Central Ky Home Sales
From LBAR: May real estate statistics in the Bluegrass saw both record highs and record lows as the Federal Tax Credit Program came to an end. Sales saw a sharp rise in May, increasing 25% for the year-to-date over 2009 and 39% over May 2009. Total sales jumped this month, rising from 662 reported sales in May 2009 to 917 in May 2010.
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The influx of first time home buyers led the market to some of its highest numbers in years, but as the tax credit program ends, the market will be left without that group of highly motivated clients. On the heels of these lofty figures came a dramatic but not unexpected decrease. Pending sales in May 2010 declined 41.6% over May 2009, falling from 894 to 522 pending sales reported.
Months of inventory fell 27% to 7.2. This decrease is a positive indicator; a balanced market contains 5-6 months of inventory. Additionally, the percentage of the listing price attained remained stable at 96%. Residential average days on market decreased 7% in May 2010 vs. May 2009, falling from an average of 85 days to 79 days.
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