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, MEDIAN SALES PRICE
In the January Broker Breakdown, it was suggested the 3.2% lag in new listings was potentially a result of winter weather, and based on February’s numbers that appears to be the case. February new listings came in at 1,264, an 8% increase from February 2023. This jump brings new listings up to 2,321, just 0.3% off 2023 levels – a welcome sight for our local inventory.
New listings weren’t the only data point to see an increase in February. Median sales price increased 12.8% from last February, finishing the month at $265,000. Year-to-date, the median price is $261,000, 8.8% up from 2023. 2023 experienced a continual climb in median sales price in the first part of 2023 before showing some sign of stabilization in the second part of the year. February’s 12.8% increase may indicate that the spring market has already sprung, coming a month earlier than prior spring markets, which is good timing for all those new listings.
PENDING SALES, SOLD LISTINGS
There was a slight uptick with 1,057 pending sales in February, up from 1,052 in 2023. This is another indicator that January’s sales were weather-related rather than a sign of slowing market conditions. Sold listings are currently 5.5% behind 2023 sales year-to-date. This is more of a lagging indicator and reflects 2023 new listings ending 13.5% behind 2022 levels. It will be interesting to see if March sold data follows the jump of new listings seen in February.
ADDITIONAL RESOURCES
Luxury Market Report: 2023 In Review & 2024 Forecast
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