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
November saw 1,093 new listings enter the market. For the year, there have been 15% fewer new listings - 15,464 through November 2023 compared to 18,209 in 2022. In October’s market report, I highlighted the narrowing margin of year-over-year new listings as a potential indicator for more supply coming in 2024. November 2023 finished just 3% below last November, now marking five months in a row of new listings closing in on 2022 levels. With mortgage rates and inflation continuing to drop, the National Association of Realtors (NAR) is expecting inventory to rise by around 30% in 2024.
SOLD LISTINGS, TOTAL VOLUME
Home sales for November came in at 892, 8.5% below the 975 home sales of last November. Year-to-date, sales are 18.3% lower than in 2022 with 11,731 in 2023 compared to 14,365 in 2022. Even with the lower number of sales, a higher median sales price has helped the total volume remain positive year-over-year, 1.1% higher than November 2022. This is a sign of consumer strength within our current market and a differentiating factor from previous down years where higher unemployment and higher consumer delinquency prevented many households from being able to afford to buy or sell.
DAYS ON MARKET
As the market continues to stabilize, another data point worth mentioning is Days On Market. When only looking at last year, 2023's year-to-date total of 11 days on market (median) compared to 2022’s six days on market (median) could suggest weakening demand. But when the date range is expanded to January 2017, the average days on market (median) is 15.6, right in line with November’s 16 days on market (median).
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At Christie’s International Real Estate Bluegrass, we believe that luxury describes an experience. With Central Kentucky’s best REALTORS® and a powerful global platform that offers world-class marketing, industry-leading technology, and international reach, the firm is focused on providing the highest level of service and professionalism to clients at every price point. Celebrating all that the Bluegrass State has to offer, we are excited to speak to you about our full range of services and more. Luxury Lives Here. Graphs courtesy of Bluegrass REALTORS