Louisville Market Recap - First Half of 2016
While we do our best to assist buyers and sellers throughout the community, Kentucky Select agents excel in a few particular Louisville neighborhoods and market segments.
Based on recently released statistics from the MLS and BrokerMetrics® for the first half of 2016 (January through June), we’re excited to share that Kentucky Select had the leading market share by total sales volume - in all price ranges - in the following zip codes:
- 40204 (Parts of Germantown, Cherokee Triangle and the Original Highlands)
- 40205 (Upper Highlands, Cherokee Park and parts of Seneca Park)
- 40206 (Clifton, Crescent Hill,, Avalon, Lexington Road and Cherokee Gardens)
- 40207 (St. Matthews, Indian Hills, Rolling Fields)
- 40222 (Crossgate, Glenview Manor, Glenview Hills, Northfield and Graymoor/Devondale)
- As well as the top total sales volume of properties that sold for $1 million or more for the entire Louisville market
Since our agents know and work these areas so effectively, we thought we’d share some insights into market dynamics in these 5 zip codes as well as the Louisville luxury market. As a reminder, a market's absorption rate measures the rate at which available homes are sold during a given time period. Generally, an absorption rate of 6.0 months inventory indicates a balanced market of supply and demand. As you can see from the tables below much of Louisville is experiencing a severe shortage of inventory (absorption rates of around 2 to 2.5). Because of the lack of inventory much of Louisville is in the midst of a very heated seller's market.
40204
January – June 2016 |
January – June 2015 |
% Change |
Avg. List Price - $277,490 |
$267,967 |
3.55% |
Avg. Sale Price - $215,559 |
$236,389 |
-8.81% |
Avg. Days on Market - 58 |
73 |
-20.55% |
Absorption Rate – 2.55 |
3.2 |
-20.31% |
40205
January – June 2016 |
January – June 2015 |
% Change |
Avg. List Price - $338,161 |
$322,213 |
4.95% |
Avg. Sale Price - $294,463 |
$269,583 |
9.23% |
Avg. Days on Market - 54 |
53 |
1.89% |
Absorption Rate – 2.05 |
2.35 |
-12.77% |
40206
January – June 2016 |
January – June 2015 |
% Change |
Avg. List Price - $261,731 |
$251,749 |
3.97% |
Avg. Sale Price - $199,673 |
$209,904 |
-4.87% |
Avg. Days on Market - 73 |
87 |
-16.09 |
Absorption Rate – 2.02 |
3.72 |
-45.70% |
40207
January – June 2016 |
January – June 2015 |
% Change |
Avg. List Price - $397,041 |
$372,221 |
6.67% |
Avg. Sale Price - $297,717 |
$312,864 |
-4.84% |
Avg. Days on Market - 69 |
70 |
-1.43% |
Absorption Rate – 2.33 |
3.18 |
-26.73% |
40222
January – June 2016 |
January – June 2015 |
% Change |
Avg. List Price - $366,974 |
$313,870 |
16.92% |
Avg. Sale Price - $274,818 |
$237,707 |
15.61% |
Avg. Days on Market - 69 |
73 |
-5.48% |
Absorption Rate – 2.09 |
3.66 |
-42.90% |
$1 Million+ Home Sales (January – June 2016)
In the luxury category Kentucky Select ended the first half of the year with a market leading 11 sales or a 33% share of homes or condos that sold for $1 million or more. This compares to 8 million-dollar-plus sales for the same time period in 2015.
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