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.
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