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St Matthews Real Estate Report Card - November 2012

St Matthews Druid Hills Bellewood

 

Happy December everyone!  As the Holiday Season is in full swing, the winter real estate market is humming along.  People are always wondering if it's a good time to sell when the holidays get near.  I'll say this:  It's a better time to sell now than it has been in years, so that's my answer.  I believe it's a more personal question than a blanket answer can justify.  After all, neighborhoods are different, and so are the market indicators within them.  With all of this in mind, I give you your November 2012 St Matthews Real Estate Report Card!  

Usual Disclaimers:  I'd like to point out that if you live somewhere other than St Matthews in the Louisville Area, and you would like a report card or market report specific to your neighborhood, just let me know.  I am happy to provide a free comprehensive real estate report for Louisville and surrounding counties in Kentucky.

There's always talk about the housing market.  It affects every day folks, and for most people, their home is the moste expensive purchase they will ever make, so I believe it's important to monitor the housing market, whether you are a home owner, a landlord, a potential home seller, or a potential home buyer.  

St Matthews is traditionally a very active and popular market segment in Louisville, KY for its proximity to downtown Louisville, its variety of shops and restaurants, and its overall convenience.  For all their quirks, St Matthews homes are typically full of charm.  Some have barely been touched in terms of updating, while others have been expanded and modernized which translates into large asking prices.

My St Matthews Real Estate Report Card is comprised of a few measurements of market health.  I begin with current active inventory, then I'll examine the number of new listings to hit the St Matthews Real Estate market during November, then we'll look at the current number of pending sales (Pending sales are homes that are under contract but yet to close), and finally we will look at closed sale figures.  All real estate sales data presented in this report card is based on the Great Louisville Association of REALTORs Multiple Listings Service, and is believed to be reliable but not guaranteed.

When I say St Matthews Real Estate, I'm referring to the 40207 zip code.  This St Matthews Real Estate Report Card features separate reports for single family homes, as well as condominiums / town homes.

One piece of Real Estate news I'm following closely is the inventory level.  This is hugely important in terms of judging the St Matthews Real Estate Market as well as all other market segments.  For over a year, the Louisville Real Estate Market has been experiencing inventory tightening.  That means that the number of new listings hitting the market as compared to a given time frame from 2011 has been smaller, while the number of closed sales measured over a given week in 2012 has increased over the same week from 2011.  This is part of the market's balancing act and recovery from when short sales and foreclosures dominated various markets around the country.  The St Matthews Real Estate Market has never had a high foreclosure rate so that has not been the main drag on prices.  Rather, the St Matthews Real Estate Market has been in stiff competition with other areas of town in the past couple of years, and that more than anything has affected prices.  Plus, a stagnant economy has made buyers less confident in purchasing a home despite record-low interest rates.  Things appear to be looking up, however, so let's look at the St Matthews Real Estate Market.

St Matthews Real Estate Report Card - November 2012

Single Family Homes

Current ACTIVE Listings:  116

Average Asking Price of Active Listings:  $498,620

Median Asking Price of Active Listings:  $325,000

Low Asking Price of Active Listings:  $102,900

High Asking Price of Active Listings:  $4,349,000

Average Days on Market for Current Active Listings Inventory:  180

New Listings in November:  32 

November Listings that went from Active to PENDING:  9

Net New Listings added in November:  23

Current PENDING Inventory:  30

Current Pending Average Asking Price:  $273,270

Current Pending Median Asking Price:  $239,950

Current Pending Low Asking Price:  $129,900

Current Pending High Asking Price:  $639,000

November Pending Sales Average Days on Market:  69

November Closed Sales:  28

Average November Sale Price:  $259,938

Median November Sale Price:  $198,500

Low November Sale Price:  $137,000

High November Sale Price:  $757,700

November Sales Average Days on Market:  67

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St Matthews Real Estate Report Card - November 2012

Condominiums / Town Homes

Current ACTIVE Listings:  64

Average Asking Price of Active Listings:  $212,080

Median Asking Price of Active Listings:  $144,700

Low Asking Price of Active Listings:  $65,000

High Asking Price of Active Listings:  $645,000

Average Days on Market for Current Active Listings Inventory:  197

New Listings in November:  9 

November Listings that went from Active to PENDING:  0

Net New Listings added in November:  9

Current PENDING Inventory:  7

Current Pending Average Asking Price:  $154,600

Current Pending Median Asking Price:  $129,900

Current Pending Low Asking Price:  $79,900

Current Pending High Asking Price:  $319,000

November Closed Sales:  6

Average November Sale Price:  $136,458

Median November Sale Price:  $105,375

Low November Sale Price:  $86,000

High November Sale Price:  $290,000

November Sales Average Days on Market:  55

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A note to St Matthews Condo / Town Home Sellers:  It's not impossible to get your property sold, but it is important that you seek out financing partners that offer aggressive financing options.  Developments that are FHA Approved are faring better in the under $250,000 market than those that aren't. 

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Nothing earth-shatteringly different from October's version, but it is encouraging that there's little difference in the two reports since as I stated in the intro, so many people are uncertain about how well homes sell as the year winds down.  There is an element of seasonality for sure, but it works both ways.  If you are someone who must sell and are asking:  Is winter a good time to sell a home? then you will be happy to know that your competition will dwindle.  Sure, there will be fewer buyers, but the ones who are out and about are surely serious so you stand a good chance when you arm yourself with professional representation and a customized real estate marketing plan that is selling homes currently in less than two months.
 
If you are interested in more information regarding our Louisville Home Selling Marketing Plan, please let us know.
 
I look forward to compiling the St Matthews Real Estate Report Card again in about a month.  If you need anything in the meantime, just let us know.

 



 

502-509-9278

chris@metrolouisvillemls.net

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Comment balloon 0 commentsChris Thomas • December 07 2012 11:56AM
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