Every month or so, people like to spend a few minutes and review data from the past month for the Louisville real estate market, starting with searching in Louisville maps. First, let’s look at how prices are treating Louisville homeowners with properties currently on the market and for sale. If you are squeamish or faint of hearing, you may want to cover your eyes, bad news ahead!
Weekly data points have fallen so low that even if I looked back two years, we would still be charting new lows for our median asking prices of Louisville homes for sale. In fact, the next low before we hit our current mark of $138,000 was back in March when we leveled out for a bit at $145,000. But not one single measurement in the preceding year even hit that low, much less reaching into the 130s! For comparison’s sake, this time two years ago, in November of 2008, the median asking price was $150,000 on the nose, which is $12,000 higher than our current values.
If we keep our focus on asking prices but look at it a bit differently, we can see just how bad prices have really gotten. Last year was supposed to be a bad year in real estate, but if we lay this year’s asking prices over last year’s measurements, we would see that compared Year Over Year, our current findings are about 11% lower than those recorded in November of 2009.
So either way, you look at it, homeowners who are looking to sell are likely taking it on the chin right now. And I know no one asked for my opinion, but I don’t see many indicators that would make me think we are about to turn the market around any time soon.