  This contribution to Harrison County is part of a larger donation to the public elementary schools in the Bluegrass region —LBAR will be presenting the book to over 140 elementary schools in 22 counties. The project is part of LBAR’s goal to become involved with the area’s school systems in innovative ways that will positively shape the future of our community’s children.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

This school year Realtors representing the Lexington-Bluegrass Association of REALTORS® (LBAR) visited the public elementary schools in Montgomery County including Camargo Elementary, Mapleton Elementary, and Mt. Sterling Elementary and presented a book.  Each school received Spaghetti in a Hot Dog Bun by esteemed author Maria Dismondy.  This charming story empowers children to always do the right thing and be proud of themselves, even when they are faced with a challenging person.

In its tenth year, Melissa Poynter, the chair of the LBAR community education task force, has continued to lead this project. Realtors Dwight Akers, Sue Fugate, Lucile Hardin, Joan Henderson, Brenda Murphy, Sherry Stephens, and Liz Torchia delivered the book and read to a group of students during library class.  This contribution to Montgomery County is part of a larger donation to the public elementary schools in the Bluegrass region —LBAR will be presenting the book to over 140 elementary schools in 22 counties. The project is part of LBAR’s goal to become involved with the area’s school systems in innovative ways that will positively shape the future of our community’s children.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. Click here for a PDF of this release.

The Realtor-Community Housing Foundation (RCHF) donates $46,800 to Lexington Habitat for Humanity.  The funds are to be used for Habitat’s Home Repair Program for projects that are currently not under contract due to no funds. Habitat for Humanity aligns with the Realtor-Community Housing Foundation’s goal to empower families and strengthen neighborhoods by assisting homeowners in need to be able to stay in their homes.  Already in 2017 RCHF donated $50,000 to Habitat for Humanity and REACH.  In 2016, RCHF donated a total of $100,000 to Habitat for Humanity and REACH.

RCHF is a 501(c) (3) tax-exempt nonprofit organization incorporated in 1992 established by the Lexington-Bluegrass Association of Realtors® (LBAR). RCHF's goal is to empower families and strengthen neighborhoods by assisting homeowners in need to be able to stay in their homes.

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Click here for a list of the projects.

This school year Realtors representing the Lexington-Bluegrass Association of REALTORS® (LBAR) visited the public elementary schools in Menifee County including Menifee County Elementary and Botts Elementary and presented a book.  Each school received Spaghetti in a Hot Dog Bun by esteemed author Maria Dismondy.  This charming story empowers children to always do the right thing and be proud of themselves, even when they are faced with a challenging person.

In its tenth year, Melissa Poynter, the chair of the LBAR community education task force, has continued to lead this project. Realtors Kamilia Lawson and Kate McMillan delivered the book and read to a group of students during library class.  This contribution to Menifee County is part of a larger donation to the public elementary schools in the Bluegrass region —LBAR will be presenting the book to over 140 elementary schools in 22 counties. The project is part of LBAR’s goal to become involved with the area’s school systems in innovative ways that will positively shape the future of our community’s children.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here to view a PDF of this release.

“Realtors^® build communities and work hard to make housing affordable to all who are willing and able to become homeowners,” said LBAR 2017 President Ty Brown. “This grant will help raise awareness about the need for more housing opportunities in our community, as well as identify and promote solutions that address affordability. Through the Housing Opportunity Grants homeownership can become an attainable dream for many hard working American families across the country.”

NAR’s Housing Opportunity Grants were established in 2006. Individual grants are awarded ten times per year. Since the program’s inception, over 400 grants totaling more than $1.5 million have been awarded

The grants support a wide range of housing opportunity activities, including housing symposia; home buyer education or housing fairs; counseling and financial literacy efforts; down payment or closing cost financial assistance programs; housing needs studies; and Realtor^® affordability housing education.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.

Click here for a PDF of this release.

Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of October 31, 2017 with 1,115 reported sales totaling $215,717,605

October sales activity increased six percent with 1,050 sales reported closed in October 2016 compared to 1,115 sales reported closed in October 2017.  Of the 1,115 sales 257 sales were to first time homebuyers and 137 sales were to out of state buyers. Residential sales increased six percent from 994 sales closed in October 2016 compared to 1,053 sales closed in October 2017. The residential average days on market decreased 19 percent from 62 in October 2016 to 50 days in October 2017. The residential median sales price increased four percent from $155,250 in October 2016 to $162,000 in October 2017. 

Townhouses/condos sales increased 11 percent from 56 sales reported closed in October 2016 to 62 sales reported closed in October 2017. The townhouses/condos median sales price increased five percent from $132,960 in October 2016 to $139,500 in October 2017.  The average days on market decreased 19 percent from 81 in October 2016 to 66 days in October 2017.

According to 2017 LBAR President Ty Brown, “We are seeing a competitive housing market at a time when things are usually cooling off for the fall.  Activity in the housing market remains at summer-like levels through October.  With not enough homes on the market to meet the high demand, residential homes are selling 19 percent more quickly than a year ago even though prices are increasing.  Additionally, months of inventory in October dropped 10 percent with 3.7 months in October.”

The year-to-date 2017 total sales increased four percent from 11,357 sales to date in 2016 to 11,838 sales to date in 2017.  The year-to-date 2017 residential single family sales increased four percent from 10,646 sales to date in 2016 to 11,062 sales to date in 2017.  The residential median sales price increased five percent from $155,000 to date in 2016 to $162,500 to date in 2017. The residential average days on market decreased 17 percent from 64 days to date in 2016 to 53 days to date in 2017.  The year-to-date 2017 townhouses/condos sales increased nine percent from 711 sales to date in 2016 to 776 sales to date in 2017.

President Brown continues, “Buyer interest and foot traffic remain strong.  Pending listings remains strong with 1,030 pending listings in October 2017.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. 

Click here for a PDF of this release.

Click here for supporting documents.

Click here for the infographic.

Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of September 30, 2017 with 10,659 reported sales totaling $2,066,039,245.

According to 2017 LBAR President Ty Brown, “With all the hype about low inventory and pleas for sellers to come on the market, the quantity of homes available remains low with little variation except for the seasonal occurrences. There will be an expected seasonal decline in new listings in coming months.  For September, new listings decreased seven percent compared to September 2016 with 1,416 new listings in September 2017.  The months of inventory had no change from September 2016 to September 2017 with 3.9 months of inventory.”

The year-to-date 2017 total sales increased four percent from 10,270 sales to date in 2016 to 10,659 sales to date in 2017.  The year-to-date 2017 residential single family sales increased three percent from 9,616 sales to date in 2016 to 9,946 sales to date in 2017.  The residential median sales price increased five percent from $155,000 to date in 2016 to $162,900 to date in 2017. The residential average days on market decreased 17 percent from 64 days to date in 2016 to 53 days to date in 2017.  The year-to-date 2017 townhouses/condos sales increased nine percent from 654 sales to date in 2016 to 713 sales to date in 2017.

President Brown continues, “As temperatures start to cool throughout the country, the total number of home sales will cool as well, as is the seasonal nature of the housing market.”

September sales activity decreased six percent with 1,156 sales reported closed in September 2016 compared to 1,084 sales reported closed in September 2017.  Of the 1,084 sales 236 sales were to first time homebuyers and 127 sales were to out of state buyers. Residential sales decreased seven percent from 1,092 sales closed in September 2016 compared to 1,019 sales closed in September 2017. The residential average days on market decreased 12 percent from 51 in September 2016 to 45 days in September 2017. The residential median sales price increased eight percent from $153,875 in September 2016 to $166,700 in September 2017. 

Townhouses/condos sales increased two percent from 64 sales reported closed in September 2016 to 65 sales reported closed in September 2017. The townhouses/condos median sales price increased one percent from $112,750 in September 2016 to $113,900 in September 2017.  The average days on market decreased 10 percent from 62 in September 2016 to 56 days in September 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release.

Click here for supporting documents.

Click here for the infographic.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Anderson County economy in third quarter of 2017 with 228 reported sales totaling $36,846,998. Sales continue to be a driving force in Anderson County economy.

