Coming off historic month over month high numbers across the board, this may be the time that we are starting to see a softening in the market. This is nowhere near permanent or even indicative of what’s to come this summer. But definitely a temporary cooling across the board.
These numbers are as of January 22, 2022 and are for:
SALE PRICE
The average sale price is down 12.55% from the previous 30 days to $247,000, and the lowest average sale price the city has seen in 7 months. The average SALE PRICE in comparison to the LIST PRICE is at 98%, which is still strong, but not the 101% we were seeing last summer. This means people are pricing their properties in line with market rates, but fewer people are seeing above-asking prices.
LISTINGS The number of current, ACTIVE LISTINGS is 1,673. The previous 6 months have been MUCH higher, ranging from 2,212 in August to 1,914 just last month in December.
However, 1,224 of those active listings were NEW LISTINGS, which means we still have a strong free flow of inventory. Properties coming onto the market AND properties being SOLD.
SOLD PROPERTIES for the month totaled 989, which is a 12-MONTH LOW, going back to January 0f 2021. This may be an off month, a market correction, or a short-term calm before the storm. January 2021 kicked off the year with 1204 sales, which is 18% higher than how we are starting the year. This is not concerning unless it is part of a larger trend. Time will tell.
DAYS ON MARKET
This is the total number of days from the listing start until it is pending (meaning all contingencies have been removed. This number is UP to 27.9 days from 22.2 in December and a 12-month low of 15.5 in August. This is a number to watch as this is indicative of the amount of time properties will sit on the market before being sold.
For those of you waiting until Spring to list - not a bad decision.
We will continue to monitor market trends and report what we are seeing. We will dig into different asset types, price points, and neighborhoods in 2022.
Stay tuned for more data to help you plan your next real estate moves in the Louisville Market!