The Unofficial Homepage of St. Matthews: St Matthews Real Estate Report Card - December 2012

St Matthews Real Estate Report Card - December 2012

Norbourne Blvd - Norbourne Estates - St Matthews

 

Happy New Year to all.  I hope your year is off to a great start.  I am starting the year off by reporting to you what is happening in St Matthews real estate.  I will follow up with a year in review as well concerning St Matthews homes and condos.  It's been a very strong year for the Louisville housing market, and within St Matthews as well.  

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 real estate 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 nighborhoods like Indian Hills or Lake Forest or Autumng Gardens and all others as well as 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 and sale 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 December, 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 - December 2012

Single Family Homes

Current ACTIVE Listings:  95

Average Asking Price of Active Listings:  $523,321

Median Asking Price of Active Listings:  $335,000

Low Asking Price of Active Listings:  $124,900

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

Average Days on Market for Current Active Listings Inventory:  207

New Listings in December:  15 

November Listings that went from Active to PENDING:  25

Net New Listings added in December:  9

Current PENDING Inventory:  39

Current Pending Average Asking Price:  $303,320

Current Pending Median Asking Price:  $249,900

Current Pending Low Asking Price:  $102,900

Current Pending High Asking Price:  $639,000

December Pending Sales Average Days on Market:  85

December Closed Sales:  20

Average November Sale Price:  $272,115

Median November Sale Price:  $257,000

Low November Sale Price:  $125,500

High November Sale Price:  $708,000

November Sales Average Days on Market:  74

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St Matthews Real Estate Report Card - December 2012

Condominiums / Town Homes

Current ACTIVE Listings:  63

Average Asking Price of Active Listings:  $204,074

Median Asking Price of Active Listings:  $129,000

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:  207

New Listings in December:  14 

December Listings that went from Active to PENDING:  3

Net New Listings added in December:  11

Current PENDING Inventory:  7

Current Pending Average Asking Price:  $178,700

Current Pending Median Asking Price:  $174,500

Current Pending Low Asking Price:  $33,000

Current Pending High Asking Price:  $325,000

December Closed Sales:  7

Average December Sale Price:  $133,357

Median December Sale Price:  $127,500

Low December Sale Price:  $45,000

High December Sale Price:  $300,000

December Sales Average Days on Market:  93

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A note to St Matthews Condo / Town Home Sellers:  No matter what the news says, 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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This is a very strong December report.  It's important to remember that some sales that should have closed in December probably didn't due to how the holidays reduce the number of work days available.  Also impressive and really actually very surprising is the number of PENDING sales that occurred in December.  January should look very good in terms of closed sales given the big increase in Pendings we witnessed in November. This is great news for potential 2013 home sellers who choose professional representation and a customized real estate marketing plan that is selling homes currently in less than two months.  
 
Are you looking at a potential move in 2013?  Get a free consultation by filling out the form below.  Take advantage of the lower than normal inventory levels by listing now rather than waiting like most other sellers do for spring!


 



 

502-509-9278

chris@metrolouisvillemls.net

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Comment balloon 0 commentsChris Thomas • January 09 2013 12:02PM

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