SOLD LISTINGS
September sold listings dropped 12% in existing home sales, month-over-month, with 1,096 closings compared to 1,247 in August. This decline follows the seasonal trend of market activity beginning to slow in September. Year-to-date sold listings continue to lag around 19% as September 2023 saw 9,762 closings to 2022’s 12,175.
NEW LISTINGS
New listings in September came in at 1,413, 10% lower than August’s 1,584. Year-to-date, 12,898 new listings in 2023 are 17.5% below 2022’s 15,641. While in comparison these numbers are down, the variability from March-September is over 40% less in 2023 than each of the previous two years, suggesting stronger market stability today.
MEDIAN SALES PRICE, MEDIAN DAYS ON MARKET, AND MONTHS OF INVENTORY
The median sales price in September was $255,000, a slight decrease from $259,900 in August, but still up 6% year-over-year from $240,000 seen in September 2022.
Days on market (median) are currently at 11 days, which is up from 10 days in September 2022. Months of inventory is sitting at 3.35. Low inventory levels remain a key factor in many markets nationwide and while a listing being on the market longer may seem like a negative indicator, the higher months of inventory could be a sign of post-COVID stabilization as they move back closer to the 4.5-5.5 months of inventory “healthy market” levels.
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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