The numbers are in (and have been for some time, but I've just now posted them) on the three zip codes I follow most closely here in Louisville, KY. Just as in the first quarter, I compared closed sale numbers from 2006 with those of 2005 in measuring the following categories: Total number of sales, high sale, low sale, median sale price, average sale price, & average days on market. I also gathered pending sale numbers measuring the same categories as well as active listings as of June 30, 2006. These statistics are below.
The total number of sales in all three zip codes were up slightly over a year ago, with the 40206 zip code experiencing the biggest gain. Otherwise, total sale numbers are relatively unchanged, which is encouraging news & confirms that these markets are stable.
Average closed sale prices were down minimally compared to a year ago in 40206 & 40207, and up slightly in 40205.
The median sale prices were down slightly in 40205 & 40206, and up a smidge in 40207.
The outook in my view is certainly favoring buyers as inventory is up in most of the Louisville area. Prices will remain strong for homes that sell, but I see a lower total sale number in the third quarter and fewer interested buyers currently in the market. This is ironic because the environment is very good for buyers with levelling interest rates in the mid-6% range & so much to choose from. Granted, many potential buyers are possibly taking a wait & see approach since they too will have to sell in order to buy, but anyone not needing to sell might consider a move.
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