We have had a remarkable year for home sales here in Louisville. I’ve talked before about how extremely, low inventory levels are but despite that, we’re on the verge of surpassing last year’s incredible total.
In fact, we’re on pace to break the Louisville all-time, home sales record… this with less than 3 months of home inventory for buyers to choose from. But apparently, this fact hasn’t stopped them!
Our year-to-date, cumulative days on market is down to just 66 days. This is for all homes—condos, single family, good condition, terrible shape—in our city. Last year at this time the value was 79 days.
As I was thinking about this, a question came to mind. We already know that the bulk of home sales are near the median value but I wanted to see if that changed from last year to this, given our ever-falling inventory.
Thus, the chart at the start of this article was born.
Which Homes Are Selling the Fastest
Other than the half-million dollar homes plus (and percentage-wise the $100,000 to $150,000 tier), each segment changed, some rather significantly. Here are the raw numbers used to create the home sales chart above.
We can see that homes priced from $250,000 to $299,999 saw the largest increase in sales. While the least expensive homes, those under $50,000, saw almost 20% fewer sales. This is in large part to there being far fewer of these homes available for sale.
For example, at this time last year, there were 110 active listings priced $50,000-59,999 in Jefferson County. This year there are just 77, for a 23.6% drop. The same is true for all the price tiers below $159,999. It’s only when we go above this point to we see higher inventory this year, compared to last.
We’ve basically bought up all the best lowest price options available.