Just as you might have guessed, the restrictions that have been set Governor Beshear has had a profound effect upon Louisville’s real estate market. As you’ll see in this month’s installment of the Louisville real estate report, these charts show a massive drop in home sales. However, each part of the city has not had similar results. But we’ll get to that in a moment.
All of the monthly MLS areas are now updated. We’ll start with Jefferson County for both changes in home sales and home prices. All of this data comes directly from our MLS database and is not screen-scraped like other websites. I then take this data and format it into the trailing 12-month charts you’ll see below. Now let’s start!
Jefferson County Housing Market Report
Look at that! It may not seem as dramatic as you might guess but here are the numbers. During the month of May 2019, 1,228 homes were sold. That number was actually quite good when you look at it compared to the previous five years. The May just past, we only had 880 properties sold. That’s a 28.3% decline.
Let that sink in for a second.
More than a quarter of the real estate market activity that thousands of real estate professionals rely on for their livelihood disappeared. This comes with an already depleted amount of listings. And this while Louisville has it’s the largest number of real estate agents in years. The end result is greatly reduced income for the vast majority of agents, builders, appraisers, home inspectors, closing offices, contractors and the list goes on.
On the plus side, home prices are looking quite good. Current homeowners are certainly benefiting from the increased competition for fewer active listings.
Louisville MLS Areas with Monthly Reports
Last May was the strongest month for home sales in this MLS area so the drop we see isn’t as bad as it looks. At least May sold more homes than April given all the restrictions.
We see pretty much the same thing happening here in Area 3. Prices have moved even higher which has finally pushed our trend-line above $280,000.
Here’s a pretty drastic drop in home sales for Area 6. Fewer homes were sold in May than even March. Prices hold firm.
Both April and May disappoint when it comes to home sales in our Jeffersontown MLS area. But at least we see home sale prices are rocketing higher!
Prices continue to remain very flat here while increasing in most of the city. Home sales are below both April and the previous May. Lack of inventory is playing a strong role across our city.
I would like to see prices higher at this point of the year but higher price points haven’t moved a great deal outside Area 3. Home sales are down by more than 24% for both of the past two months.
We see tremendous declines in Oldham County home sales compared to the previous year. Overall home prices are also in decline.
Prices are better in South Oldham than in the North but look at that drop in home sales!? It’s almost half of what it was last year. Home builders are certainly taking a big hit.
Louisville Real Estate Report: Quarterly MLS Areas
As of today, all of the quarterly MLS areas have been updated with the most complete data. Check them out here or, as always, in their normal spot under the House Reports tab above.
- Central Downtown District, Old Louisville – Area 0
- Downtown, Old Louisville, West Louisville – Area 1
- Pleasure Ridge, Valley Station, Shively – Area 4
- Auburndale, Fairdale, Iroquois Park, Shively Homes – Area 5
- Bullitt County – Area 11
- Spencer County – Area 19
- Shelby County – Area 30
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