Residential sales decreased three percent from 236 sales reported in third quarter of the year 2016 to 228 sales reported in third quarter of the year 2017. The median sales price increased 11 percent from $133,000 in third quarter of the year 2016 to $147,750 in third quarter of the year in 2017.  The average days on the market decreased 34 percent from 95 days in third quarter of the year 2016 to 63 days in third quarter of the year 2017. 

Residential sales in Anderson County decreased 29 percent from September 2016 with 28 sales compared to 20 sales in September 2017. Pending sales decreased from 44 in September 2016 to 26 pending sales reported in September 2017. The median sales price had increased from $139,325 in September 2016 to $142,450 in September 2017. New listings decreased 13 percent from 39 new listings in September 2016 to 34 new listings in September 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bourbon County economy in third quarter of 2017 with 123 reported sales totaling $20,325,818. Sales continue to be a driving force in Bourbon County economy.

Residential sales increased two percent from 121 sales reported in third quarter of the year 2016 to 123 sales reported in third quarter of the year 2017. The median sales price increased 12 percent from $125,000 in third quarter of the year 2016 to $140,000 in third quarter of the year in 2017.  The average days on the market decreased nine percent from 70 days in third quarter of the year 2016 to 64 days in third quarter of the year 2017. 

Residential sales in Bourbon County increased 15 percent from September 2016 with 13 sales compared to 15 sales in September 2017. Pending sales increased from 12 in September 2016 to 20 pending sales reported in September 2017. The median sales price had increased from $115,000 in September 2016 to $134,900 in September 2017. New listings increased four percent from 28 new listings in September 2016 to 29 new listings in September 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Clark County economy in third quarter of 2017 with 405 reported sales totaling $64,245,758. Sales continue to be a driving force in Clark County economy.

Residential sales increased 17 percent from 346 sales reported in third quarter of the year 2016 to 405 sales reported in third quarter of the year 2017. The median sales price increased five percent from $130,000 in third quarter of the year 2016 to $137,000 in third quarter of the year in 2017.  The average days on the market decreased 33 percent from 91 days in third quarter of the year 2016 to 61 days in third quarter of the year 2017. 

Residential sales in Clark County had no percentage of change from September 2016 with 42 sales compared to 42 sales in September 2017. Pending sales increased from 37 in September 2016 to 42 pending sales reported in September 2017. The median sales price had increased from $143,000 in September 2016 to $156,500 in September 2017. New listings decreased 11 percent from 56 new listings in September 2016 to 50 new listings in September 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Fayette County economy in third quarter of 2017 with 4,169 reported sales totaling $965,056,266. Sales continue to be a driving force in Fayette County economy.

Residential sales decreased two percent from 4,255 sales reported in third quarter of the year 2016 to 4,169 sales reported in third quarter of the year 2017. The median sales price increased eight percent from $174,000 in third quarter of the year 2016 to $187,900 in third quarter of the year in 2017.  The average days on the market decreased 20 percent from 41 days in third quarter of the year 2016 to 33 days in third quarter of the year 2017. 

Residential sales in Fayette County decreased 13 percent from September 2016 with 454 sales compared to 393 sales in September 2017. Pending sales decreased from 430 in September 2016 to 392 pending sales reported in September 2017. The median sales price had increased from $170,450 in September 2016 to $181,842 in September 2017. New listings decreased 16 percent from 582 new listings in September 2016 to 487 new listings in September 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Franklin County economy in third quarter of 2017 with 464 reported sales totaling $66,187,190. Sales continue to be a driving force in Franklin County economy.

Residential sales increased one percent from 459 sales reported in third quarter of the year 2016 to 464 sales reported in third quarter of the year 2017. The median sales price decreased two percent from $130,500 in third quarter of the year 2016 to $128,250 in third quarter of the year in 2017.  The average days on the market decreased 18 percent from 95 days in third quarter of the year 2016 to 78 days in third quarter of the year 2017. 

Residential sales in Franklin County decreased nine percent from September 2016 with 53 sales compared to 48 sales in September 2017. Pending sales decreased from 59 in September 2016 to 44 pending sales reported in September 2017. The median sales price had decreased from $134,900 in September 2016 to $120,500 in September 2017. New listings decreased seven percent from 76 new listings in September 2016 to 71 new listings in September 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here to view a PDF of this release

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Harrison County economy in third quarter of 2017 with 116 reported sales totaling $13,570,372. Sales continue to be a driving force in Harrison County economy.

Residential sales increased four percent from 112 sales reported in third quarter of the year 2016 to 116 sales reported in third quarter of the year 2017. The median sales price decreased three percent from $111,000 in third quarter of the year 2016 to $107,500 in third quarter of the year in 2017.  The average days on the market decreased 21 percent from 85 days in third quarter of the year 2016 to 67 days in third quarter of the year 2017. 

Residential sales in Harrison County decreased seven percent from September 2016 with 14 sales compared to 13 sales in September 2017. Pending sales increased from 13 in September 2016 to 15 pending sales reported in September 2017. The median sales price had increased from $135,500 in September 2016 to $161,000 in September 2017. New listings decreased five percent from 19 new listings in September 2016 to 18 new listings in September 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here to view a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Jessamine County economy in third quarter of 2017 with 576 reported sales totaling $129,682,584. Sales continue to be a driving force in Jessamine County economy.

Residential sales increased two percent from 563 sales reported in third quarter of the year 2016 to 576 sales reported in third quarter of the year 2017. The median sales price increased two percent from $162,000 in third quarter of the year 2016 to $165,000 in third quarter of the year in 2017.  The average days on the market decreased 33 percent from 67 days in third quarter of the year 2016 to 45 days in third quarter of the year 2017. 

Residential sales in Jessamine County decreased 18 percent from September 2016 with 67 sales compared to 55 sales in September 2017. Pending sales increased from 53 in September 2016 to 70 pending sales reported in September 2017. The median sales price had increased from $153,000 in September 2016 to $154,000 in September 2017. New listings increased 25 percent from 72 new listings in September 2016 to 90 new listings in September 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here to view a PDF of this release.

        Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Laurel County economy in third quarter of 2017 with 316 reported sales totaling $46,247,946. Sales continue to be a driving force in Laurel County economy.

        Residential sales decreased 11 percent from 354 sales reported in third quarter of the year 2016 to 316 sales reported in third quarter of the year 2017. The median sales price increased five percent from $125,600 in third quarter of the year 2016 to $132,500 in third quarter of the year in 2017.  The average days on the market increased four percent from 89 days in third quarter of the year 2016 to 93 days in third quarter of the year 2017. 

        Residential sales in Laurel County decreased nine percent from September 2016 with 43 sales compared to 39 sales in September 2017. Pending sales increased from 41 in September 2016 to 47 pending sales reported in September 2017. The median sales price had increased from $124,000 in September 2016 to $138,000 in September 2017. New listings increased 14 percent from 56 new listings in September 2016 to 64 new listings in September 2017.

        As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here to view a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Montgomery County economy in third quarter of 2017 with 236 reported sales totaling $31,769,806. Sales continue to be a driving force in Montgomery County economy.

Residential sales increased eight percent from 219 sales reported in third quarter of the year 2016 to 236 sales reported in third quarter of the year 2017. The median sales price increased four percent from $117,500 in third quarter of the year 2016 to $122,400 in third quarter of the year in 2017.  The average days on the market decreased 12 percent from 77 days in third quarter of the year 2016 to 68 days in third quarter of the year 2017. 

Residential sales in Montgomery County increased 77 percent from September 2016 with 22 sales compared to 39 sales in September 2017. Pending sales had no percentage of change from 21 in September 2016 to 21 pending sales reported in September 2017. The median sales price had increased from $129,500 in September 2016 to $134,900 in September 2017. New listings increased 19 percent from 26 new listings in September 2016 to 31 new listings in September 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here to view this as a PDF.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Rowan County economy in third quarter of 2017 with 107 reported sales totaling $15,820,650. Sales continue to be a driving force in Rowan County economy.

Residential sales increased eight percent from 99 sales reported in third quarter of the year 2016 to 107 sales reported in third quarter of the year 2017. The median sales price increased five percent from $130,000 in third quarter of the year 2016 to $136,000 in third quarter of the year in 2017.  The average days on the market had no percentage of change from 82 days in third quarter of the year 2016 to 82 days in third quarter of the year 2017. 

