Each month, Justin Miller, Principal Broker at Christie's International Real Estate Bluegrass, analyzes the local real estate market in Central and Southern Kentucky and breaks down the data.
NEW LISTINGS
December had 841 new listings come to market, a 4.6% increase from December 2022. While new listings in 2023 finished 13.5% behind 2022’s total of 19,013, December’s positive year-over-year number marks the first time in 2023 that new listings have surpassed 2022 levels.
This shift is one in the right direction, supporting NAR’s forecasted 30% inventory increase in 2024, and a strong spring market.
PENDING LISTINGS
Pending listings increased 13.9% with 850 in December, compared to 749 last December. Since 2018, the market has dropped on average 22.6% each year in pending listings from November to December. In 2023, that drop was less than 1% (November 2023 – 858 pending listings).
This smaller month-over-month margin is a great indicator of buyer demand continuing to remain strong, occurring in conjunction with softening buyer conditions as the 30-year fixed interest rate fell from mid/high 7’s to mid 6’s, and the median sales price fell from $257,000 to $253,000.
SOLD LISTINGS
Eight hundred ninety-eight listings closed in December, 8.6% fewer than 982 from December 2022. As mentioned in previous market reports, the continual year-over-year lag in sold listings throughout 2023 is more a result of limited available inventory than a reflection of buyer demand. 2023 finished with 12,665 sold listings, 17.5% down from 15,347 in 2022. Although down, the year-over-year gap shrunk each month from April’s 22.4% deficit leading to December’s year-end 17.5%.
This movement, along with the shift in new listings and a smaller seasonal drop in pending listings from November to December, all support the idea of the market bottoming in 2023 and rebounding in 2024.
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