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Greater Louisville Association of REALTORS®Residential Sales Statistics | Single Family Residential & CondoAverage Price Up 4.2% with Volume Down 9.9% Compared to Year AgoFebruary 2019:
The Greater Louisville Association of Realtors® (GLAR) reported 925 sales inJanuary 2019 versus 1027 sales in January 2018, down 9.9%. The average price in all serviceareas was up 4.2% compared to last year. In Jefferson county, the average price was $220,805and the median was $175,000. For all areas, the inventory of available properties for sale was up4.6% compared to last year.
GLAR President, Karen Story, noted that the absorption rate is still relatively low at 2.5 months ofinventory, indicating a seller's market. She commented that, "We're starting 2019 similar to how2018 left off. Clean, correctly priced homes are selling well in most areas." The cumulative dayson market statistic for homes that closed in January 2019 was 68 days.
Lawrence Yun, Chief Economist of the National Association of Realtors® commented thatcontract signings fell 9.8% in 2018 versus 2017. He cited stock market volatility and higherhome prices, especially in larger cities, as contributing factors to the lower sales figures.However, Yun is relatively optimistic for 2019, as the Federal Reserve has put rate hikes on hold,translating to continued low mortgage interest rates.