Prospect, KY

I have a friend who lives in the Sutherland Subdivision of Louisville, or Prospect to be more precise, and he was curious how the micro real estate market was behaving for his neighborhood. Since it is pretty easy to pull that info off of the local MLS, that is exactly what I did, and here is what I found. So far this year, there have been 23 listings in Sutherland, but only 12 homes are currently active today. Of those 23 total listings so far in 2009, only 7 have sold and closed in Louisville's Sutherland Subdivision, with another 18 listings leaving the market with a contract. Obviously, that last number includes a few homes that came on to the market in 2008, but it is still worth looking at, as we can see that less than 1/3 of new listings, or Louisville Sutherland homes for sale resulted in a completed contract and sale.

While doing a little research for homes in Prospect, Ky, I decided to compared the asking price of homes currently for sale in Prospect to the smaller group of homes just coming on to the market in any given week. There is a very discernable difference between the two numbers, and lately, the number has only been getting bigger and bigger, with almost $55,000 separating the two variables. Think about that for just one second: If you are a home owner in Prospect, with a home for sale around $500,000, and the new listings are coming on the market for $450,000, that is going to seriously affect your chances of finding a buyer any time soon.

If you have any questions about Prospect Ky real estate, or Louisville real estate in general, please visit my website at www.GregFly.com. Also, please feel free to call anytime or send me an email at greg@gregfly.com.

I just wrapped up a very short article on www.LouisvilleKyRealEstateBlog.com about home prices for Prospect Ky real estate, and how listings just coming on to the market are priced quite a bit lower than homes already sitting on the market. In addition, homes leaving the market, either pending, sold, or just plain taken off of the market, are priced even lower, more than 10% less than the median price of existing listings. As an example, in Prospect, where the median price of homes currently on the market is $500,000, homes are being absorbed at a median price of close to $435,000, a difference of $65,000!

On a few of my other blog sites, I have recently written an article or two about the current real estate market in Prospect Ky. Here is a chart that I did not share on any of those sites, but still found it interesting. According to the good folks at Altos Research, where I get most of my data, a market action index for any area that is below 30 falls squarely into a buyer's market, with the lower the number being indicative of just how far into that buyer's market your area is. With that in mind, let's look at the chart above. On September 17th of this year, the Median Market Action Index for Prospect Ky was just at 19, a solid buyer's market. Now, about one month later, maybe five weeks, the measurement is 12, a pretty steep fall. The good news is that this may just be normal fluctuation in the market conditions. But the bad news remains: Even if you even things out a bit and look at a rolling 90 day trend line, Prospect is still looking at a Market Action Index of about 15, hardly anything to cheer about.

If you have any questions about Prospect Ky real estate, or Louisville real estate in general, please visit my website at www.GregFly.com. Also, please feel free to call anytime or send me an email at greg@gregfly.com.

It's time to tuck my kids into bed, but I want to wrap this up first, so let's see how quickly I can get through the basics for Prospect Ky Real Estate:

The asking price for homes is holding steady, as the graph below shows. However, the inventory levels are dropping overall, but had a small spike last week and the days on market are increasing. If you would like more info on Prospect homes for sale, please visit my website at www.GregFly.com, or my blog at www.LouisvilleKyRealEstateBlog.com.