Bluegrass real estate sales up 39% in May while nation shows only 18% jump

06/25/10 by Milestone Realty Consultants

Sales in Central Kentucky for May 2010 rose 39%, while the National Association of REALTORS® (NAR) posted only a 17.7% increase in sales for the nation. Milestone Realty Consultants Principal Broker Judy Craft comments that, “while sales in May are still reflective of the tax credit, the Bluegrass region’s sales increase was double than that of the nation. This shows just how much confidence buyers and sellers have in the region.”
    
The Bluegrass currently has a 7.2 months supply of homes on the market which is 27% lower than last year’s 9.8 months supply. The NAR reports that the nation has an 8.3 months supply of inventory but that is only 14.4% less than at the same time last year.

Median sales prices in the Bluegrass also outpaced national figures. The median sales price for residential homes rose 5% to $146,000 in May 2010 vs. May 2009. Nationally, that figure only rose 3.8%.

The average days on market for residential sales in Central Kentucky houses fell 7% to 79 days. The same figure for townhouses and condos was unchanged at 88 days for May 2010 vs. May 2009.

Not surprisingly, pending sales dropped 41.6% in May 2010 vs. May 2009. Buyers were up against the deadline for the tax credit in April and now the rush to get a contract on a home has slowed.

The active number of listings or inventory on the market for Central Kentucky in May was 6,642 which is up 3% compared to May 2009.

Truly a “one-stop shop”, the Milestone Team is comprised of the real estate division, with offices in Lexington, Louisville, Georgetown and Richmond, Walden Mortgage Group, LLC, Walden Title, our Rental Division and a truly outstanding Relocation Division. Visit milestoneky.com or call 859-245-1179 for property listings, area statistics and community resources. To arrange an interview with Judy Craft, please call Katie Rowan with Milestone Realty Consultants at 859-514-5420 or e-mail krown@milestoneky.com.     

Editor’s Note: See the following for related charts.

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For a more printer friendly version of this report, please click Milestone Market Press Release May 2010.