It's Election Day all across America, so what better day than today to begin our monthly assessment of the St Matthews Real Estate Market by offering a report card of sorts?! I'd first 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.
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 October, 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.
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 - October 2012
Single Family Homes
Current ACTIVE Listings: 117
Average Asking Price of Active Listings: $522,222
Median Asking Price of Active Listings: $349,900
Low Asking Price of Active Listings: $108,900
High Asking Price of Active Listings: $4,349,000
Average Days on Market for Current Active Listings Inventory: 191
New Listings in October: 36
October Listings that went from Active to PENDING: 11
Net New Listings added in October: 25
Current PENDING Inventory: 45
Current Pending Average Asking Price: $274,996
Current Pending Median Asking Price: $227,500
Current Pending Low Asking Price: $139,500
Current Pending High Asking Price: $815,000
October Closed Sales: 32
Average October Sale Price: $347,037
Median October Sale Price: $231,100
Low October Sale Price: $133,000
High October Sale Price: $1,500,000
October Sales Average Days on Market: 88
St Matthews Real Estate Report Card - October 2012
Condominiums / Town Homes
Current ACTIVE Listings: 71
Average Asking PriceofActiveListings: $209,904
Median Asking PriceofActiveListings: $149,500
Low Asking PriceofActiveListings: $65,000
High Asking PriceofActiveListings: $645,000
Average Days on Marketfor CurrentActiveListings Inventory: 186
New Listings in October: 12
October Listings that went from Active to PENDING: 1
Net New Listings added in October: 11
Current PENDING Inventory: 7
Current Pending Average Asking Price: $176,700
Current Pending Median Asking Price: $100,000
Current Pending Low Asking Price: $45,000
Current Pending High Asking Price: $319,500
October Closed Sales: 3
Average October Sale Price: $98,033
Median October Sale Price: $73,000
Low October Sale Price: $46,100
High October Sale Price: $175,000
October Sales Average Days on Market: 166
One of the remarkable things to notice about this St Matthews Real Estate Report Card is that there are 71 condos / town homes for sale currently and only 117 single family homes for sale. Condos and town homes continue to struggle due primarily to the difficulties in obtaining mortgage financing. St Matthews Single Family Homes, however, are beginning to get somewhat scarce, which means, there's a good chance prices will start to increase early next year.
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.
The St Matthews Real Estate Market is improving to say the least, and as inventory continues to dwindle, Sellers should see price increases.
Of course, this is a general snapshot of what's happening in St Matthews Real Estate. If you would like a more specific market analysis that take into consideration your home's features, location, and other attributes, please let me know.