Market Report: December 2017
We’ve compiled the data and analyzed the numbers for your December 2017 Kentucky Market Report. Data in the report is based on the most recent information in the regional Multiple Listing Service. Questions? Reach out to our staff at the Louisville branch, 207-554-1510.
Median Home Prices
The median price of homes continues to rise on a national level, increased year over year by 7% from November 2016. For October 2017, the median sales price of a non-distressed home was $134,900. In the Louisville market, the median list price is higher at $139,000, however this represents a 2% DECREASE in home values over the same time in 2016.
From November 2016 to November 2017, home prices have increased 7%. From October to November 2017, prices rose 1% nationally. Kentucky has seen a modest rise in the median home price over 2016, however the latest numbers indicate home sales for October 2017 were up 38% compared with a year ago.
U.S. foreclosure activity in the third quarter was 31% below the pre-recession average. State-side, the median sales price of a non-distressed home was $134,900, while the median sales price of a foreclosure home was $85,990 – a 36.3% savings over a non-distressed property. In the Louisville market, the foreclosure discount is $39,950 – a 28.5% savings over a non-distressed property. Kentucky’s trends are slightly off the national trend, but still strong and bank-owned properties represent a significant value for potential buyers. the Louisville market’s foreclosure actions for November 2017 are higher than the surrounding counties and are bucking the national trend of tighter foreclosure and bank-owned property inventory.
A Good Time to Find Investments
Edward Huletz, owner and principal broker: “Finding foreclosure investments in Kentucky is easier than in other parts of the country right now. Rents are on the rise in the Louisville area, with the number of rental households increasing 16% in the last 10 years. If looking for investment properties for rentals is on your investment radar, this is a good time to take a look at Kentucky.”
We specialize in the marketing and liquidation of REO assets, and we are ready for one or a list of yours. We have local experts on our team to move tasks through the process efficiently and on-time. Let’s talk today!