The Louisville real estate update for March is now complete. We have custom charts with up-to-the-minute real estate data newly finished. No other website does this for our city and it’s all free! My service to you.
Now that March is complete, it’s starting to look like the lack of housing inventory is really taking its toll on Louisville home sales. They are still quite good but after the past two years when records were broken, it’s clear that 2018 will not be able to keep up.
I recently wrote on this topic—The Louisville Housing Inventory Crisis. This article goes deeper into the trouble our market is facing. Buyers are buying but options are few.
In most MLS areas, prices are rising sharply. But as this phenomenon meshes with the seasonality of pricing, the results are mixed. But one thing is certainly true, current Louisville homeowners are realizing fantastic appreciation on their investments. We already that Louisville is a city where buying makes more financial sense than renting. Now more than ever.
On to the stats!
After a huge price drop in February (seasonality?) March so price rebound ever so slightly. Home sales, however, were flat. They didn’t even surpass February’s poor numbers.
March was a fairly strong month for MLS Area 3. Home sales didn’t beat the previous year but they came close. Prices dropped below the trend line but look for that to change in April.
Home sales this month couldn’t match the large tally of sales last March. The good news is that prices continue to rise as buyers in this price tier are gobbling up everything that is available. If only there was more inventory.
Area 7 performed similarly to Area 6 with improved sales over last month but still falling short year-over-year. Prices, however, have totally ignored seasonality and are climbing quickly.
March was a great month here in Area 8 where they almost matched the previous record year. Home prices/values are rising too.
Homes in Louisville’s highest price tier haven’t performed that well lately. Perhaps sellers are ignoring comps and trying to grab every dollar but prices are flat here, especially compared to the record sales in lower price tiers.
Not a bad performance here in North Oldham with both metrics doing well, if not great.
South Oldham real estate saw prices rebound in March while home sales inched higher still falling far short of last year’s mark.
All of the Louisville real estate updates that I update quarterly are done through Q1 of 2018. Check them out below. If you have any specific questions, please let me know.
- Area 0: Central Downtown District, Old Louisville Homes
- Area 1: Downtown, Old Louisville, West Louisville Homes
- Area 4: Pleasure Ridge, Valley Station, Shively Homes
- Area 5: Auburndale, Fairdale, Iroquois Park, Shively Homes
- Area 11: Bullitt County Homes
- Area 19: Spencer County Homes
- Area 30: Shelby County Homes
All Jefferson County
Now that we’re looking at all of Jefferson County, we have more data to work with and the picture of Louisville real estate becomes more clear.
March 2018 performed well, just not great. Check out that chart! March of 2017 was simply phenomenal. There were 1,110 homes sold that month last year. This March the number is 913. It’s not a terrible number but it’s a drop of 17.75% year-over-year.
Some of this can be attributed to lack of housing inventory but also some of the crazy weather we just had. We had 80 degrees and sunny one day only to see snow on the ground 2 mornings later. It’s always a surprise. Don’t forget, weather does affect real estate sales.
Louisville home prices did bounce back in March moving above the trend. Expect this to continue as we approach the “selling season.”
If you’re curious about whether now would be a good time to sell your Louisville home, please contact me. My promotional incentive is still available and will save you some serious money.