Summer is in full swing, and so is the St Matthews Real Estate Market. If you are a current or recent St Matthews Home Buyer, you have noticed how vigorous this market is and perhaps you even lost a home or two to home buyers who were either faster in seeing a particular home, or they were more inclined to make a quick decision. In other segments of the Louisville Real Estate Market, I would imagine that you might find home sellers who wonder what all the fuss is about as their particular neighborhood is laboring along with little to no difference than it was 6-12 months ago. St Matthews, Crescent Hill, the Highlands, Plainview, Douglass Hills, and Germantown are all experiencing faster marketing times than they've seen in years.
Let's look at the St Matthews market. First, let's define St Matthews real estate market. For the purpose of this post, St Matthews is defined as the 40207 zip code. It's a very general definition, but much of the 40207 zip features similar access to the amenities for which St Matthews is known and applauded, similar architectural styles, and generally accepted by Louisville folks as St Matthews.
For this edition, I'm going to segment out the St Matthews market by price range as well as provide the general overview of what is happening with the active listings, pending sales (homes that have accepted an offer to purchase but have yet to close), and closed sales since January 1, 2013.
One general observation that I have regarding the housing market is that confidence is everything. Mortgage interest rates primarily do not drive home buying decisions. Financial confidence and the general need or desire to make a move drive the housing market.
A more specific observation I have noticed lately in some of the areas like St Matthews and the Highlands where many homes are being bought within hours of hitting the market is that an inordinate number of these homes are coming back on the market quickly after the initial purchase contract is written. It's as if the buyers out there are initially excited about their decision to buy a home and get there first, and then reality sets in. So the moral of that story would be that if you have lost out on a home you wanted to buy or several homes you wanted to buy, consider writing a backup offer in case that first one goes away.
Current Active Inventory:
Active Listings: 127
Average List Price: $465,399
Median List Price: $350,000
Average Days on Market: 134
Current Pending Inventory:
Pending Sales: 82
Average List Price: $306,221
Median List Price: $242,500
Average Days on Market: 51
Closed Sales 1/1/2013-6/24/2013:
Closed Sales: 223
Average Sale Price: $330,037
Median Sale Price: $255,000
Average Days on Market: 74
Average Sale to List Price Ratio: 95%
Closed Sales 1/1/2012-6/24/2012:
Closed Sales: 203
Average Sale Price: $275,149
Median Sale Price: $230,000
Average Days on Market: 119
Average Sale to List Price Ratio: 94%
Average Days on Market by Price Range:
$100,000-$150,000: 5 PENDING averaging 4 Days on Market (DOM) -- 11 Closed Sales averaged 34 DOM
$150,001-$200,000: 18 PENDING averaging 40 DOM -- 41 Closed Sales averaged 85 DOM
$200,001-$250,000: 21 PENDING averaging 23 DOM -- 55 Closed Sales averaged 37 DOM
$250,001-$300,000: 12 PENDING averaging 27 DOM -- 36 Closed Sales averaged 56 DOM
$300,001-$350,000: 6 PENDING averaging 38 DOM -- 16 Closed Sales averaged 30 DOM
$350,001-$400,000: 4 PENDING averaging 71 DOM -- 14 Closed Sales averaged 86 DOM
$400,001-$450,000: 3 PENDING averaging 47 DOM -- 12 Closed Sales averaged 98 DOM
$450,001-$500,000: 2 PENDING averaging 225 DOM -- 9 Closed Sales averaged 125 DOM
$500,001-$550,000: 2 PENDING averaging 4 DOM -- 5 Closed Sales averaged 231 DOM
$550,001-$600,000: 1 PENDING at 4 DOM -- 8 Closed Sales averaged 54 DOM
$600,001-$700,000: 3 PENDING averaging 7 DOM -- 4 Closed Sales averaged 305 DOM
$700,001-$800,000: 2 PENDING averaging 57 DOM -- 1 Closed Sale SOLD in 1 DOM
$800,001-$900,000: 1 PENDING at 111 DOM -- 1 Closed Sale SOLD in 82 DOM
$900,001-$1,000,000: 1 PENDING at 11 DOM -- 0 Closed Sales
> $1,000,000: 0 PENDING Sales -- 9 Closed Sales averaged 263 DOM
As you can see there is quite a variety of home values in St Matthews. Incredibly, there have already been 9 closed sales of at least $1,000,000 in the St Matthews area in the first half of the year. To put that number in perspective, there were a total of 3 closed sales of over at least $1,000,000 in all of 2012. The bread & butter St Matthews home is clearly priced between $150,000 & $250,000.
The market could use more inventory. There are ready, willing, and qualified buyers looking to buy in the St Matthews area today. They are waiting for the right home to go on the market. If you are looking to sell or buy a home, please consider interviewing the The Thomas Group of Keller Williams Realty Louisville East. We will be glad to meet with you and provide you with a professional Comparative Market Analysis, tips on staging and marketing your home, and how to prepare your home for sale.