Home Sales Slide a bit in November but Year on Target for Big Gains

Home Sales Slide A Bit in November but Year on Target for Big Gains

Florence, KY – December 19, 2013. NKY REALTORS® have reason to be excited as 2013 comes to an end.  Home sales through November are up for 2013 over 2012 sales by nearly 17%.  For the first 11 months of 2013, 5,387 Residential properties sold.  During the same period of 2012, 4,607 residential homes were sold. By the end of December 2013, expectations are that NKY REALTORS® will report the best year of the last 6 for home sales.  These are all great signs that the American Dream of homeownership has come a long way back from the brink of desperation and lost dreams. It’s a fact that home sales pump money into the economy through consumer spending for furniture, appliances, landscaping, and other essentials purchased by new homeowners. 

Even though November sales slipped a bit (384 vs. 404 last November), there is no reason to believe that the economy is slowing down. Factors such as inclement weather and the government shutdown may have delayed some from entering the market. Interest rates continue to stay very favorable for home purchases and REALTORS® efforts to lobby Congressional leaders on issues that affect American homeowners is working.  Our voice is strong for American families.  

Nov stats

Even though December arrived in Northern Kentucky with an early blanket of snow, those who are considering listing for their home or sale should take advantage of low inventories to get their homes listed now.  For sellers and buyers both, this is a great opportunity to come together while prices are so attractive and inventories are lower than ever.

As shown in the statistical report above, NKY home sales were not the only highlight of 2013.  As of November, average prices rose 6% and median prices were up 6% as well, indicative of modest gains that support housing stability.  Additionally, Days on Market were lower, down to 85 average days on market in 2013 from 95 days on market in 2012 meaning homes are closing faster than they were a year ago.  These are all very positive indicators and we expect NKY housing to continue building momentum in 2014.

As the holidays approach, the REALTORS® and Leadership of the Northern Kentucky Association of REALTORS® and Northern Kentucky Multiple Listing Service would like to say “Thank You” to the residents of our local communities for your business and for allowing us to be a part of your home buying or selling experience.  We wish everyone a safe and happy holiday season and a prosperous 2014 for all residents of Northern Kentucky. 

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.