Louisville Housing Market Reports for February 2012

Post author:Tre Pryor
Post published:March 5, 2012
Post category:Louisville Market Watch

We saw a few huge improvements in home sales during February 2012, most notably Areas 2 & 3. Transactions are on the upswing! That’s music to many home seller’s ears.

The counter is that many are further reducing their home’s asking price to make these deals happen. We can see it in the change in average home sold values compared to 12 months ago. Even still, this does appear to be a positive situation for the Louisville housing market.

Note: Below you’ll find our monthly reports for the following Louisville housing markets. These charts display Louisville home sales and Louisville median home values with a trend-line. This Louisville real estate area map defines the MLS areas.

Monthly Reports: Period Ending February 2012

Huge months for Area 2 in home sales, with 61 homes sold in February compared to the previous year’s 34. Unfortunately, home prices have continued to drop bringing the 1-year trend line about $13,000 lower than this time last year.

Like MLS Area 2, Louisville’s Area 3 saw a big jump in homes sold while home prices dropped a bit. From 29 homes sold last February, to 51 this February; that’s big! You have to go back to September to find a month where more homes were sold.

Big jump in homes sold in Area 6 from the previous year and prices move up slightly. For an area that’s seen home prices all over the board, it’s difficult to predict where they might go next.

Ten more homes were sold this February than last and home prices have most likely leveled out, after an average $8,000 drop from the previous year. Still a great deal of room for improvement.

After a stellar month in January, home sales in February have dropped off for Area 8. But unlike other areas, home prices have held steady, if not slight improved the trend.

For the third straight months home sales are up in Area 9, with a 65% increase over the previous February. Home prices continue to disappoint but that could change as we enter the real estate selling season.

Area 20 saw 20 homes sold in February, just like last year. Homes are also holding their value better than many areas in Louisville.

Whenever the number of homes sold is lower, the average of homes sold can vary greatly. Just look at chart above, where the average in January was $145,000 but jumped to $224,300 the following month. Homes sold fell 2 short of the previous February.