Kentucky REALTOR® News

Kentucky housing market experiences second highest year ever
January 29, 2019

Lexington, KY (1/29/2019) – For the fourth year in a row, Kentucky’s real estate market set new sales records in most of the local market areas, despite the state-wide number being just shy of besting the 2017 mark. The 2018 state tally swelled to 52,305 units sold,  Approximately 750 homes short of the 2017 mark of 53,058. Housing inventory and the time it took for homes to sell dropped slightly while the median home price in Kentucky climbed by almost three percent.

Kentucky home sales in December fell 5.2% to 3,690 units, down from 3,891 one year ago. Despite this, 13 of the 20 local area markets in Kentucky saw an increase. Six of those areas saw double-digit increases with the Ashland area leading the way with an increase of just under 20%. The South-Central Kentucky Assoc. of REALTORS® and the Mayfield-Graves Co. Board came in just behind that at 18%. The SCKY Association is up 44% over five years ago.

Rip Phillips, President of Kentucky REALTORS®, said that continually dwindling inventory is partly to blame. “In the Louisville and Lexington areas, we are seeing a greater shortage of desirable homes on the market. As a result, homes are selling more quickly but there are obviously fewer of them to go around”, he said. “It looks like the Kentucky market may continue to slow until inventory levels climb a bit closer to the six-month mark.”

Nationwide, existing-home sales decreased in December, according to the National Association of Realtors®, after two consecutive months of increases. Transactions were down 6.5% over last month and over 10% compared to December 2017. Lawrence Yun, NAR’s chief economist, says current housing numbers are partly a result of higher interest rates during much of 2018. “The housing market is obviously very sensitive to mortgage rates. Softer sales in December reflected consumer search processes and contract signing activity in previous months when mortgage rates were higher than today. Now, with mortgage rates lower, some revival in home sales is expected going into spring.”

The Kentucky median home price fell by 4.2% in December for the second month in a row. It was down to $128,584 (4.2% decrease) in December while the year-end 2018 number was up 2.7% from 2017 at $131,995. The 2018 year-end housing inventory number fell even further. It dropped to 4.2 months of inventory, which is down 1.4% from 4.3 months in 2017.

Days on market levels fell again as a more frantic pace dominated the urban home sales landscape this year. December saw houses on the market for an average of 106 days, down from 117 one year ago, a decrease of almost ten percent. Year-end numbers were also down, though not as dramatically. The 2018 level averaged at 110 days on market.

*click graph below to enlarge it

Kentucky REALTORS® is one of the largest and most influential associations in Kentucky. Founded in 1922, Kentucky REALTORS® represents more than 11,000 REALTORS® who are involved in all aspects of real estate, including residential and commercial real estate brokers, sales agents, developers, builders, property managers, office managers, appraisers, and auctioneers.

 

Comments (0)
Kentucky REALTORSĀ® hires new Director of Governmental Affairs
January 8, 2019

Kentucky REALTORS® (KYR) announces that Richard Wilson has been hired as the Director of Governmental Affairs. His first day with KYR will be January 21st. Richard brings with him a strong and impressive background in governmental affairs and advocacy.

Richard comes to KYR from Nashville, TN where he worked most recently as the Small Business Advocate for the Tennessee Comptroller of the Treasury. In this role, he was a liaison between the state’s small business community and the legislature, identifying issues to bring before the legislature to assist small businesses and improve the business climate. He successfully lobbied approximately 60 bills on behalf of the Comptroller during 2018.

Other positions held include Bill Clerk for the Tennessee Legislature where he handled bills for the Finance, Ways and Means Committee; Field Representative for the House Republican Caucus in TN; and roles with numerous state and federal campaigns in Tennessee and Mississippi. 

“We are very pleased to have Richard joining KYR's Government Affairs Team,” said Steve Stevens, Kentucky REALTORS® C.E.O. “He has seasoned experience in advocacy and political action through his previous work in Tennessee and Mississippi and understands how to work closely with legislative members to articulate important policy needs of business. I know our members will enjoy working with him across the state as he supports their advocacy efforts.”

Richard’s primary responsibility at the Association will be to promote and defend homeownership and private property rights across the state. His wife is a native Lexingtonian and they both looking forward to settling into life in the Bluegrass.

