NKY Home Sales and Prices Stay Brisk Through 3rd QTR


NKY Home Sales and Prices Stay Brisk Through 3rd QTR Florence, KY – October 20, 2016- The Northern Kentucky Association of REALTORS® and the Northern Kentucky Multiple Listing Service reported today that residential home sales through September were brisk, even after local schools were back into their fall sessions. A 9% increase year over year 2016/2015 shows that the Northern KY housing market is still going strong through the third quarter of the year.
Average home sale prices, while not the highest of the year were still up by 4.5% month over month in September as well as year over year to date by 7%. So far, 2016 has been thought of as a seller’s market, with average selling prices climbing higher than ever locally, with many seller’s receiving multiple offers to buy their property. Over the next few months, we could easily see the balance tip in favor of buyers if listing inventory starts to outpace sales. The National Association of REALTORS® (NAR) has tracked national housing data since 1981, evaluating the demographics, preferences, motivations, plans and experiences of recent home buyers and sellers. In the article, “Five Notable Nuggets from NAR’s Home Buyer and Sellers Survey’s 35-Year History” Adam Desanctis writes, “When the first Profile of Home Buyers and Sellers was introduced 35 years ago by the National Association of REALTORS®, mortgage rates were over four times higher than they are today and first-time buyers made up a much larger share of overall sales (44 percent). Over time, homebuyer tastes and behaviors have changed, yet many have stayed the same.”
Some notable takeaways from the report are:
1. Participation from first-time buyers is depressed
2. The internet is not replacing a real estate agent
3. Buyers have bought slightly bigger, but the pace is currently at a standstill
4. Down payments have trended down over time, but not in recent years
5. The home search is taking longer; tight inventory has slowed the pace in past
two years
Especially interesting is that buyers still rely on a REALTOR® for advice and guidance when they are ready to purchase a home. Even though 90% of consumers search the internet for a home, they enlist the services of a REALTOR® to help them through the closing. Also, first-time buyers are not the bulk of home sales right now. In 2015, first-time buyers represented 32% of the
market. Over the 35 year history of the survey, first-time buyers averaged 39% of sales. One thing the public can be assured of is that REALTORS® here in Northern Kentucky and across the nation support the rights of private property owners in the U.S. They are homeowners too; they contribute to their communities, work tirelessly in support of charitable causes and,
are ready to answer the call, email or text when someone wants to buy a home. If you don’t know a REALTOR®, ask for a referral from a relative, co-worker or friend. A referral from a satisfied customer is the best form of advertising for a REALTOR®. The 1000 member Northern Kentucky Association of REALTORS® and the 1400 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.