Residential sales in Rowan County increased 67 percent from September 2016 with 6 sales compared to 10 sales in September 2017. Pending sales decreased from 9 in September 2016 to 8 pending sales reported in September 2017. The median sales price had increased from $122,750 in September 2016 to $142,500 in September 2017. New listings decreased 24 percent from 17 new listings in September 2016 to 13 new listings in September 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Scott County economy in third quarter of 2017 with 931 reported sales totaling $200,148,922. Sales continue to be a driving force in Scott County economy.

Residential sales increased nine percent from 856 sales reported in third quarter of the year 2016 to 931 sales reported in third quarter of the year 2017. The median sales price increased four percent from $181,375 in third quarter of the year 2016 to $188,700 in third quarter of the year in 2017.  The average days on the market decreased from 58 days in third quarter of the year 2016 to 43 days in third quarter of the year 2017. 

Residential sales in Scott County increased 12 percent from September 2016 with 95 sales compared to 106 sales in September 2017. Pending sales decreased from 101 in September 2016 to 98 pending sales reported in September 2017. The median sales price had decreased from $188,000 in September 2016 to $184,509 in September 2017. New listings decreased 27 percent from 132 new listings in September 2016 to 96 new listings in September 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release.

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Woodford County economy in third quarter of 2017 with 254 reported sales totaling $66,793,062. Sales continue to be a driving force in Woodford County economy.

Residential sales had no percentage of change with 253 sales reported in third quarter of the year 2016 to 254 sales reported in third quarter of the year 2017. The median sales price increased six percent from $202,900 in third quarter of the year 2016 to $215,500 in third quarter of the year in 2017.  The average days on the market decreased from 57 days in third quarter of the year 2016 to 47 days in third quarter of the year 2017. 

Residential sales in Woodford County increased 47 percent from September 2016 with 19 sales compared to 28 sales in September 2017. Pending sales increased from 30 in September 2016 to 42 pending sales reported in September 2017. The median sales price had increased from $190,000 in September 2016 to $219,750 in September 2017. New listings decreased 10 percent from 39 new listings in September 2016 to 35 new listings in September 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release.

           Continuing their long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced today its $2,000 investment in the Woodford Economic Development Authority. This is part of a $165,000 contribution the association has pledged over the next five years to promote economic development.

            This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization witin LBAR's primary service area.

LBAR President Ty Brown said, “This investment is a means of achieving a healthy real estate market in central Kentucky. The association works hard to be considered a true partner in regional issues and facilitator of collaboration. We can be trusted as an impartial investor when it comes to county by county issues because of our regional organizational nature.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release.

            Continuing their long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced today its $2,000 investment in the Kentucky Capital Development Corporation. This is part of a $165,000 contribution the association has pledged over the next five years to promote economic development.

            This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's primary service area.

LBAR President Ty Brown said, “This investment is a means of achieving a healthy real estate market in central Kentucky. The association works hard to be considered a true partner in regional issues and facilitator of collaboration. We can be trusted as an impartial investor when it comes to county by county issues because of our regional organizational nature.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here to view a PDF of release.

            Continuing their long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced today its $2,000 investment in the Scott United. This is part of a $165,000 contribution the association has pledged over the next five years to promote economic development.

            This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's primary service area.

LBAR President Ty Brown said, “This investment is a means of achieving a healthy real estate market in central Kentucky. The association works hard to be considered a true partner in regional issues and facilitator of collaboration. We can be trusted as an impartial investor when it comes to county by county issues because of our regional organizational nature.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of August 31, 2017 with 1,311 reported sales totaling $258,834,805.

August sales activity decreased two percent with 1,338 sales reported closed in August 2016 compared to 1,311 sales reported closed in August 2017.  Of the 1,311 sales 276 sales were to first time homebuyers and 136 sales were to out of state buyers. Residential sales had no percent of change from 1,242 sales closed in August 2016 compared to 1,238 sales closed in August 2017. The residential average days on market decreased 19 percent from 57 in August 2016 to 46 days in August 2017.

Townhouses/condos sales decreased 24 percent from 96 sales reported closed in August 2016 to 73 sales reported closed in August 2017. The townhouses/condos median sales price decreased eight percent from $131,000 in August 2016 to $121,000 in August 2017.  The average days on market increased six percent from 54 in August 2016 to 57 days in August 2017.

According to 2017 LBAR President Ty Brown, “As the summer winds down, LBAR continues to be pleased with the housing market in Central Kentucky.  Sellers are receiving 97% of their list price with months of inventory still extremely low with only 3.3 months of inventory in the entire market.  Higher prices and fewer days on market are usual indicators of healthy activity.”

The year-to-date 2017 total sales increased five percent from 9,072 sales to date in 2016 to 9,523 sales to date in 2017.  The year-to-date 2017 residential single family sales increased five percent from 8,485 sales to date in 2016 to 8,879 sales to date in 2017.  The residential median sales price increased five percent from $155,000 to date in 2016 to $162,000 to date in 2017. The residential average days on market decreased 17 percent from 65 days to date in 2016 to 54 days to date in 2017.  The year-to-date 2017 townhouses/condos sales increased 10 percent from 587 sales to date in 2016 to 644 sales to date in 2017.

President Brown continues, “Much has been said about low supply, higher prices and speedy sales, but the truth of the matter is that buyers are snatching up desirable homes no matter the trends. Good transactions are occurring with smart lending practices. Although more inventory would be useful, the market is finding a way to succeed. Savvy sellers and buyers know that there are good deals to be made in August and well into the school months.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,100 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release.

Click here for supporting materials.

Click here for the infographic.

            Continuing their long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced today its $2,000 investment in the Morehead Rowan County Economic Development. This is part of a $165,000 contribution the association has pledged over the next five years to promote economic development.

            This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's primary service area.

LBAR President Ty Brown said, “This investment is a means of achieving a healthy real estate market in central Kentucky. The association works hard to be considered a true partner in regional issues and facilitator of collaboration. We can be trusted as an impartial investor when it comes to county by county issues because of our regional organizational nature.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release.

            Continuing their long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced today its $2,000 investment in the Lawrenceburg-Anderson County Economic Development Authority. This is part of a $165,000 contribution the association has pledged over the next five years to promote economic development.

            This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's primary service area.

LBAR President Ty Brown said, “This investment is a means of achieving a healthy real estate market in central Kentucky. The association works hard to be considered a true partner in regional issues and facilitator of collaboration. We can be trusted as an impartial investor when it comes to county by county issues because of our regional organizational nature.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release.

            Continuing their long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced today its $2,000 investment in the Mt. Sterling-Montgomery County Industrial Authority. This is part of a $165,000 contribution the association has pledged over the next five years to promote economic development.

            This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's primary service area.

LBAR President Ty Brown said, “This investment is a means of achieving a healthy real estate market in central Kentucky. The association works hard to be considered a true partner in regional issues and facilitator of collaboration. We can be trusted as an impartial investor when it comes to county by county issues because of our regional organizational nature.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release.

            Continuing their long-term commitment to healthy communities for central Kentucky homeowners, the Lexington-Bluegrass Association of REALTORS® (LBAR) announced today its $2,000 investment in the Cynthiana-Harrison County Economic Development Authority. This is part of a $165,000 contribution the association has pledged over the next five years to promote economic development.

            This initiative supports activities directly related to job creation, expansion and retention. A financial investment is available to each local economic development organization within LBAR's primary service area.

LBAR President Ty Brown said, “This investment is a means of achieving a healthy real estate market in central Kentucky. The association works hard to be considered a true partner in regional issues and facilitator of collaboration. We can be trusted as an impartial investor when it comes to county by county issues because of our regional organizational nature.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here to view a PDF of this release.

