With slower monthly sales over recent months, the region’s overall inventory levels have risen to the highest level of the year. The 2,714 homes available in September represented just over a 1% increase from the previous month. However, inventory levels have declined, year-over-year, for the sixth consecutive month, with 3,278 homes on the market last September resulting in a 17% decrease. Current inventory levels are still running about 70% below where they were a decade ago and less than half of where they were just prior to the pandemic.
New real estate listings fell to the lowest August total on record with August also becoming the sixth consecutive month that hit all-time monthly lows. This year, there were 1,567 residential properties that hit the market while last year there were 1,839, a 15% decline, however, the August total was 4% higher than the previous month.
July saw a 22% decline in residential home sales, year-over-year, with 1,109 compared to last year when there were 1,420 sales. The total sales also slid from the previous month with an 11% drop from June. Single-family home sales for the month stood at 1,027, a drop of 22%, while townhouse/condo sales were 82, a decline of 12% year-over-year.
Inventory levels have declined, year-over-year, for the third consecutive month. In June, available homes on the market hit 2,454, down 14% from last year’s 2,851. Despite the decline, available homes are up 7% from the previous month and the second highest level of the year behind January’s total. However, inventory levels are currently running 25% below where they were at the start of the pandemic in early 2020.
May saw the highest recorded monthly median home price, topping out at $259,000. This is 4% over the $248,500 from May of last year, and just over 3% over the previous month’s median home price. Single family homes peaked at $261,000 while townhomes/condos hit $210,000.
May marked the 51st consecutive month of year-over-year price appreciation, however, for eight months in a row, starting in the last quarter of 2022, year-over-year price appreciation has remained in the single-digits. Year-to-date, median prices are up 6% in 2023 ($249,000) compared to 2022 ($235,000).
The Bluegrass Realtors have held their annual charity auction for more than 20 years. This year’s auction was held at the Magnolia with all proceeds going to local charities.
Through a combination of the Heart to Home online auction, opportunity tickets, the live auction, and direct donations, Bluegrass Realtors raised $17,435. A long list of over 125 businesses and individuals sponsored the annual event.
Said Director of Regional Services Mindy Sweet “It’s amazing what our realtors do to give back and also amazing what our community does.”
Home prices in the region increased to $250,000, tying the second highest median price mark all-time and a new monthly high for April. Last year, the median price stood at $245,000, resulting in a 2% increase year-over-year and the slowest rate of increase since November 2022. April marked the 50th consecutive month of year-over-year price appreciation. For seven months in a row, starting in the last quarter of 2022, year-over-year price appreciation has remained in the single-digits. Year-to-date, median prices are up 6% in 2023 compared to 2022.
Real estate listings that hit the market in March decreased 24% compared to a year ago, with 1,373 residential properties versus 1,810 in 2022. The March number was an all-time low for the month. The drop in new properties coming to market follows five consecutive monthly lows that began in October 2022.