Comments (0)
Kentucky housing market on-pace for second highest year
January 2, 2019

Kentucky home sales in November are down just one-quarter of one percent from November 2017. Units sold topped out at 3,909 homes which is just 10 units shy of last years mark of 3,919. The 2018 housing market is almost as strong as last year’s record-breaking mark. 2018 numbers are down just 1.1% at 48,615 units sold compared to 2017’s tally of 49,167.

Nationwide, existing-home sales increased in November, according to the National Association of Realtors®, marking two consecutive months of increases. Unlike Kentucky, however, year-over-year numbers are down 7% from 2017. Lawrence Yun, NAR’s chief economist, says two consecutive months of increases is a welcomed sign for the market. “The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.”

Steve Cline, President of Kentucky REALTORS®, said that certain areas of the state have stronger than usual numbers and are causing the home sales tally to flirt with record territory. “While most area sales remain largely unchanged over last November, some areas are seeing record-breaking numbers of units being sold. Places like Greater Owensboro, Hardin County, the Bowling Green area, and particularly Ashland have seen their highest sales in over a decade. Ashland’s November numbers bested their high-water mark by an amazing 21%.”

The median home price fell by 6.3% in November after rising for three consecutive months, easing concerns that falling inventory might raise prices high enough to begin pricing some first-time home buyers out of the market. November 2018 numbers topped out at $129,200 while the 2017 level was $137,361.

While the November housing inventory was up slightly over last year at 4.73 months, the year-to-date inventory fell 2% to 4.2 months. Kentucky continues to have low inventory levels. Six months of inventory is considered to be a comfortable standard by most economists.

Days on market levels also dropped slightly in both year-over-year and year-to-date measurements. November saw houses on the market for an average of 107 days, down from 109 one year ago.

Comments (0)
Kentucky housing market experiences second highest year ever

Lexington, KY (1/29/2019) – For the fourth year in a row, Kentucky’s real estate market set new records in most of the local market areas despite the state-wide number coming just shy of besting the 2017 mark. The 2018 state tally swelled to 52,305 which came in about 750 homes short of the 2017 mark of 53,058. Housing inventory and the time it took for homes to sell dropped slightly while the median home price in Kentucky climbed by almost three percent.

Kentucky home sales in December fell 5.2% to 3,690 units, down from 3,891 one year ago. Despite this, 13 of the 20 local area markets in Kentucky saw a positive increase. Six of those areas saw a double-digit change with the Ashland area leading the way with an increase of just under 20%. The South-Central Kentucky Assoc. of REALTORS and the Mayfield-Graves Board came in just behind that at 18%. In fact, the SCKY Association is up 44% over five years ago.

Rip Phillips, President of Kentucky REALTORS®, said that continually dwindling inventory is partly to blame. “In the Louisville and Lexington areas, we are seeing more of a shortage of desirable homes on the market. As a result, homes are selling more quickly but there are obviously fewer of them to go around”, he said. “It looks like the Kentucky market may continue to slow until inventory levels climb a bit closer to the six-month mark.”

Nationwide, existing-home sales decreased in December, according to the National Association of Realtors®, after two consecutive months of increases. Transactions were down 6.5% over last month and over 10% compared to December 2017. Lawrence Yun, NAR’s chief economist, says current housing numbers are partly a result of higher interest rates during much of 2018. “The housing market is obviously very sensitive to mortgage rates. Softer sales in December reflected consumer search processes and contract signing activity in previous months when mortgage rates were higher than today. Now, with mortgage rates lower, some revival in home sales is expected going into spring.”

The Kentucky median home price fell by 4.2% in December for the second month in a row. It was down to $128,584 (4.2% decrease) in December while the year-end 2018 number was actually up 2.7% from 2017 at $131,995. The 2018 year-end housing inventory number fell even further. It dropped to 4.2 months of inventory which is down 1.4% from 4.3 months in 2017.

Days on market levels fell again as a more frantic pace dominated the urban home sales landscape this year. December saw houses on the market for an average of 106 days, down from 117 one year ago, a decrease of almost ten percent. Year-end numbers were also down, though not as dramatically. The 2018 level averaged at 110 days on market.

Kentucky REALTORS® is one of the largest and most influential associations in Kentucky. Founded in 1922, Kentucky REALTORS® represents more than 11,000 REALTORS® who are involved in all aspects of real estate, including residential and commercial real estate brokers, sales agents, developers, builders, property managers, office managers, appraisers and auctioneers.

Comments (0)