Friday, January 6, 2012

Louisville home sales likely down for 2011 | Derby City Cents

Louisville home sales likely down for 2011 Derby City Cents


Louisville home sales likely down for 2011
Posted on January 3, 2012 by Chris Otts

A photo I shot in off Greenbelt Highway in southwest Jefferson County in October
Official figures are not available yet, but it looks like Louisville-area Realtors sold 4 percent fewer houses and condos in 2011 than in 2010, when the now-expired $8,000 tax credit for first-time buyers was available.
Re/Max agent Bob Sokoler reports on his sitethat 860 homes were sold in December, which would bring the annual total to 10,975, down from 11,442 last year.
That is in line with what the Greater Louisville Association of Realtors expected, according to the group’s November sales report.
The sales dip comes despite the average 30-year mortgage rate being below 5 percent for nearly the entire year.
Sales did pick up in the final five months of the year, and the number of houses and condos on the market has been coming down (though it is still pretty high).
The Realtors’ group last sales report, posted last week, pretty well sums up the stagnant state of the market:
“GLAR members continue to sell homes and move inventory in a challenging market. Realtors® continue to absorb a barrage of housing news and data, likewise, buyers and sellers are also saturated with headlines relative to the housing market, whether a bottom has been reached, the depth of foreclosures and low mortgage interest rates. The fact remains that Metro Louisville home prices have retreated from 2010 levels, but remain above lows posted in the current year.”
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