Lexington-Bluegrass Association of Realtors announces $1.28 billion in sales in first half of 2017

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The Lexington-Bluegrass Association of Realtors (LBAR) reported 6,718 reported sales totaling $1,282,242,347 in the period ending June 30.

“The first half of 2017 has been strong with total sales activity up five percent and new listings up four percent,” said LBAR President Ty Brown. “Sellers who sold enjoyed lower days on market with single-family sales at an average of 58 days and townhouse/condo sales at an average of 68 days. The entire LBAR area remains dominated by a seller’s market but beware, it could be a buyer’s market in your neck of the woods.”

Total sales increased five percent from 6,402 sales to date in 2016 to 6,718 sales to date in 2017. Residential single-family sales increased four percent from 6,002 sales to date in 2016 to 6,253 sales to date. The residential median sales price increased four percent from $154,000 to $160,000 . The residential average days on market decreased 16 percent from 69 days in 2016 to 58 days in 2017. Year-to-date townhouses/condos sales increased 16 percent from 400 sales in 2016 to 465 sales to date in 2017.

“Buyer interest is solid, but there is just not enough supply to satisfy demand,” Brown said. “Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast. There are 2.9 months of inventory, down six percent compared to June 2016. Sellers are receiving 97.4% of their list price. With the lack of listings in the affordable price range, now is a good time for those interested in listing their house to contact their Realtor.”

June sales activity increased one percent with 1,419 sales reported closed in June 2016 compared to 1,428 sales reported closed in June 2017. Of the 1,428 sales 321 sales were to first time homebuyers and 160 sales were to out of state buyers. Residential sales increased one percent from 1,319 sales closed in June 2016 compared to 1,338 sales closed in June 2017. The residential average days on market decreased 11 percent from 53 in June 2016 to 47 days in June 2017. The residential median sales price increased one percent from $164,900 in June 2016 to $167,000 in June 2017.

Townhouses/condos sales decreased 10 percent from 100 sales reported closed in June 2016 to 90 sales reported closed in June 2017. The townhouses/condos median sales price increased 15 percent from $140,000 in June 2016 to $160,500 in June 2017. The average days on market decreased eight percent from 65 in June 2016 to 60 days in June 2017.

Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings. For additional information please contact Elaine Hangis, LBAR Chief Executive Officer at 859-276-3503 or via e-mail elaine@lbar.com.

From LBAR

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