Kelley Nisbet was installed as the 2023 president of Bluegrass Realtors®. She has served the Association in many leadership positions including a four-year directorship, was treasurer in 2021 and has held many committee roles including government affairs, professional standards, finance and executive. Additionally, Nisbet has served as a State Trustee for the Realtor® Political Action Committee (RPAC) since 2018.
Median home prices reached a new all-time monthly high in December, hitting $240,000 compared to $222,400 last year, an 8% increase, and a 3% jump from the November median of $232,500. December marked the 46th consecutive month of year-over-year price appreciation. Single-family home prices stood at $243,500, up 8%, while townhouse/condo prices were $206,500, up 16%.
Bluegrass Realtors® presented its highest awards for 2022 at the recent Installation Luncheon and Member Recognition Meeting – Realtor® of the Year and Good Neighbor – honoring outstanding Realtors® within the Association. Additionally, three individuals were recognized with the President’s Award.
The number of residential home sales decreased 35% in November from a year ago as transactions dropped below the 1,000 mark for the first time since before the pandemic (January 2020). November sales were 947 compared to 1,447 last year. Single-family home sales declined 34% with 888 sales in November compared to 1,349 sales last year. Townhouses/condos dropped 40% with 59 sales compared to 98 in 2021. Townhouses/condos made up around 6% of the total market in November.
The rise in interest rates has continued to affect the real estate market as home sales experienced a slump going into the fourth quarter of the year. But the rate increase has not yet had the same impact on home prices.
Median home prices pushed again to a new all-time monthly high in October reaching $235,000, up 4% over last year when the median was $226,000. October marked the 44th consecutive month of year-over-year price appreciation. The October median price was, however, 3% lower than the previous month as prices start to relax toward the end of the year. Single-family home prices stood at $239,000 while townhouse/condo prices were $210,000.
Housing inventory has risen every month since the first quarter of 2022 with
September reporting the highest inventory levels since prior to the pandemic. September saw the number of
homes on the market jump to 3,188, a 6% increase over last year’s 3,015.
Months of inventory has remained above the 2-month mark for three consecutive months and has risen since early spring. In September, the months of inventory hit 2.4, a 20% jump from last year when it stood at 2.
The housing industry is one of the most sensitive markets to Federal Reserve policy changes, especially the interest rate. For the first time since the start of the pandemic, home sales slipped, year-over-year in consecutive months. Home sales were down 14% in August from a year ago as sales topped out at 1,419 in 2022 compared to 1,646 in August 2021.
Single-family home sales declined 13% with 1,333 sales in August compared to 1,534 sales last year. Townhouses/condos dropped 23% with 86 sales compared to 112 in 2021. Townhouses/condos made up over 6% of the total market in August.
Housing inventory in the region has been increasing in recent months, even before the current rise in interest rates. The number of homes on the market rose 8% in May to 2,346, up from 2,158 homes last year. Unsold inventory rose to 1.5 months in May, a 7% increase over last year when it was 1.4 months but even with the previous month.
Despite the uptick in inventory, homes are still selling faster than last year. Properties remained on the market for 21 days in May, down from 28 days in 2021 and 25 days in April.