    The Realtor-Community Housing Foundation (RCHF) has donated $50,000 to local non-profits in the Bluegrass community.  Lexington Habitat for Humanity received a $25,000 donation.  $20,000 of the donation is for continued support of their Love Your Neighborhood program which focuses on revitalization in low-income neighborhoods through owner-occupied home repairs. The other $5,000 is for the Hands and Hearts homebuyer project specifically for support of the Women Build component. REACH, Inc. received a $25,000 donation for emergency repairs for existing homes for low to moderate income families, disabled or elderly homeowners in the 22 county jurisdiction of the Lexington-Bluegrass Association of Realtors (LBAR).  Allowed repairs for this program are considered to be immediate repairs to essential systems of the house that enables the homeowner to continue to reside in the home. Both organizations align with the Realtor-Community Housing Foundation’s goal to empower families and strengthen neighborhoods by assisting homeowners in need to be able to stay in their homes.  In 2016, RCHF donated a total of $100,000 to Habitat for Humanity and REACH.

RCHF is a 501(c) (3) tax-exempt nonprofit organization incorporated in 1992 established by the Lexington-Bluegrass Association of Realtors® (LBAR). RCHF's goal is to empower families and strengthen neighborhoods by assisting homeowners in need to be able to stay in their homes.

Click here for a PDF of this release.

Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of July 31, 2017 with 1,353 reported sales totaling $280,628,825.

July sales activity increased 10 percent with 1,230 sales reported closed in July 2016 compared to 1,353 sales reported closed in July 2017.  Of the 1,353 sales 288 sales were to first time homebuyers and 153 sales were to out of state buyers. Residential sales increased 10 percent from 1,146 sales closed in July 2016 compared to 1,257 sales closed in July 2017. The residential average days on market decreased 24 percent from 55 in July 2016 to 42 days in July 2017.

Townhouses/condos sales increased 14 percent from 84 sales reported closed in July 2016 to 96 sales reported closed in July 2017. The townhouses/condos median sales price increased 11 percent from $125,000 in July 2016 to $138,750 in July 2017.  The average days on market decreased 43 percent from 86 in July 2016 to 49 days in July 2017.

According to 2017 LBAR President Ty Brown, “The numbers confirm what Realtors already know about this market.  Even though this is typically a season slow down with summer vacation and back to school preparation, our area continues to thrive with increased sales activity, increased median sales price, and decreased days on market. Sellers who list well-presented, well-priced homes are being rewarded; therefore, it is imperative to use a professional LBAR Realtor member when listing a home.”

The year-to-date 2017 total sales increased six percent from 7,681 sales to date in 2016 to 8,169 sales to date in 2017.  The year-to-date 2017 residential single family sales increased six percent from 7,196 sales to date in 2016 to 7,601 sales to date in 2017.  The residential median sales price increased four percent from $155,000 to date in 2016 to $161,500 to date in 2017. The residential average days on market decreased 18 percent from 67 days to date in 2016 to 55 days to date in 2017.  The year-to-date 2017 townhouses/condos sales increased 17 percent from 485 sales to date in 2016 to 568 sales to date in 2017.

President Brown continues, “July continues the long-running trend of a shortage of inventory.  Remember the level of inventory in July 2007, 10 years ago, when there were 7.6 months of inventory.  Back then most sellers were begging for offers; today, many sellers barely have time to react to the overwhelming number of showings and multiple offers. Additionally, persistently low inventory levels are keeping some would-be buyers out of the market. There are 3.2 months of inventory, down 16 percent compared to July 2016; sellers are receiving 95.5 percent of their list price.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Woodford County economy in first half of 2017 with 160 reported sales totaling $36,862,451. Sales continue to be a driving force in Woodford County economy.

Residential sales decreased two percent from 164 sales reported in first half of the year 2016 to 160 sales reported in first half of the year 2017. The median sales price had no percentage of change from $201,450 in first half of the year 2016 to $202,000 in first half of the year in 2017. The average days on the market decreased 19 percent from 63 days in first half of the year 2016 to 51 days in first half of the year 2017.

Residential sales in Woodford County had no percentage of change from June 2016 with 33 sales compared to 33 sales in June 2017. Pending sales increased from 37 in June 2016 to 42 pending sales reported in June 2017. The median sales price had increased from $182,000 in June 2016 to $252,000 in June 2017. New listings increased 67 percent from 39 new listings in June 2016 to 65 new listings in June 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Scott County economy in first half of 2017 with 593 reported sales totaling $122,440,777. Sales continue to be a driving force in Scott County economy.

Residential sales increased seven percent from 553 sales reported in first half of the year 2016 to 593 sales reported in first half of the year 2017. The median sales price increased four percent from $180,000 in first half of the year 2016 to $188,000 in first half of the year in 2017. The average days on the market decreased 30 percent from 63 days in first half of the year 2016 to 44 days in first half of the year 2017.

Residential sales in Scott County increased two percent from June 2016 with 123 sales compared to 126 sales in June 2017. Pending sales increased from 107 in June 2016 to 112 pending sales reported in June 2017. The median sales price had increased from $182,000 in June 2016 to $188,576 in June 2017. New listings increased 13 percent from 165 new listings in June 2016 to 186 new listings in June 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Rowan County economy in first half of 2017 with 72 reported sales totaling $10,675,650. Sales continue to be a driving force in Rowan County economy.

Residential sales increased 13 percent from 64 sales reported in first half of the year 2016 to 72 sales reported in first half of the year 2017. The median sales price increased three percent from $126,500 in first half of the year 2016 to $130,200 in first half of the year in 2017. The average days on the market decreased 13 percent from 83 days in first half of the year 2016 to 72 days in first half of the year 2017.

Residential sales in Rowan County decreased 13 percent from June 2016 with 64 sales compared to 72 sales in June 2017. Pending sales decreased from 15 in June 2016 to 7 pending sales reported in June 2017. The median sales price had increased from $123,200 in June 2016 to $145,000 in June 2017. New listings increased 35 percent from 17 new listings in June 2016 to 23 new listings in June 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Montgomery County economy in first half of 2017 with 147 reported sales totaling $19,379,635. Sales continue to be a driving force in Montgomery County economy.

Residential sales increased four percent from 142 sales reported in first half of the year 2016 to 147 sales reported in first half of the year 2017. The median sales price decreased one percent from $117,750 in first half of the year 2016 to $117,000 in first half of the year in 2017. The average days on the market decreased 19 percent from 90 days in first half of the year 2016 to 73 days in first half of the year 2017.

Residential sales in Montgomery County increased three percent from June 2016 with 34 sales compared to 35 sales in June 2017. Pending sales increased from 31 in June 2016 to 34 pending sales reported in June 2017. The median sales price had increased from $113,500 in June 2016 to $117,500 in June 2017. New listings decreased 21 percent from 43 new listings in June 2016 to x34 new listings in June 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Laurel County economy in first half of 2017 with 189 reported sales totaling $26,857,205. Sales continue to be a driving force in Laurel County economy.

Residential sales decreased 15 percent from 222 sales reported in first half of the year 2016 to 189 sales reported in first half of the year 2017. The median sales price increased three percent from $126,000 in first half of the year 2016 to $129,900 in first half of the year in 2017. The average days on the market increased one percent from 97 days in first half of the year 2016 to 98 days in first half of the year 2017.

Residential sales in Laurel County decreased 22 percent from June 2016 with 59 sales compared to 46 sales in June 2017. Pending sales decreased from 52 in June 2016 to 45 pending sales reported in June 2017. The median sales price had increased from $120,000 in June 2016 to $126,250 in June 2017. New listings decreased 15 percent from 67 new listings in June 2016 to 57 new listings in June 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Jessamine County economy in first half of 2017 with 365 reported sales totaling $82,458,770. Sales continue to be a driving force in Jessamine County economy.

Residential sales increased five percent from 349 sales reported in first half of the year 2016 to 365 sales reported in first half of the year 2017. The median sales price increased four percent from $159,000 in first half of the year 2016 to $164,900 in first half of the year in 2017. The average days on the market decreased 32 percent from 77 days in first half of the year 2016 to 52 days in first half of the year 2017.

Residential sales in Jessamine County increased 27 percent from June 2016 with 73 sales compared to 93 sales in June 2017. Pending sales increased from 76 in June 2016 to 87 pending sales reported in June 2017. The median sales price had increased from $175,000 in June 2016 to $176,500 in June 2017. New listings increased 30 percent from 93 new listings in June 2016 to 121 new listings in June 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Harrison County economy in first half of 2017 with 76 reported sales totaling $8,426,865. Sales continue to be a driving force in Harrison County economy.

