HOUSING STATS
The Kentucky Seller’s Market Rolls On BY PAUL DEL RIO
KYR Director of Communications
T
he confounding housing market we are living through may likely be referred to by a unique moniker in a few years: “The great inventory shortage of ’20 & ‘21”? “The post-pandemic price boom”? “The Covid Crescendo”? Your guess is as good as ours. One thing remains fairly certain, however, once the market moderates and corrects, we aren’t likely to see these kinds of sales volume figures for years to come. 2021 year-to-date (through April) sales volume is up 28% over 2020 and 39% over 2019. Obviously, this means different things for different people. More volume = more commissions (good). More closings = less inventory (bad). There are many ways to spin this market. The bottom line is it won’t be sustainable. Something must give. Sales will slip and prices will eventually moderate. Kentucky home sales through April of this year reached 16,417 units sold. Looking at the sales numbers for 2020 and 2019; the
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figure of closings YTD though April accounted for about 25% of the sales count for the entire year. Applying that logic would put the current year’s sales pace at over 65,000 homes sold. The record in Kentucky was set last year at just over 56,000. If the market predictions hold true, we may very well set another high-water mark in 2021. Whether due to an increase in new construction or sellers beginning to feel like they may have options if they decide to list, REALTORS® are anticipating the return of inventory to the market. “According to the most recent Kentucky REALTORS® Opinion Survey, 40% of respondents anticipate an increase in inventory and 39% anticipate an increase in the pace of new listing activity over the next twelve months”, said KYR President Charles Hinckley. “Confidence is growing that the tide will turn, and more homes will be added to the market.”
