For the first time in eight months, and breaking the streak of record low inventory levels in as many months, the number of homes on the market in June rose when compared to the previous month. The 1,591 homes on the market represented an 8% increase over the 1,468 homes in May. Despite the rise in inventory currently, June’s 2021 total was still 49% lower than the 3,110 homes available last year and is the 26th consecutive month of year-over-year declines. June was the fifth straight month of inventory levels being under the 2,000 mark.
Real estate prices surged to another all-time high, following the previous month’s record. May's median prices marked the third straight month of record prices and hit $227,750 for the month, an increase of 18 percent over last year’s $193,000 and up 5 percent from last month’s record of $218,000. May was the 11th consecutive month of double-digit increases and the 27th straight month of overall price increases year-over-year. Single-family homes increased 19 percent to $230,000 while townhouse/condo prices jumped 18 percent to $198,865.
Last April, home sales tumbled as the onset of the pandemic struck the real estate market. Property showings slipped away as quarantine orders were put in place and real estate activities were in limbo. Fast forward to 2021, and April saw home sales jump to a new monthly high of 1,216, an increase of 26 percent from 2020 when they were 968.
As part of Fair Housing Month, the Lexington-Bluegrass Association of Realtors® (Bluegrass REALTORS®) recently provided a $1,000 grant to the North Limestone Community Development Corporation. The grant will be used to help support the Julietta Market, a 23,000 square foot year-round multi-vendor public market that opened in late 2020 in the heart of the historic Southeast Greyhound Building on the corner of N. Limestone and Loudon Avenue. In addition, Bluegrass REALTORS® setup a temporary booth at the Julietta Market to provide home buying and selling resources and information on the advantages to owning a home. Members of Bluegrass REALTORS® were also available to discuss the current real estate market.
One year ago, when the COVID pandemic hit, real estate saw a market slowdown in Central and Southeastern Kentucky. This year, the market has hit its stride going into the typical spring season.
“Last year, in the middle of March, property showings had a steep drop off in activity due to the quarantine orders,” said Kristy Gooch, president of the Bluegrass REALTORS® (Bluegrass REALTORS®). “This year, we saw just the opposite. Showings spiked in the second week and continued through the end of the month. Buyers are certainly active in the market.”
The Lexington-Bluegrass Association of Realtors® (Bluegrass REALTORS®) is recognizing Fair Housing Month this April by providing home buying and selling resources to visitors of Julietta Market. The public market is located inside Greyline Station, Lexington’s former bus garage at the corner of Limestone and Loudon. Realtor® associations around the country are commemorating the 53rd anniversary of the passage of the Fair Housing Act in effort to further nationwide progress toward ending housing discrimination in the United States.
A cold stretch in the middle of February shook up the real estate market. Showings plunged during the middle of the month when a winter ice storm shut down Central Kentucky. For a two-week period, showings were less than the averages in both 2019 and 2020, and February ended with a 16 percent dip in foot traffic. By the end of the month, however, showings were back above the numbers seen over the previous two years.
Continuing a long-term commitment to healthy communities for central Kentucky homeowners, the Bluegrass REALTORS® (Bluegrass REALTORS®) announced its $2,000 investment in the Richmond Industrial Development Corporation. Over the past 17 years, Bluegrass REALTORS® has made available close to $600,000 to promote economic development across central Kentucky.