Residential sales increased 13 percent from 67 sales reported in first half of the year 2016 to 76 sales reported in first half of the year 2017. The median sales price decreased one percent from $98,000 in first half of the year 2016 to $96,625 in first half of the year in 2017. The average days on the market decreased 12 percent from 82 days in first half of the year 2016 to 72 days in first half of the year 2017.

Residential sales in Harrison County decreased 15 percent from June 2016 with 13 sales compared to 11 sales in June 2017. Pending sales increased from 16 in June 2016 to 18 pending sales reported in June 2017. The median sales price had increased from $110,000 in June 2016 to $112,000 in June 2017. New listings increased four percent from 23 new listings in June 2016 to 24 new listings in June 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Franklin County economy in first half of 2017 with 301 reported sales totaling $41,465,546. Sales continue to be a driving force in Franklin County economy.

Residential sales increased 11 percent from 272 sales reported in first half of the year 2016 to 301 sales reported in first half of the year 2017. The median sales price increased one percent from $125,200 in first half of the year 2016 to $127,000 in first half of the year in 2017. The average days on the market decreased 11 percent from 101 days in first half of the year 2016 to 90 days in first half of the year 2017.

Residential sales in Franklin County increased eight percent from June 2016 with 60 sales compared to 65 sales in June 2017. Pending sales decreased from 72 in June 2016 to 67 pending sales reported in June 2017. The median sales price had decreased from $132,500 in June 2016 to $129,900 in June 2017. New listings decreased 33 percent from 94 new listings in June 2016 to 63 new listings in June 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Fayette County economy in first half of 2017 with 2,682 reported sales totaling $616,177,622. Sales continue to be a driving force in Fayette County economy.

Residential sales had no percentage of change from 2,670 sales reported in first half of the year 2016 to 2,682 sales reported in first half of the year 2017. The median sales price increased eight percent from $173,000 in first half of the year 2016 to $186,250 in first half of the year in 2017. The average days on the market decreased 14 percent from 44 days in first half of the year 2016 to 38 days in first half of the year 2017.

Residential sales in Fayette County decreased 12 percent from June 2016 with 626 sales compared to 552 sales in June 2017. Pending sales decreased from 566 in June 2016 to 529 pending sales reported in June 2017. The median sales price had increased from $184,009 in June 2016 to $205,000 in June 2017. New listings increased one percent from 741 new listings in June 2016 to 749 new listings in June 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Clark County economy in first half of 2017 with 265 reported sales totaling $40,291,083. Sales continue to be a driving force in Clark County economy.

Residential sales increased 26 percent from 211 sales reported in first half of the year 2016 to 265 sales reported in first half of the year 2017. The median sales price increased seven percent from $121,000 in first half of the year 2016 to $130,000 in first half of the year in 2017. The average days on the market decreased 31 percent from 100 days in first half of the year 2016 to 69 days in first half of the year 2017.

Residential sales in Clark County increased 13 percent from June 2016 with 46 sales compared to 52 sales in June 2017. Pending sales decreased from 54 in June 2016 to 52 pending sales reported in June 2017. The median sales price had increased from $121,000 in June 2016 to $130,000 in June 2017. New listings increased 40 percent from 53 new listings in June 2016 to 74 new listings in June 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bourbon County economy in first half of 2017 with 77 reported sales totaling $12,325,468. Sales continue to be a driving force in Bourbon County economy.

Residential sales increased four percent from 74 sales reported in first half of the year 2016 to 77 sales reported in first half of the year 2017. The median sales price increased 10 percent from $126,750 in first half of the year 2016 to $139,000 in first half of the year in 2017. The average days on the market increased eight percent from 77 days in first half of the year 2016 to 83 days in first half of the year 2017.

Residential sales in Bourbon County increased 56 percent from June 2016 with 9 sales compared to 14 sales in June 2017. Pending sales decreased from 19 in June 2016 to 18 pending sales reported in June 2017. The median sales price had decreased from $174,700 in June 2016 to $126,750 in June 2017. New listings decreased 25 percent from 20 new listings in June 2016 to 15 new listings in June 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Anderson County economy in first half of 2017 with 141 reported sales totaling $23,018,247. Sales continue to be a driving force in Anderson County economy.

Residential sales decreased three percent from 146 sales reported in first half of the year 2016 to 141 sales reported in first half of the year 2017. The median sales price increased 13 percent from $132,700 in first half of the year 2016 to $149,450 in first half of the year in 2017. The average days on the market decreased 21 percent from 96 days in first half of the year 2016 to 76 days in first half of the year 2017.

Residential sales in Anderson County increased 18 percent from June 2016 with 28 sales compared to 33 sales in June 2017. Pending sales increased from 31 in June 2016 to 41 pending sales reported in June 2017. The median sales price had increased from $131,850 in June 2016 to $158,900 in June 2017. New listings increased 89 percent from 27 new listings in June 2016 to 51 new listings in June 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of June 30, 2017 with 6,718 reported sales totaling $1,282,242,347.

According to 2017 LBAR President Ty Brown,"The first half of 2017 has been strong with total sales activity up 5% and new listings up 4%.  Sellers who sold enjoyed lower days on market with single family sales at an average of 58 days; and townhouse/condo sales at an average of 68 days.  The entire LBAR area remains dominated by a seller's market but beware, it could be a buyer's market in your neck of the woods.  Whether listing your home or writing an offer, make sure to use a LBAR Realtor member."

The first half 2017 total sales increased five percent from 6,402 sales to date in 2016 to 6,718 sales to date in 2017. The first half 2017 residential single family sales increased four percent from 6,002 sales to date in 2016 to 6,253 sales to date in 2017. The residential median sales price increased four percent from $154,000 to date in 2016 to $160,000 to date in 2017. The residential average days on market decreased 16 percent from 69 days to date in 2016 to 58 days to date in 2017. The year-to-date 2017 townhouses/condos sales increased 16 percent from 400 sales to date in 2016 to 465 sales to date in 2017.

President Brown continues, "Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast. There is 2.9 months of inventory, down 6% compared to June 2016.Sellers are receiving 97.4% of their list price.With the lack of listings in the affordable price range, now is a good time for those interested in listing their house to contact their Realtor.”

June sales activity increased one percent with 1,419 sales reported closed in June 2016 compared to 1,428 sales reported closed in June 2017. Of the 1,428 sales 321 sales were to first time homebuyers and 160 sales were to out of state buyers. Residential sales increased one percent from 1,319 sales closed in June 2016 compared to 1,338 sales closed in June 2017. The residential average days on market decreased 11 percent from 53 in June 2016 to 47 days in June 2017. The residential median sales price increased one percent from $164,900 in June 2016 to $167,000 in June 2017.

Townhouses/condos sales decreased 10 percent from 100 sales reported closed in June 2016 to 90 sales reported closed in June 2017. The townhouses/condos median sales price increased 15 percent from $140,000 in June 2016 to $160,500 in June 2017. The average days on market decreased eight percent from 65 in June 2016 to 60 days in June 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visitwww.lbar.com or call859-276-3503for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail,elaine@lbar.com).

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Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of May 31, 2017 with 1,411 reported sales totaling $284,950,157.

May sales activity increased seven percent with 1,313 sales reported closed in May 2016 compared to 1,411 sales reported closed in May 2017. Of the 1,411 sales 343 sales were to first time homebuyers and 182 sales were to out of state buyers. Residential sales increased six percent from 1,242 sales closed in May 2016 compared to 1,314 sales closed in May 2017. The residential average days on market decreased 20 percent from 61 in May 2016 to 49 days in May 2017.

Townhouses/condos sales increased 37 percent from 71 sales reported closed in May 2016 to 97 sales reported closed in May 2017. The townhouses/condos median sales price increased 28 percent from $134,500 in May 2016 to $172,000 in May 2017. The average days on market decreased five percent from 77 in May 2016 to 73 days in May 2017.

According to 2017 LBAR President Ty Brown, "The market is active. There may not be as many homes for sale as one would like, and price increases are starting to make one look more closely at affordability, but Realtors are busy scheduling showings, writing offers, and closing on properties.”

