For the first time since June of 2019, real estate sales in the region experienced a decline year-over-year, with the current pandemic and the ongoing inventory issues creating a ripple in the market.
The impact on Central Kentucky real estate through March was minimal, however, the region may see a delayed spring market as the crisis takes its toll on the economy.
At a recent Bluegrass REALTORS® Board of Directors meeting, it was approved to contribute $50K to the Team Kentucky Fund, developed by Governor Andy Beshear to deliver financial aid to those severely financially impacted by the COVID-19 pandemic. Aid provided by the fund, according to both the Governor and Lieutenant Governor Jacqueline Coleman, will help cover mortgages, rent, utilities and other needs after they have had their lives turned upside down by this devastating crisis.
Real estate sales tallied the highest February numbers ever recorded in 2020. At 881 transactions, this year saw a 9 percent gain over the 805 home sales in February 2019. For the year, sales are up 14% after a record setting January. With 1,733 total residential sales year-to-date, 2020 is off to a great start.
The first month of a new decade saw a huge boost in real estate sales, jumping 20 percent versus 2019. Total home sales reached 828 in January compared to 691 during January last year. This is coming out of 2019, a record year in many ways, that ended up 7 percent over 2018 and, in December, posted an increase of 19 percent year-over-year.
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 16 years, Bluegrass REALTORS® has made available over $550,000 to promote economic development across central Kentucky.
Greg Buchanan was installed as the 2020 president of the Bluegrass REALTORS® (Bluegrass REALTORS®). He has served on the Bluegrass REALTORS® Board of Directors for four years previous and on numerous committees and task forces. In addition to his involvement at the local level, Buchanan is a member of the National Association of REALTORS® Strategic Thinking Advisory Committee and the Kentucky REALTORS® Government Affairs Committee.
The Bluegrass REALTORS® (Bluegrass REALTORS®) presented its highest awards for 2019 at the recent Installation and Member Recognition Luncheon – REALTOR® of the Year, Good Neighbor and Distinguished Service – honoring outstanding REALTORS® within the Association.
