It’s no surprise that interest rates have been coming down in the past few weeks; after all it’s an election year! As of February 3, 2008 the average interest rate was hovering at about 5.75, but in the past 2 weeks we’ve seen interest rates dip well below that mark, only to bounce back. This week, because of the .50 fed reduction last week, we should see rates drop again.
The lower rates should help the Louisville Kentucky home sales numbers which in January 2008 were down some 16 percent from January 2007. Interestingly enough, the number of homes on the market is down below the 10,000 mark and the days on the market dropped by 1 to 88 (see charts below).
But as we approach the spring home sales market, the number of homes coming onto the market is expected to rise as people who have been waiting to put their homes on the market make the jump.
If you’re among those planning to put your home up for sale remember it needs to be the in the top one third of the listings on the market to have a chance at selling quickly. That means in top condition and priced at, or just below market value. Need advice, drop us an e-mail and we’ll be glad to help
Jan 2008
|
Number of Houses Sold
This Month
802
|
Average Selling Price
This Month
$172,735
|
|
Average Days on the
Market This Month
88
|
Number of Houses on
the Market this Month
(As of 2/3/2008 8:45:54 AM)
9813
|
|
Median Selling Price This
Month
$133,800
|
Jan 2007
|
Number of Houses Sold
This Month
954
|
Average Selling Price
This Month
$163,506
|
|
Average Days on the
Market This Month
89
|
|
|
Median Selling Price This
Month
$130,000
|
This report was based on data provided by the GLAR Kentucky Home Sales Report for December 2007. Have questions? Call Louisville Kentucky Realtor Bob Sokoler at (502) 376-5483.