The year-to-date 2017 total sales increased six percent from 4,938 sales to date in 2016 to 5,232 sales to date in 2017. The year-to-date 2017 residential single family sales increased five percent from 4,642 sales to date in 2016 to 4,860 sales to date in 2017. The residential median sales price increased five percent from $150,000 to date in 2016 to $158,000 to date in 2017. The residential average days on market decreased 18 percent from 74 days to date in 2016 to 61 days to date in 2017. The year-to-date 2017 townhouses/condos sales increased 26 percent from 296 sales to date in 2016 to 372 sales to date in 2017.

President Brown continues, "Prospective buyers are feeling the double whammy this spring with inventory that’s downand price appreciation that’s much faster than any rise they’ve likely seen in their income. Months of inventory are down 15 percent compared to May 2016 with median sales price increased five percent from $158,220 in May 2016 to $165,175 in May 2017. There is 2.8 months of inventory. Sellers are receiving 97% of their list price. For those that are interested in selling their home, now is a good time to list with a Realtor.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of April 30, 2017 with 1,071 reported sales totaling $206,610,188.

The year-to-date 2017 total sales increased seven percent from 3,550 sales to date in 2016 to 3,786 sales to date in 2017. The year-to-date 2017 residential single family sales increased six percent from 3,328 sales to date in 2016 to 3,515 sales to date in 2017. The residential median sales price increased three percent from $149,700 to date in 2016 to $154,000 to date in 2017. The residential average days on market decreased 18 percent from 80 days to date in 2016 to 66 days to date in 2017. The year-to-date 2017 townhouses/condos sales increased 22 percent from 222 sales to date in 2016 to 271 sales to date in 2017.

April sales activity decreased six percent with 1,139 sales reported closed in April 2016 compared to 1,071 sales reported closed in April 2017. Of the 1,071 sales 264 sales were to first time homebuyers and 113 sales were to out of state buyers. Residential sales decreased eight percent from 1,060 sales closed in April 2016 compared to 980 sales closed in April 2017. The residential median sales price increased three percent from $158,000 in April 2016 to $163,000 in April 2017. The residential average days on market decreased 20 percent from 74 in April 2016 to 59 days in April 2017.

According to 2017 LBAR President Ty Brown, "Buyers are still eager to purchase a home, but supply side constraints are weighing on sales activity. Those shopping for homes have 3,742 properties from which to choose in the Bluegrass region. The shortage of supply in our market is showing up in several ways including price gains, quick markets times and multiple offers. Additional inventory is key to sustaining our housing recovery and is critical to maintaining a healthy and accessible marketplace. There are 3.5 months of inventory.”

Townhouses/condos sales increased 15 percent from 79 sales reported closed in April 2016 to 91 sales reported closed in April 2017. The townhouses/condos median sales price increased seven percent from $117,500 in April 2016 to $126,000 in April 2017. The average days on market increased 17 percent from 70 in April 2016 to 82 days in April 2017.

President Brown continues, "Low supply and high demand environments tend to drive prices higher. April’s median sales price rose three percent from last April to $163,000. Properties tend to sell quickly and for close to or above list price. The average percent of original list price received at sale was 97.41.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 3,000 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Woodford County economy in first quarter 2017 with 58 reported sales totaling $12,728,129. Sales continue to be a driving force in Woodford County economy.

Residential sales decreased 16 percent from 69 sales reported in first quarter 2016 to 58 sales reported in first quarter 2017. The median sales price decreased 13 percent from $210,000 in first quarter 2016 to $181,750 in first quarter in 2017. The average days on the market decreased 15 percent from 60 days in first quarter 2016 to 51 days in first quarter 2017.

Residential sales in Woodford County increased seven percent from March 2016 with 27 sales compared to 29 sales in March 2017. Pending sales increased from 38 in March 2016 to 41 pending sales reported in March 2017. The median sales price had decreased from $187,000 in March 2016 to $175,000 in March 2017. New listings increased 19 percent from 37 new listings in March 2016 to 44 new listings in March 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.comor call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Scott County economy in first quarter 2017 with 230 reported sales totaling $45,866,934. Sales continue to be a driving force in Scott County economy.

Residential sales increased five percent from 219 sales reported in first quarter 2016 to 230 sales reported in first quarter 2017. The median sales price increased six percent from $170,000 in first quarter 2016 to $180,725 in first quarter in 2017. The average days on the market decreased 20 percent from 64 days in first quarter 2016 to 51 days in first quarter 2017.

Residential sales in Scott County decreased six percent from March 2016 with 82 sales compared to 77 sales in March 2017. Pending sales decreased from 144 in March 2016 to 136 pending sales reported in March 2017. The median sales price had increased from $183,250 in March 2016 to $216,500 in March 2017. New listings increased 178 percent from 60 new listings in March 2016 to 167 new listings in March 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Rowan County economy in first quarter 2017 with 26 reported sales totaling $3,271,750. Sales continue to be a driving force in Rowan County economy.

Residential sales had no percentage of change with 26 sales in first quarter 2016 and first quarter 2017. The median sales price decreased 25 percent from $138,250 in first quarter 2016 to $103,500 in first quarter in 2017. The average days on the market decreased 23 percent from 78 days in first quarter 2016 to 60 days in first quarter 2017.

Residential sales in Rowan County decreased 20 percent from March 2016 with 10 sales compared to 8 sales in March 2017. Pending sales decreased from 13 in March 2016 to 11 pending sales reported in March 2017. The median sales price had increased from $148,950 in March 2016 to $152,500 in March 2017. New listings decreased 39 percent from 23 new listings in March 2016 to 14 new listings in March 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Montgomery County economy in first quarter 2017 with 60 reported sales totaling $8,321,837. Sales continue to be a driving force in Montgomery County economy.

Residential sales increased 28 percent from 47 sales reported in first quarter 2016 to 60 sales reported in first quarter 2017. The median sales price increased four percent from $115,000 in first quarter 2016 to $120,000 in first quarter in 2017. The average days on the market decreased 20 percent from 105 days in first quarter 2016 to 84 days in first quarter 2017.

Residential sales in Montgomery County increased 24 percent from March 2016 with 21 sales compared to 26 sales in March 2017. Pending sales decreased from 43 in March 2016 to 37 pending sales reported in March 2017. The median sales price had increased from $89,000 in March 2016 to $169,950 in March 2017. New listings decreased 15 percent from 55 new listings in March 2016 to 47 new listings in March 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.comor call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Laurel County economy in first quarter 2017 with 81 reported sales totaling $11,022,730. Sales continue to be a driving force in Laurel County economy.

Residential sales decreased seven percent from 87 sales reported in first quarter 2016 to 81 sales reported in first quarter 2017. The median sales price decreased 10 percent from $132,800 in first quarter 2016 to $120,000 in first quarter in 2017. The average days on the market increased 11 percent from 103 days in first quarter 2016 to 114 days in first quarter 2017.

Residential sales in Laurel County decreased 19 percent from March 2016 with 36 sales compared to 29 sales in March 2017. Pending sales decreased from 49 in March 2016 to 38 pending sales reported in March 2017. The median sales price had increased from $118,718 in March 2016 to $124,500 in March 2017. New listings decreased five percent from 64 new listings in March 2016 to 61 new listings in March 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Jessamine County economy in first quarter 2017 with 129 reported sales totaling $27,250,288. Sales continue to be a driving force in Jessamine County economy.

Residential sales had no percentage of change with 129 sales reported in first quarter 2016 and first quarter 2017. The median sales price increased eight percent from $150,000 in first quarter 2016 to $161,900 in first quarter in 2017. The average days on the market decreased 39 percent from 93 days in first quarter 2016 to 57 days in first quarter 2017.

Residential sales in Jessamine County decreased nine percent from March 2016 with 58 sales compared to 53 sales in March 2017. Pending sales increased from 82 in March 2016 to 85 pending sales reported in March 2017. The median sales price had decreased from $168,000 in March 2016 to $150,000 in March 2017. New listings had no percentage of change with 99 new listings in March 2016 and March 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Harrison County economy in first quarter 2017 with 34 reported sales totaling $3,773,664. Sales continue to be a driving force in Harrison County economy.

