Louisville housing market boasts low inventory and higher sales

Published: Jan. 23, 2013 at 2:40 AM EST|Updated: Mar. 9, 2013 at 2:45 AM EST
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The English's
The English's

LOUISVILLE, KY (WAVE) - If you've been thinking about putting your house on the market, but have been worried it won't move, realtors say now may be the time to sell.

Home sales have been steadily increasing especially in Greater Louisville. Interest rates are still low and right now, so is the inventory of homes.

With two daughters leaving the nest, 3600 square feet is too much house for Kristen and Sam English. The two have a beautiful home in a great neighborhood of Indian Hills, but fears of taking a big loss because of sluggish home sales took over their urge to sell in recent years.

"The market was so slow and we didn't want to wade into it," Sam English explained, "And we weren't ready."

"There is no question that we had parts of our city that were really hurt and taking 100,000 dollar losses," said Judie Parks, an owner and broker at Prudential Parks and Weisberg.

Parks says homes in the $300,000 to $500,000 range seemed to take the biggest hit. "There was a period from about 2009 to 2011," Parks said, "If I had a house that was $350,00 to $450,000, I just wanted to cringe because you couldn't get the phones to ring, you couldn't get people to come see them and it was really difficult."

The good news for would-be sellers like the English's? That period is over.

2013 is looking up because 2012 sales numbers jumped 16 percent from 2011, according to the Greater Louisville Association of Realtors.  For Parks that number doubled. She told us, "We as a company are up 30 percent and our average sales price is $199, 000, where the median price is $140,00, so we are doing really well."

With inventory low and companies like Ford Motor Company and Kentucky One bringing more workers into the area, there's no more waiting for the English's who now plan to sell in February.

Parks says although sales are on the mend, the market still isn't back to where it was especially, when it comes to the sale prices of 2006.

She says sellers have to be aggressive in pricing.  When that happens, she says she has seen well-priced homes move in a week, some even a day.

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