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Louisville Real Estate Trends Compared to the Remaining Country
Starting with home sales on a national basis, sales of existing homes are up 36 percent by November 2009 (the newest property figures available) from their lowest reason for January 2009. Home sales in Louisville are up a more modest 17.4 percent within the same period. You need to note, however, that while Louisville's real estate market had suffered setbacks consistent with a number of other regions of the nation, these setbacks were mostly not as deep or severe. This puts Louisville's realty market recovery in a much more favorable and accurate light.
Median sales prices are another barometer from the local and national housing market that real estate professionals and economists use to determine real estate trends. Nationally, median prices of existing single-family homes are down 4.3 percent year-over-year from the previous November by having an average selling price of $171,900. The median value of Louisville homes for sale expires 1.1 % or $1,350 to $126,750. Again, Louisville's gains are modest however with a lot of housing markets across the nation reeling in the housing crisis, Louisville property is outperforming many other markets, for now at least.
Another important indicator of the market's health is the quantity of foreclosures. Foreclosures negatively impact housing values and make up a host of other problems plus some neighborhoods across the country have whole streets with abandoned homes with just one or two occupied. Nationally, this news on foreclosures is grim with another wave of foreclosures expected in mid-2010 as another round of adjustable-rate type of loan increases is due. In the third quarter of 2009, foreclosure filings, including bank repossessions, default notices and scheduled auctions, rose 5 percent from the second quarter to 937,840 properties repossessed. This rise in foreclosures was up a really discouraging 23 percent from the third quarter in 2008.
Louisville foreclosures are not as dire as the rest of the country, but still a significant problem for homeowners, lenders yet others. Within the latest report available, the Louisville housing market suffered 1,496 foreclosures from September to November 2009. That is still a very high figure for that Louisville metropolitan area; however, when compared with comparably sized cities across the nation, Louisville is faring much better than most. Area of the reason behind this is Louisville property values didn't escalate as steeply over the previous years as numerous other markets around the country did, then when they fell, they didn't fall as hard.
Overall, the market isn't great, but not many markets across the nation are at as soon as. Louisville real estate prices have stabilized for now and are showing modest appreciation. Whether the Louisville realty market continues to improve in the coming year is difficult to forecast for now, however, many Louisville insiders are confident that it will.
