ome sales in LBAR’s 26-county region have increased for the second straight month and median prices have followed suit. For March, sales jumped by 4% and prices increased 3% year-over-year. For the ﬁrst quarter, sales were up 3.8% and prices saw an uptick of 2.6%. “The market is hot going into the spring, which most in the industry predicted,” said Al Blevins, 2019 president of LBAR. “The data we see for the upcoming months also looks positive as pending sales are showing an increase and have increased every month in the ﬁrst quarter. Continued inventory increases coupled with a bump in new listings is also a good sign for real estate in the Bluegrass region.” In Fayette County, the market is lively as well. Sales were up 7% for the month and the median sales price was up 3%. New listings jumped 4% for the month and the months of inventory increased 6%. For the quarter, Fayette County saw pending sales up each month versus the previous year. Days on market dropped 7% as more buyers entered the market and snapped up homes at a faster pace in March. Buyers have been limited in selection for some time now and this new trend opens up choices for those looking to purchase as well as bringing discouraged buyers back into the market. Buyers will enjoy a more favorable market for the next several months as more and more listings become available. Blevins added, “The spring months, typically the second quarter, which starts in April, is when most people list their homes for sale. With interest rates still at historically low levels, the real estate market will continue to be extremely strong throughout the Central Kentucky area.” Mortgage rates have, in fact, continued to hover at historic lows and increases may not be seen any time soon. Lawrence Yun, NAR chief economist, stated that he does not anticipate any interest rate increases from the Federal Reserve in 2019 and, if there is any change at all, it may be lower rates through 2020. Good news for those in the market for a new home this spring.
(Source: LBAR President, Al Blevins)
TOPS in Lexington | May 2019
Who's Who, What's New and What to Do in Lexington, Kentucky