At the turn of every year, we like to look back and reflect on the years past. Here at Louisville Homes Blog, we’re no different. But it’s also important to look forward and see how to best take advantage of the real estate market for your own situation.
Predicting the future is always a tricky task but there are some very bright minds at the National Association of Realtors (NAR) who make it their job to study the data.
Now, this data isn’t specific to Louisville, KY but we can still learn a few things from it. Here are some of the high points from a recently published NAR article.
National: Existing Homes
|Home Sales (millions)||4,913||5,011||5,594|
|Change (in price)||-9.5%||-12.9%||3.6%|
National: New Homes
|Change (in price)||-6.4%||-9.0%||4.2%|
These national numbers are interesting but don’t translate well for Louisville real estate. Let’s look at data from the Louisville MLS.
Louisville Kentucky: All Homes
|Total Home Sales||11,369||11,651|
So from 2008 to 2009, the total of all home sales went up 2.5%, while prices dropped 4.5%.
If we use National projections for 2010, which I don’t necessarily recommend but it’s a fun exercise, then Louisville should have approximately 13,002 sales and average prices would rise to $164,037 for our market.
There you have the future of Louisville real estate but check back next January to see how close we were.