LOUISVILLE, Ky. (WDRB) -- The Greater Louisville Association of Realtors is reporting home sales are up 13% from last year, based on the most recent data compiled in June.
The recent statistics add to the growing surge in home sales for 2021. The pace of growth did slow down slightly in June, but the average price went up nearly 12% compared to this time last year.
“It is definitely still a seller’s market,” said GLAR President Judie Parks. “It has slowed down in some cases in the number of multiple offers you might receive.”
Parks expects the housing market will continue these trends for a while.
“This is probably going to be a norm for a long time, because we just don't have enough inventory,” she said.
The inventory of available properties is down 38% from the same time last year. Even with buyers scouring the low inventory, there has been some improvement with the number of homes available. Parks said there was 1,600 homes and condos for sale last month, compared to the 1,000 available a few months ago.
Parks encourages sellers to use a realtor and take time to list the house at the right price.
“It's just human nature, if you're a seller, you're going to want the highest you can get. So sometimes you might unintentionally over price your home. I tell my sellers all the time now, it’s impossible to under price your home. You can absolutely still over price it.”
Parks attributes some of the slowed growth in June 2021 to owners overpricing their houses, which can turn off buyers. She said that could also result in the house staying on the market too long.
“I think a greater risk in a market that moves this fast, it hurts you more than in a normal market if you overprice. It’s always a danger to overprice. But this market, it can really hurt you even more,” she said.
With everything in mind, Parks said it is still a good time to sell or buy. However, she encourages buyers to prepare for a long process.
“Odds are this is going to be a two- to seven-month process and you are going to make probably on average at least three offers, at least,” she said to buyers.
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