Residential sales increased 31 percent from 26 sales reported in first quarter 2016 to 34 sales reported in first quarter 2017. The median sales price increased 23 percent from $84,500 in first quarter 2016 to $104,125 in first quarter in 2017. The average days on the market decreased 13 percent from 96 days in first quarter 2016 to 84 days in first quarter 2017.

Residential sales in Harrison County increased 20 percent from March 2016 with 10 sales compared to 12 sales in March 2017. Pending sales decreased from 23 in March 2016 to 18 pending sales reported in March 2017. The median sales price had decreased from $116,500 in March 2016 to $111,500 in March 2017. New listings decreased 20 percent from 25 new listings in March 2016 to 20 new listings in March 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here to view a PDF of this release. 

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Franklin County economy in first quarter 2017 with 118 reported sales totaling $16,158,110. Sales continue to be a driving force in Franklin County economy.

Residential sales decreased two percent from 120 sales reported in first quarter 2016 to 118 sales reported in first quarter 2017. The median sales price increased four percent from $119,950 in first quarter 2016 to $124,500 in first quarter in 2017. The average days on the market decreased 10 percent from 105 days in first quarter 2016 to 95 days in first quarter 2017.

Residential sales in Franklin County decreased six percent from March 2016 with 48 sales compared to 45 sales in March 2017. Pending sales increased from 52 in March 2016 to 82 pending sales reported in March 2017. The median sales price had no percentage of change from $120,250 in March 2016 to $120,000 in March 2017. New listings increased 55 percent from 58 new listings in March 2016 to 90 new listings in March 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Fayette County economy in first quarter 2017 with 1,050 reported sales totaling $223,874,072. Sales continue to be a driving force in Fayette County economy.

Residential sales increased 16 percent from 903 sales reported in first quarter 2016 to 1,050 sales reported in first quarter 2017. The median sales price increased six percent from $165,000 in first quarter 2016 to $175,000 in first quarter in 2017. The average days on the market decreased 19 percent from 58 days in first quarter 2016 to 47 days in first quarter 2017.

Residential sales in Fayette County increased 11 percent from March 2016 with 385 sales compared to 426 sales in March 2017. Pending sales decreased from 590 in March 2016 to 549 pending sales reported in March 2017. The median sales price had increased from $167,500 in March 2016 to $180,000 in March 2017. New listings decreased eight percent from 713 new listings in March 2016 to 659 new listings in March 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Clark County economy in first quarter 2017 with 110 reported sales totaling $16,637,051. Sales continue to be a driving force in Clark County economy.

Residential sales increased 34 percent from 82 sales reported in first quarter 2016 to 110 sales reported in first quarter 2017. The median sales price increased nine percent from $118,750 in first quarter 2016 to $129,200 in first quarter in 2017. The average days on the market decreased 12 percent from 106 days in first quarter 2016 to 93 days in first quarter 2017.

Residential sales in Clark County increased three percent from March 2016 with 33 sales compared to 34 sales in March 2017. Pending sales decreased from 57 in March 2016 to 44 pending sales reported in March 2017. The median sales price had increased from $121,000 in March 2016 to $133,750 in March 2017. New listings increased six percent from 54 new listings in March 2016 to 57 new listings in March 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bourbon County economy in first quarter 2017 with 33 reported sales totaling $6,054,768. Sales continue to be a driving force in Bourbon County economy.

Residential sales decreased three percent from 34 sales reported in first quarter 2016 to 33 sales reported in first quarter 2017. The median sales price increased 35 percent from $107,950 in first quarter 2016 to $145,500 in first quarter in 2017. The average days on the market increased 15 percent from 104 days in first quarter 2016 to 120 days in first quarter 2017.

Residential sales in Bourbon County increased 140 percent from March 2016 with 5 sales compared to 12 sales in March 2017. Pending sales decreased from 15 in March 2016 to 14 pending sales reported in March 2017. The median sales price had decreased from $150,000 in March 2016 to $112,750 in March 2017. New listings increased four percent from 26 new listings in March 2016 to 27 new listings in March 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

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April 10th, 2017

Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Anderson County economy in first quarter 2017 with 62 reported sales totaling $9,318,560. Sales continue to be a driving force in Anderson County economy.

Residential sales increased 15 percent from 54 sales reported in first quarter 2016 to 62 sales reported in first quarter 2017. The median sales price increased one percent from $133,950 in first quarter 2016 to $135,250 in first quarter in 2017. The average days on the market decreased 10 percent from 106 days in first quarter 2016 to 95 days in first quarter 2017.

Residential sales in Anderson County increased 33 percent from March 2016 with 18 sales compared to 24 sales in March 2017. Pending sales decreased from 35 in March 2016 to 20 pending sales reported in March 2017. The median sales price had increased from $140,400 in March 2016 to $149,750 in March 2017. New listings decreased 34 percent from 41 new listings in March 2016 to 27 new listings in March 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for a PDF of this release. 

Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy with 2,663 reported sales totaling $475,095,671 in the first quarter 2017.

According to 2017 LBAR President Ty Brown, "The forecast is bright with a persistent rise in home sales in the first quarter. Total sales activity increased 12 percent. Homes are selling quickly, and there is little indication that the trend will slow down in the spring and summer months.”

The first quarter residential single family sales increased 11 percent from 2,242 sales in first quarter 2016 to 2,487 sales in first quarter 2017. The residential median sales price increased three percent from $145,000 in first quarter 2016 to $150,000 in first quarter 2017. The residential average days on market decreased 17 percent from 83 days in first quarter 2016 to 69 days in first quarter 2017.

The townhouses/condos sales increased 28 percent from 137 sales in first quarter 2016 to 176 sales in first quarter 2017. The townhouses/condos median sales price increased one percent from $126,000 in first quarter 2016 to $127,250 in first quarter 2017. The townhouses/condos average days on market decreased 26 percent from 86 days in first quarter 2016 to 64 days in first quarter 2017.

President Brown continues, "Even though low inventory is a constant battle in this market, new listings in first quarter 2017 increased of nine percent with 4,476 new listings. Sellers remain willing to list their homes due to the increased median sales price and the decreased days on market. On average, sellers are receiving 96.7 percent of their list price. The value of the housing market is the highest it has been in years. Confidence and household incomes are increasing, which are indicators of future home buying, which should lead to a continued strong market.”

March total sales activity increased 12 percent with 950 sales reported closed in March 2016 compared to 1,060 sales reported closed in March 2017. Of the 1,060 sales 241 sales were to first time homebuyers and 111 sales were to out of state buyers. Residential sales increased 12 percent from 891 sales closed in March 2016 compared to 999 sales closed in March 2017. The residential median sales price increased four percent from $150,000 in March 2016 to $155,350 in March 2017. The residential average days on market decreased 20 percent from 85 days in March 2016 to 68 days in March 2017.

Townhouses/condos sales increased three percent from 59 sales reported closed in March 2016 to 61 sales reported closed in March 2017. The townhouses/condos median sales price decreased three percent from $147,500 in March 2016 to $143,250 in March 2017. The average days on market decreased 29 percent from 98 days in March 2016 to 70 days in March 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here for the March President's Letter. 

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Click here for the infographic. 

There is no slowing down the residential real estate market in March! First quarter 2017 had an increase of 12% for total sales activity compared to the same time last year. Homebuyers continue to see the value in buying real estate and taking advantage of the still low interest rates. Owning a home is an American dream and now is the time to buy. Spring is historically known as the buying season in the real estate world. 

Declining inventory has become the norm (for now). Even though inventory is low, there are record sales. Buyers will want to make their decision quickly in order to get their dream home. Sellers are selling fast, so buyers act fast! That is evident in the 20% decrease in the residential average days on market in March.

To gather a pulse on the real estate market experts use what is called months of inventory. This is the amount of time it would take to sell all current listings at the current sales pace if no new listings became available. For the entire LBAR area, there are 3.5 months of inventory. However some specific counties and neighborhoods have even less months of inventory. Fayette County has 1.9 months of inventory. The tight supply in Fayette County, due mainly to the absorption of any excess supply, has fueled sales in neighboring counties. Which means buyers are increasingly choosing to expand their search area to those counties and commute into Lexington for work since homes are not as readily available in Lexington. LBAR does not see this trend slowing without some significant changes or an increase of new homes being built to enter the market. Scott County residential sales activity was up 5% to 230 sales in first quarter 2017. Scott County has 3.2 months of inventory.

