Florence, KY – January 22, 2015
The Northern Kentucky Association of REALTORS® and The Northern Kentucky Multiple Listing Service are excited to report that residential home sales in 2015 topped one billion in total dollar volume at $1,041,059,486. This is the first year since 2006 that NKY housing sales were over the one billion mark. In 2006 the total dollar volume of sales was $1,073,859,489 and in 2005, the total dollar volume in sales was $1,085,097,987.
Home sales year over year for Northern Kentucky were up 6.4% - (6,336) for 2015 vs. (5,955) for 2014. This increase in sales is indicative of the way our regional economy has rebounded in the last 5 years. In 2015 especially, there was a frenzy of buying in local neighborhoods, with the inventory of available homes for sale going to closing in 73 days on market, on average. We have to go back to 2006 to see the days on market for property sales in the 60-75 day range. The average selling price was higher in 2015 over 2014 by 5.73%. NKY also had 6 straight months of higher than normal average selling prices, possibly because of the low number of homes on the market at this time.
2014 marks 100 years that REALTORS® have served the Northern Kentucky public with the purchase and transfer of real property. Mike Spicer, President of the Northern Kentucky Association of REALTORS® and Janie Wilson, Executive Vice President of NKAR were presented with a plaque in commemoration of the 100 years that REALTORS® in Northern Kentucky were chartered by the National Association of REALTORS®. A picnic celebration by Associaton members past and present will take place in September.