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For more than 20 years, local Realtors® in the Somerset-Lake Cumberland region have helped raise money for local organizations through a charity auction held annually in May. Through generous donations, help and support of area businesses, the group has raised over $140,000 during that time.
The number of residential home transactions hit 1,129 in April, a rise of 8% over last year’s 1,046. This is the first time since May 2022 that home sales increased year-over-year. April sales were also up 16% from the previous month, with 972 sales recorded last year. Single-family home sales stood at 1,055, marking an 8% jump over the 979 sold in 2023. Townhouse/condo sales increased by 10% to 74, up from 67 in 2023.
With double digit home price appreciation rounding out the first quarter of 2024, median prices in March were pushed to the highest point on record. Residential property prices topped out at $269,900 in March, a 12% increase over last year’s $240,900 and the 61st consecutive month of year-over-year price appreciation. The previous record was $269,300 last July. March’s median price was also 2% above the previous month.
The number of new listings that hit the market in February was the highest since 2020. The 1,268 properties in the Central and Southern Kentucky region represented an 8% increase over the 1,170 last year and was 20% higher than the previous month’s total of 1,053 homes. This is positive news for buyers as the spring market emerges, which has long been considered the peak buying period for real estate.
Bluegrass Realtors® is offering $10,000 in grant money to local charitable organizations. This funding comes as part of the Association’s Community Education and Outreach Committee’s goal of helping organizations across the 30-county jurisdiction. These Good Neighbor Grants will be awarded to 10 different recipients at $1,000 each.
Housing inventory reached its highest January level since the start of the pandemic in 2020. With 2,769 homes on the market compared to 2,727 last year, the 2% increase broke a nine consecutive month stretch of year-over-year declines.
With the continued slowdown in sales and inventory numbers up, months of inventory (MOI) remained above 3 for the third consecutive month. The 3.9 months tallied in January was the highest it’s been since December 2019, or 49 months. This represented a 5% increase from a year ago when it was 3.7 months and up 18% from the previous month of 3.3 months.
Randy Newsome was installed as the 2024 president of Bluegrass Realtors®. He has served the Association in many leadership positions including a nine-year directorship, was treasurer in 2022 and has held many committee roles including finance, executive, bylaws, government affairs and diversity. He previously served as president for two other local real estate associations in Kentucky – Cave Run and Pioneer Trace.
Bluegrass Realtors® presented its highest awards for 2023 at the recent Installation Luncheon and Member Recognition Meeting – Realtor® of the Year and Good Neighbor – honoring outstanding Realtors® within the Association. Additionally, two individuals were recognized with the President’s Award.
Rusty Underwood was named the 2023 Realtor® of the Year, the highest recognition the Association can bestow on a Realtor® member based on their association activity, community activity, and business activity. 