The eye-catcher of the month was the significant decrease in days on the market. Residential sales averaged 68 days on market (20% decrease compared to March 2016) and townhouse/condo sales averaged 70 days on market (29% decrease compared to March 2016). 

The Central Kentucky area remains dominated by a seller’s market but beware, it could be a buyer’s market in your neck of the woods. Many factors such as school district and price range impact buyers and sellers.

March’s bump in pending sales is proof that demand is rising with spring on the doorstep. There were 1,458 pendings in March 2017. Buyers came back in force in March as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the area. March’s warm weather played a role in kick-starting prospective buyers’ house hunt.

Looking ahead to the busy spring months, LBAR expects to see continued ebbs and flows in activity as new supply struggles to replace listings that are going under contract at a very quick pace. This is especially the case at the lower- and mid-market price ranges, where choices are minimal and prices are being bid higher by multiple offers. The homes most buyers are in the market for are unfortunately the most difficult to find and ultimately buy.

If you are currently looking for a home or thinking about looking for a home in the future, make sure to go to www.LBAR.com to start your home search. Use a Realtor for your buying and selling. If you do not have a Realtor, go to www.LBAR.com to find one today. LBAR represents over 2,900 Realtor members, serving 22 counties in the Central Kentucky area!

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The Lexington-Bluegrass Association of Realtors (LBAR) donates $10,000 to Building Institute of Central Kentucky (BICK). The funds will be used for application fees and text books for students wishing to excel in the skilled trades related to the residential and commercial construction industry. With consumers preparing to place their homes on the market and purchase their dream home, the need for skilled tradesmen is on the rise.The Building Institute was founded by the Building Industry Association of Central Kentucky (formerly the HBA of Lexington) in 2014 to answer the demand for skilled workers in Central Kentucky. This demand was created in part by the depth and severity of the great recession which caused many skilled trades workers to leave the construction industry.

2017 President Ty Brown said, "LBAR believes BICK is an ideal partner due to the program’s desire to train students in a way to ensure they get successful jobs and have a strong career in their respected industry. Home sales are off to a great start in 2017 with an increase of 11 percent year-to-date. A continuing trend fueled by projected population growth and declining inventory creates a housing environment that will benefit from expanding a trained and efficient industry related workforce.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

A recent report on Fayette County Housing Demand cites forecasts of household growth yield an overall demand for 22,780 new housing units by 2025.

The report, sponsored by a consortium of Lexington stakeholders and governmental officials, cited statistics from the Kentucky State Data Center that suggest Lexington will continue to grow at a rate of 1.2% annually thru 2025, yielding a projected Fayette County population of 354,000.

In order to meet the growing demand, the report suggests that Lexington will need approximately 15,160 new single family residential units, 6,275 units within multi-family structures, and 1,345 units classified as condominiums or "other” units by 2025.

According to Lexington Bluegrass Association of Realtors (LBAR) 2017 President Ty Brown, "The association wants to make sure citizens’ needs are met by accommodating the expected population growth of the community, and this report sets out the very real challenges in the Fayette County housing market moving forward. Fayette residential sales are strong currently, and have been so for a relatively long time. It is a very tight market locally. And the lack of inventory is increasingly concerning.”

Declining inventory, fueled by projected Fayette population growth, will lead to upward pressure on home prices, diminishing housing affordability. A by-product of this increased demand will be that market-rate housing will be less affordable to middle income earners and out of reach to lower-income earners.

Shrinking inventory is creating a market where buyers are scrambling for houses which leads to sellers who are hesitant to sell. Sellers are concerned they won’t have a place to go which feeds into the continued decline of inventory.

According to the LBAR Statistical Report, Fayette County residential sales increased nine percent from 5,056 sales reported in 2015 to 5,501 sales reported in 2016. The median sales price increased four percent from $169,000 in 2015 to $175,000 in 2016. The average days on the market decreased 34 percent from 61 days in 2015 to 40 days in 2016 as the market continued to tighten.

January 2017 residential sales are off to a great start with a 34% increase from same month last year at 324 units up from 241.The Fayette January 2017 months of inventory (MOI) is 2.5 months, down forty percent same month last year. Six months of inventory is generally considered by Realtors to be an average healthy market. [1]

Further, the report identifies clearly the effects of the currently unmet housing demand within Fayette County, which is forcing people to travel farther to and from their job into adjacent communities where they reside. Fayette County was home to 164,251 jobs in 2002, and in 2014 the number of jobs swelled to 191,977, equivalent to a growth rate 16.9%.

However, Fayette County jobs are increasingly filled by commuters from outside the county. In 2014, 49.1% of all Fayette jobs were filled by Fayette residents, down from 61.1% in 2002. Despite the growth of 28,000 jobs, the total number of jobs filled by county residents decreased from 100,431 in 2002 to 94,338 in 2014.

Job growth and economic opportunity drives the housing industry. A home is where each job goes at night. When communities fail to meet their demand for housing, housing prices rise, people commute further, and the community’s quality of life suffers, as does its infrastructure and environment.

The report also projects that homeownership in Lexington will remain low relative to its historical average, with homeownership only expected to increase to 52.75% in 2025 from its 2015 level of 51.5%. Also, the population continues to trend older with over half of anticipated householders from 2015 to 2025 to be age 65 years or older.

"The association is committed to the progress, prosperity and economic viability of Lexington. And proper planning to meet the demands of the community to ensure an adequate housing supply is critical to the success of all communities,” said Brown. "We believe this report contains valuable insights and will inform the Urban County Government as it prepares to develop the 2018 Comprehensive Plan.”

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Real estate sales by members of the Lexington-Bluegrass Association of REALTORS® (LBAR) positively impacted the Bluegrass economy as of February 28, 2017 with 794 reported sales totaling $129,628,737.

According to 2017 LBAR President Ty Brown, "With an increase in February sales by three percent, market challenges remain, but the housing market is off to a prosperous start as homebuyers hold off inventory levels. February had 4.6 months of inventory, a decline of 12 percent.”

February sales activity increased three percent with 773 sales reported closed in February 2016 compared to 794 sales reported closed in February 2017. Of the 794 sales 179 sales were to first time homebuyers and 72 sales were to out of state buyers. Residential sales increased one percent from 733 sales closed in February 2016 compared to 741 sales closed in February 2017. The residential median sales price increased six percent from $138,000 in February 2016 to $145,900 in February 2017. The residential average days on market decreased 16 percent from 86 in February 2016 to 72 days in February 2017.

President Brown continues, "Buyer traffic is easily outpacing seller traffic in several areas and is why homes are selling at a much faster rate than a year ago. Days on market continued to decrease month to month for the last two years. Competition is likely to heat up even more heading into the spring for house hunters looking for homes. Supply and demand imbalances continue to be burdensome in many counties.”

Townhouses/condos sales increased 33 percent from 40 sales reported closed in February 2016 to 53 sales reported closed in February 2017. The townhouses/condos median sales price decreased three percent from $124,000 in February 2016 to $120,750 in February 2017. The average days on market decreased 18 percent from 71 in February 2016 to 58 days in February 2017.

The year-to-date 2017 residential single family sales increased nine percent from 1,341 sales to date in 2016 to 1,467 sales to date in 2017. The year-to-date 2017 townhouses/condos sales increased 47 percent from 78 sales to date in 2016 to 115 sales to date in 2017. The residential median sales price increased three percent from $142,750 to date in 2016 to $146,950 to date in 2017. The residential average days on market decreased 15 percent from 82 days to date in 2016 to 70 days to date in 2017.

As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,900 REALTORS® located in Anderson, Bath, Bell, Bourbon, Clark, Clay, Elliott, Fayette, Franklin, Harrison, Jackson, Jessamine, Knox, Laurel, Menifee, Montgomery, Nicholas, Powell, Rowan, Scott, Whitley, and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer (859-276-3503 or via e-mail, elaine@lbar.com).

Click here to view Real Estate Outlook from LBAR President, Ty Brown

Click here to view a PDF of this release. 

Click here to view supporting materials.