Highlands Homes Few and Far Between in 1st Quarter Housing Update

At the risk of sounding like a broken record, the Louisville housing market is starving for new listings. You may hear a lot of people referring to this as an “inventory shortage”. It’s true. Buyers are all over the place and they can’t find what they’re looking for because there’s just not a lot for sale. As true as this is for Jefferson County homes for sale, it’s also true for Highlands homes for sale.

LAST YEAR

Last year during the first quarter there were even fewer homes listed for sale in the Highlands than this year. The 40204 and 40205 zip codes loosely define what I mean, and as always I am speaking about single family home sales in the Highlands. Condos are not included in my numbers. Last year there were 113 new listings that hit the market in the Highlands during the first quarter. Of the 160 TOTAL listings that were active in the Highlands during the first quarter, 99 of them went pending, and 83 of them closed.

THIS YEAR

The first quarter of 2015 brings us a total of 245 Highlands homes for sale, however with that increase comes an increase in homes under contract and homes sold. So, even though there were 161 new listings that hit the market in the Highlands during the first quarter this year, there were 168 that went pending. So there were seven more sales than new listings. There were also 106 single family homes that closed in the Highlands during the first quarter of 2015.

PRICE

Average sale price in the Highlands for the first quarter of 2015 is a strong $268,533. That’s up 7% over last year’s $250,662. The biggest difference in this is in the 40204 zip code alone. The average sale price of a single family home in the 40204 zip code for the first quarter this year is $208,266, which is 14% higher than last year’s $181,162! If the inventory remains as low as it is right now, you can expect those prices to increase again in the second quarter.

WHO CARES?

If you own a home in the highlands, you should care. Homes are selling in the 40204 and 40205 zip codes faster than they are hitting the market. This means people are buying the old inventory that sat on the market over the winter. This means prices are ticking upward. This means that the Highlands housing market is on fire, and sellers are selling in 48 hours or less. Competition is almost non-existent because there aren’t enough homes listed to compete with a new listing. As of this morning, April 8 2015, there are only 86 single family homes for sale in the Highlands! That’s incredibly low. I hope that you understand the power that gives home sellers right now. If your home is pretty and priced well, it should not sit on the market for longer than a couple of days. In many cases right now new listings are selling above asking price due to multiple offer situations.

If you were thinking about putting your Highlands home on the market this year at some point, now might be the best time. I would love to speak with you about your home and offer you a no cost evaluation of your home’s value – 502-509-9278 – justin@metrolouisvillemls.net

You can view all Louisville homes for sale at http://www.louisvillehomeplace.com

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