Demand throughout the region has driven up home prices over the first nine months of the year. The median price of a home in September hit $209,900, a 17 percent increase over last year when the median was $180,000. The September median is up over 2 percent from the previous month and has spiked 21 percent from January. Home prices have risen for 19 straight months with September recording the fourth consecutive month with median prices closing above the $200,000 level.
The Building Institute of Central Kentucky (BICK) is receiving funding to assist traditionally underrepresented students enrolling in their Workforce Development Training Program through a partnership with the Bluegrass REALTORS® (Bluegrass REALTORS®).
Home sales in the Central Kentucky region rose in August, marking three consecutive months of positive sales gains, according to data from the Bluegrass REALTORS® (Bluegrass REALTORS®). The monthly total was the second highest ever on record, hitting 1,460 sales, up 5 percent from last year’s total of 1,389.
Despite record low levels of homes for sale in the Central Kentucky region, real estate sales spiked to a new record high. Sales hit 1,583 in July, up 13 percent year-over-year when sales tallied 1,405, and up the same percent from the previous month. The monthly total was up 11 percent when compared to the previous sales record from June 2017 when sales topped out at 1,428. July’s total marks two consecutive months of sales increases and signals a trend of recovery for the area.
Congratulations to Mike Inman, of Salvisa, and member of the Bluegrass REALTORS® (Bluegrass REALTORS®), for his selection into the National Association of REALTORS® (NAR) 2021 Leadership Academy class. Twenty-five REALTORS® from across the country have been chosen to participate in the 10-month program designed to prepare emerging state and local volunteers for future leadership roles at NAR. The program will begin in January 2021 and culminate at the 2021 REALTORS® Conference and Expo in San Diego next November.
The spring real estate season finally arrived but waited until the summer to finally heat up. After two consecutive months of year-over-year declines in home sales due to the ongoing pandemic, June real estate closed transactions jumped by 7 percent to 1,408 total residential sales, compared to 1,322 in 2019. This marks the fifth highest month on record for total real estate sales.
Pending sales in May reversed course from a month prior. April saw pending sales down 16 percent year over year, while May saw pending sales jump 8 percent, with 1,634 properties under contract, an all-time high, compared to 1,517 in 2019. This is a positive sign for how the summer months may play out for the real estate market.
The Lexington-Bluegrass Association of Realtors® (Bluegrass REALTORS®) announces Mike Inman has been inducted into the National Association of Realtors® (NAR) Hall of Fame. He joins an elite group across the country to earn such an honor as only a fraction of all Realtors® nationwide receive this honor and recognition.
