December 2019

Monday, December 23, 2019

Kentucky REALTORS® is proud to announce that the statewide participation total for the second annual Kentucky REALTOR® Ring Day reached $20,901.29. This total is cumulative from the state REALTOR® association and fourteen different local REALTOR® associations across the Commonwealth.

Leading the way again this year was the Paducah Board of REALTORS®. The area total raised there reached $8,984.08 thanks to a matching donation from that board of $2,500.

2019 KYR President, Rip Phillips, is pleased that so many REALTORS® are choosing to give back to their communities in this way. “It’s great to see REALTORS® out in the community and putting a face to the giving spirit we try to embody all year through. We’re proud of our track record of investing time in the places we live and work. Spreading a little Christmas cheer in the process is just an added bonus.”

The Salvation Army has been helping coordinate “Ring Days” for different organizations for years, but this event marked the second time that Kentucky REALTORS® and other REALTOR® local associations teamed up to help with the kettle campaign. Kettles were staffed at retail outlets where shoppers were greeted and invited to donate.

Tuesday, December 3, 2019

Fourth-quarter home sales in Kentucky began with a strong October. Year-to-date home sales through October stands at 43,353 units and was an almost 5% increase over the 2018 total of 41,352. A strong October sales mark of 4,496 (up 8.4% over 2018) holds the state near record-breaking territory. Sales volume in the Commonwealth saw nearly a billion dollars in inventory change hands. The figure of $940 million was up an impressive 16.8% over October 2018 ($805 million).October 2019

Across the nation, total existing-home sales increased by 1.9% from September to a seasonally adjusted annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year ago (5.22 million in October 2018). Lawrence Yun, chief economist for the National Association of Realtors®, said this sales increase is encouraging and he expects added growth in the coming months. “Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers,” said Yun. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”

The median sales price in Kentucky was up 8.3% over October 2018 at $175,500. Year-to-date that total is up approximately 5% (at $172,553) from last year’s mark of $163,321.

October’s days-on-market (DOM) figure inched back up once again to 101 days. This is an increase of 6% over last year’s 95 days in October of 2018. Year-to-date, it is taking homes an average of 103 days to go under contract once listed.

October 2019 YTDRip Phillips, President of Kentucky REALTORS®, reports that Kentucky’s market outperformed the south region of the U.S. in October. “Sales in the south are up about 7%”, he said. “The state of Kentucky, fueled by this robust and growing economy, showed an increase of almost eight-and-half percent. The affordability here is also allowing people to enter the market that previously could not do so. Lower mortgage rates are keeping the cost of owning a home stable even while the sale prices are steadily increasing.”

The inventory number for the state slipped slightly to 4.3 months. This is down just 2.5% over last October’s total of 4.4 months. Most economists believe a balanced housing market offers a 6-month inventory level.