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NKY REALTORS® Report Sizable Gains in Average and Median Home Prices

NKY REALTORS® Report Sizable Gains in Average and Median Home Prices
Florence, KY – May 20, 2016- The Northern Kentucky Association of REALTORS® and the Northern Kentucky Multiple Listing Service report that April sales of existing residential homes showed double digit increases in average and median sales price over the same month in 2015.
The number of homes sold rose 9%, 552 (4/15) - 602 (4/16) which invariably could be higher if the inventory of homes for sale were at the same level. That’s not the case now, as the number of residential listings for sale is currently at 1,901 and this time last year there were 2,774 to choose from. Interestingly, average sale prices rose 13.94% from $150,104 (4/15) to $171,022 (4/16) and total volume of sales in was up by 24%.
Buyers are in a frenzy to see the newest listings on the MLS. In a hot market like we have right now, hesitation means, the home you want has gone under contract with another buyer or you may be in a bidding war with multiple offers coming in, which can be frustrating.
From the seller’s point of view, there’s never been a better time in recent years to consider a sale and move this summer. In the first 4 months of 2016, 46% of active listings sold within the first 30 days on market and for 98% of list price. Looking back to the period of January 1-April 30, 2015, 40% of active listings sold within the first 30 days on market and sold for 97.5% of list price. If the NKY real estate market continues on its current path, with inventories lower than normal, sale prices are likely to rise further still.
Wondering how to get your home sold? The first step is to contact a local REALTOR®, a professional who has the experience and knowledge of the local housing market. A REALTOR® knows what today’s buyer is looking for and can advise you on ways to stage your home for more efficient flow and even suggestions for enhancing curb appeal.
On behalf of current and future home and property owners throughout the country, REALTORS® traveled to Washington, D.C., last week to advocate important real estate issues during the 2016 REALTOR® Legislative Meetings & Trade Expo.
NKAR Leadership and members joined their fellow REALTORS® from across the nation to attend the meetings and visit with regulators and lawmakers on Capitol Hill to discuss protecting real estate related tax policies, which are vital to opening the door to homeownership for more Americans. Supporting homeowners and property owners through smart legislation is so important for families, communities and the nation’s economy.
When you are ready to make a move, call a REALTOR® to get started.
The 970 member Northern Kentucky Association of REALTORS® and the 1380 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.