NKY Homes are Selling Quickly

Florence, KY – August 21, 2014. The Northern Kentucky Association of REALTORS® and the Northern Kentucky Multiple Listing Service report that home sales in the area are on an even pace with 2013 sales, when the number of homes sold was the highest in six years.  2014 is sizing up to be another great one for buyers and sellers in NKY.  Home sales in July (582) were slightly off from July 2013 (607) but, for the year to date, we are at an even pace to meet or exceed those 2013 sale numbers. 

Homes are selling faster than they were a year ago.  In July, NKY homes closed on average in 67 days, the lowest number of days from listing to closing since July 2006-8 years ago.  In July, 47.8% of homes were sold in their first 30 days on market.  And, the Average Sale Price to List Price percentage for those properties was 97.78%, a clear indication that market ready homes, priced right, will move fast. 

July14stats

 

It may be of interest to note that distressed properties – those which may be foreclosed, lender owned or short sales had been 25-35% of the housing sales in years 2010 -2012.  Since early 2013, we’ve seen distressed sales take a smaller chunk out of the monthly totals.  For the last three months, foreclosures, lender owned and short sales have made up only 11-12% of the total home sales which suggests that investors have helped the housing market recover.  Now is the perfect time for home sellers to list their home with a REALTOR®.  Homes are selling at a faster rate and median home sale prices have rebounded considerably to levels that were the norm in 2006 and 2007.  A lack of inventory in the median to upper price points has driven buyers into multiple offers and has further helped to stabilize prices. Sellers have to make their home market ready, meaning their property must be priced competitively, clean and free of clutter and, have great curb appeal to interest potential buyers.

Purchasing a home is one of the most important decisions in your lifetime. Working with a professional REALTOR® is a wise choice.   Their support, knowledge and experience with the entire home selling or buying process is essential to a smooth real estate transaction.  Remember, your local REALTOR® is a member of the Multiple Listing Service, the most accurate source of listing data.

Call a REALTOR® today!