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
2024 started below previous years for new listings but February and March have shown a steady increase in inventory. March had 1,475 new listings come to market, a 1.9% increase from March 2023. This is two consecutive months of positive year-over-year listing data, a hopeful sight where much of 2023 fell behind 2022 numbers.
PENDING SALES, SOLD LISTINGS
Along with new listings, pending sales have continually increased in the first three months of 2024. Coming off a slight uptick in February, March had a 7.3% increase compared to 2023, with 1,318 listings marked pending (up from 1,228).
Sold listings saw a 21.8% increase month-over-month with 959 closings but fell short of 1,143 sold listings from March 2023. With new listings coming to market and pending sales continuing to rise, sold listings data should start to reflect the same positive trends in the coming months.
BUYER CONFIDENCE
Days on Market dropped from 23 days in February to 19 days in March. During this same time, the margin between the sold price and the asking price continued to narrow, marking four months in a row of this trend. Both data points are positive indicators of strong buyer confidence, adding to the overall healthy market conditions once coupled with the increasing inventory, and pending and sold listings.
ADDITIONAL RESOURCES
Luxury Market Report: 2023 In Review & 2024 Forecast
Home Search
Home Valuation
Find An Agent
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