Sales were up in 4 of the 7 profiled areas, while home prices held mostly steady, except for the large drop in Area 2 (see below).
February is traditionally an under-performing time period as home buyers and sellers are just now starting to think about the Spring selling period. After next month, we’ll have a better feel whether 2013 will be a repeat of 2012 or something more.
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Louisville Real Estate Reports (period ending February 2013)
Not a good month for Louisville Area 2, as home sales have stalled and the median sold price dropped to the lowest amount since last February. The trendline continues to move higher so let’s hold off a couple of months before we discount this area too much.
Last February, 51 homes were sold in this area. This year? Just 45. The weather hasn’t been that great but it also hasn’t been terrible and with the other factors staying quite favorable, it’s tough to like what’s happening here. The good news is that home prices are still up.
This area performed a bit better than the first two in the sales category improving over last year’s number by 3 homes. Home prices here are well below the trendline but February has traditionally been a poor performing month in Louisville real estate.
Not the best month for home sales in Area 7 with just 71 homes sold during the month. Keep in mind this is a fairly large geographic area with a large number of units. Prices are more inspiring but just barely, as the monthly data point dips before the 1-year trend line.
This February has this area basically in a holding pattern. Prices remain largely unchanged and home sales are in almost a dead-heat with the previous year. March will tell us much more about where 2013 will ultimately go.
Area 9 is one of the stronger performers for the month with both home prices up and the number of homes sold better than the previous year by 12 units for a 20% gain. Looking month to month is fairly short-sighted but it’s fun, like watching the score of a basketball game bounce up and down.