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First Half of 2018 Louisville Market Review

The first half of the 2018 Louisville real estate market was marked by home prices continuing to rise faster than a porch thermometer on a sweltering July afternoon. From January 1 through June 30, the average sale price across the Louisville market was up 5.8% to $217,101 (from $205,194 for the same period in 2017). The median price was $177,500 vs. $169,900 a year ago. For the month of June, that average sale price was a staggering $237,458 (five years ago in June 2013 the average sale price was $195,411).

Rising home prices continue to be driven by a shortage of inventory. For the entire Louisville MLS (multiple listing service), the inventory of available properties was 7% lower than for the first half of 2017. The total number of homes sold from January 1 through June 30, 2018 was 8,516 vs. 8,706 or 2.2% less than the same period in 2017. The inventory situation may be improving slightly according to the industry association the Greater Louisville Association of Realtors (GLAR). 

Interest rates have risen modestly and mortgage rates have followed suit with a recent 30-year fixed rate at approximately 4.5% according to Bankrate.com (this compares to about 4% for this time in 2017). Most analysts expect rates to continue to rise gradually through at least the end of 2019.

In its mid-year market analysis, GLAR reported more than 4,000 properties for sale at present compared to 3,000 just a few months ago. As has been the case for the last few years, move-in ready homes under $250,000 continue to set the pace and are selling quickly, often in multiple offer situations.

The high-end market also continues to be robust with 347 sales of properties between $500,000 and $999,999 in 2018 vs. 320 for the same period in 2017. Sales of properties priced at $1 million plus also showed limited growth with 41 sales in 2018 vs. 37 in 2017.

The question on most consumers’ minds seems to be: How long can this bull real estate market...

Most Expensive Jefferson County Home Sales in Q2

The second quarter of 2016 had no shortage of major residential home sales in Jefferson County. Business First has compiled another collection of the quarter's biggest home sales in Jefferson County, and many of the sales are centered in eastern Jefferson County. Congratulations to Kentucky Select Properties for having 5 of the top 8 most expensive sales, including the #1 sale both listed and sold by Joanne Owen. See all the homes here.

Luxury Homes

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Rick Pitino Re-Lists Miami Home for $25.9 Million

From WSJ.com: Rick Pitino, head men’s basketball coach at the University of Louisville, has relisted his newly renovated Miami-area mansion for $25.9 million. Located in affluent Indian Creek Village, the home has gone on and off the market several times over the years, and was last listed in 2013 for $13.9 million. Listing agent Ralph Arias of ONE Sotheby’s International Realty noted that the home has since been renovated, and added that home prices in Indian Creek have increased dramatically in the last few years. Read more.

Pitino Home in Miami

Image source: WSJ.com/CAD Studio Architecture, Inc.

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PODCAST: Selling Luxury Homes With Kentucky Select Co-Founder John Stough

Kentucky Select Co-Founder and Principal Broker John Stough just returned from the Luxury Real Estate conference in Seattle, where he was once again recognized for his leadership in marketing luxury properties. Listen to this 20 minute podcast with John as he recounts some of his adventures from 36 years in the real estate business. Read more and Listen.

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Kentucky Select Marks Record Fourth $3 Million-Plus Sale In 2013

(Reprinted from InsiderLouisville.com) Signs that the real estate apocalypse has finally passed. Kentucky Select Properties just reported the sale of a $3.05 million house on tony Avish Lane, the ritzy Harrods Creek enclave off River Road. How important is this sale to all of Louisville (even to those of us not buying, or selling, seven-figure houses at the moment)? Read more.

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