Louisville Housing Market Reports for May 2011

Only Area 20 sold more homes in May 2011 than May 2010. Every other area had less real estate activity, several showed major drops.

After a lackluster first quarter, Jefferson County home sales have not rebounded as many had hoped. May is the start of the “busy season” and these numbers do not paint a positive picture. Oldham performed better but we’re still a long way from a real estate recovery.

Below you’ll find our monthly reports for the following Louisville housing markets. These charts display Louisville home sales and Louisville median home values with a trend-line. You may view this Louisville real estate area map to see the MLS areas.

Monthly Reports: Period Ending May 2011

May was very disappointing for Area 2, especially on the transaction side with only 60 homes selling in the month compared to 105 during May 2010. Home values rebounded slightly from a poor showing in April.

One of the stronger areas of our city, Area 3 a mediocre month with values holding steady and sales trail the previous year by a small margin. Future growth looks very promising.

Home values continue the downward slide dropping to the lowest level in many years. Investment opportunities may start to arise for portions of this MLS area as homeowners become desperate to sell and properties could be purchased at quite a bargain.

Area 7 hasn’t been performing since summer last year and this month was no different. Sale were down by a large margin compared to 2010 while home values remained constant.

Mixed results for May in Area 8. Sales, like the rest of the city, were down by a pretty good amount but home values did move upward for the third straight month which is positive.

May was a bad month for an area that’s had a pretty good run lately. Sales dropped drastically and home values also fell further pushing the trend-line. Overall, property values are up big over this time last year.

Area 20 was the only winner in this month’s Market Watch as home sales surpassed the previous year after two down months. The median home price also moved higher which makes other homeowner’s in the area happy.

This area didn’t perform as badly as some of the others. Sales were off more significantly than previous months but at least values are still trending upward, even if it is only slightly.