NKY Home Sales and Prices Gaining Momentum

Florence, KY- June 20, 2013

The warmer temps and sunny skies of May brought buyers and sellers together for Northern Kentucky’s highest month of residential sales since August 2007.  In May, 589 homes were sold, a 26% increase over the 467 sold in May, 2012 and the highest monthly sales number since August 2007, when 612 homes closed.   May 2013 marks the 23rd consecutive month that Northern Kentucky’s home sales were higher than the same month in the previous year, a reason to celebrate the renewal of housing and economic stability in our local neighborhoods. 

Average home prices rose to 173,831- a 16.42% increase over last May’s $149,319, an indication that stabilizing home prices are a good reason to consider selling while there is a pool of well qualified buyers looking for their American Dream.  Locally, pending listings have been strong, with 632 being reported in May, the highest number since the January 2008 with the exception of one month in 2010 when the first time homebuyer’s tax credit was in effect. 

 statsmay2013

Factoring in the higher number of sales and higher sale prices, it’s noteworthy that the dollar volume of home sales was up by 46.83% in May ($102,386,273) over May 2012 (69,731,934); clearly, homes are selling in Northern Kentucky.  Interest rates remain at historically low levels and are expected to stay very attractive throughout 2013.  In May, over 950 new listings became active in the Northern Kentucky MLS, welcomed by buyers who are still looking for their perfect home.  With prices on the upswing, it’s a perfect opportunity for sellers to list their home.  The supply of inventory is leaning towards a seller’s market.  In May, the months of inventory based on closed sales dipped to 5.6 months, meaning it would take 5.6 months to sell off the MLS inventory based on the number of solds this month. 

Even though the U.S. economy and housing opportunities have shown signs of growth and stabilization, America must continue to put critical emphasis on job creation and continue to keep housing issues in front of Congressional Leaders, while urging them to protect the American Dream through laws and regulatory policies that stimulate and strengthen home ownership. 

The 850 member Northern Kentucky Association of REALTORS® and the 1200 users of the Northern Kentucky MLS (NKMLS), Northern Kentucky’s leader in the real estate information and services business, operates with a professional staff from 7660 Turfway Road, Suite 100 in Florence, KY.  Both NKAR and the NKMLS work to protect the public’s right to transfer real property and promote better public understanding of the profession and the real estate transaction process.