The most likely explanation is that Realtors are no longer comparing their monthly sales to figures boosted by the long-expired federal tax credits (like the one that was worth up to $8,000 for first-time buyers). Though deadlines were extended, all the tax credit deals were pretty much closed by June 2010.
“Realtors® may be quietly putting the Home Buyer Tax Credit sales figures into the history books, as they move to a post HBTC market,” the group said.
Buyers still have a lot of choices, while sellers have a lot of competition. There were 26 percent more houses and condos on the market on July 31 than a year earlier.
Here is the Realtors’ full news release:
Members of the Greater Louisville Association of Realtors® posted the second most productive month of 2011 in July with 1,048 units sold. For the year, July ranked 2nd to June which recorded 1,137 closed units. The July sales figures also broke a trend of declining monthly sales, when matched against 2010 numbers. The July 2011 sales were 4.9% stronger than July 2010. Realtors® may be quietly putting the Home Buyer Tax Credit sales figures into the history books, as they move to a post HBTC market. The average selling price for July 2011 was $179,758, up 2.7% from June 2011, and up 1.6% from July 2010. Inventory, or the number of homes for sale, declined slightly to 9,295, from 9,313 in June. Year-to-date sales remain nearly 13% behind last year’s pace, but the upward trend in June and July is positive.
Overall, GLAR members are encouraged by the strength of the July market figures and are looking forward to a continuation of the seasonable increases associated with the July/August market period.
Jefferson County Market Comment:
Realtors® posted 720 closed sales in July 2011, up 6% from July 2010. The average selling price in the county improved to $173,186 for July 2011, when compared to $171,154 for June 2011. The supply of homes on the market in Jefferson County stands at 5,877 units, similar to last month, but up 33% from July 2010. Year-to-date sales, in the county, stand at 4,326 units, down 15% from a similar period last year. In summary, the Jefferson County market followed the broader GLAR analysis by breaking the year-to-date trend of lagging behind 2010 and posting a 6% increase in sales volume when matched against the same period last year.
|Jefferson County||July 2010||July 2011||Jan.1 – July 31, 2010||Jan. 1 – July 31, 2011|
|Average Selling Price||$181,875||$173,186||$164,246||$161,266|
|Median Selling Price||$145,000||$139,500||$135,000||$130,000|
|# of Listings Placed into Pending Status During July||678||817|
|Active Listings at July 31||4410||5877|
Oldham County Market Comment:
The number of closed sales in July jumped 14% compared to July 2010 (when the buyer tax credits were ending), bringing the YTD total up 2% compared to the same time last year. The average and median prices in July 2011 vs 2010 are up 29% and 36% respectively, reflecting the sale of some higher priced homes that had not sold in the Spring market. The YTD average and median figures were up a more modest 8% and 4% respectively and are less volatile than a single month data point. The number of sales going under contract was up 10% and the inventory of unsold homes remained higher than last year by 16%. Continued low mortgage rates will be the key factor in the resumption of a balanced market in Oldham County, as it will be with the broader Louisville market.
|Oldham County||July 2010||July 2011||Jan.1 – July 31, 2010||Jan. 1 – July 31, 2011|
|Average Selling Price||$263,112||$339,117||$251,477||$272,413|
|Median Selling Price||$242,245||$330,000||$230,000||$240,000|
|# of Listings Placed into Pending Status During July||70||77|
|Active Listings at July 31||497||577|
Bullitt County Market Comment:
Realtors® posted 80 closed sales in July 2011, up nearly 51% from June 2011 and nearly even with July 2010’s 83 closed units. The average selling price in the county for July was $151,692, down from June’s $154,908, but up 11% from July 2010. Year-to-date sales, in the county, stand at 422 units, down 15% from a similar period in 2010. Supply, or the number of homes on the market, has fallen to 616 units, down 11 units from June, but up nearly 18% from a similar period in 2010.
|Bullitt County||July 2010||July 2011||Jan.1 – July 31, 2010||Jan. 1 – July 31, 2011|
|Average Selling Price||$135,692||$151,692||$140,276||$138,336|
|Median Selling Price||$113,750||$139,000||$125,000||$129,900|
|# of Listings Placed into Pending Status During July||60||75|
|Active Listings at July 31||521||616|