I’m coming to you tonight from our holiday team dinner—our team’s annual gathering to celebrate the holidays. These agents are the wonderful people who stand by to help buyers navigate their transactions. You can hear what our agents are thankful for this year in the above video.
What I want you to know today is that the market year in the Louisville and Southern Indiana areas is as hot as we have ever seen it.
We’ve told you that our housing inventory is low, not only in the Louisville and southern Indiana areas, but also across the country.
Every week, we put together a market report for the Louisville area. We’re looking for the absorption rate, that is, if no other homes come on the market, how long it would take for the existing homes to sell. Anything less than a five-month supply is considered a seller’s market.
Right now in the $100,000 to $500,000 price range, the absorption rate is anywhere between 1.4 and 4.8 months of supply. That is a firm seller’s market.
As you enter the holiday season, think about this: With the seller traffic down in the Kentucky area, inventory typically being down in the month of July, and interest rates being lower than we expected (hovering under 4% for a 30-year fixed), you have the perfect reason to put your home on the market now and not wait until the spring of 2018.
If you have any questions about the market or other real estate topics, please feel free to reach out to us. Helping you achieve your real estate goals is our passion.
From all of us here on the Sokoler Medley Team: Happy Holidays!