Hi, Scott Coppage here with All About Homes Realty.

 

Yes, 2017 was another record setting year for local real estate sales.  The National Association of Realtors, NAR, provides great real estate data for the major markets all over the country, but what about in your backyard?

Well, you have come to the right place to find out.  Every month we talk about Real Estate issues and how the market is doing right here in your area.  Today I want to discuss how the  2017 market and what we expect in 2018. 

 

The first half of 2017 started out on fire with sales exceeding 20 percent over 2016 even though inventory, the number of homes available for sale, was very low compared to 2016. However, sales in the second half of 2017 slowed as market inventory continued to tighten but, we still finished slightly above 2016.  Meade County real estate sales for the year were only up about two percent above 2016 but median the sales prices appreciated a strong eight percent building equity for those looking to sell.   Our overall market sales which includes Meade County, Breckinridge County, Hardin County, Vine Grove, Rineyville, Elizabethtown and Radcliff were up by strong 12 percent over 2016.  Our market got back to normal from the great recession in 2015 and has been setting records every sense including 2017.

 

 

So what about 2018??  

 

Well, it's anybody's guess but all the numbers I will watch are going in the right direction for another record sales year in 2018.  Two straight quarters of three percent GDP, near four percent unemployment, strong car sales and a booming economy all tell me 2018 is going to be another record breaker.

 

 

My Advice

Buyers-

We all know interest rate's are still incredibly low at around four percent for most people but  there on the way up. So, if you find your dream home my advice is to jump on it.  

 

Sellers-

2017 is the first true Sellers Market that I have seen in this area in years.  Prices have appreciated eight percent over 2017 and available inventory (the competition) is still quite low. Our agents at All About Homes Realty are really working hard to find buyers the homes they want.  We have a lot more buyers then we have homes to sell them.  So sellers, in my view, you are in the perfect storm.  Low inventory, high buyer demand, and near historic low interest-rate’s...it's a great time to be selling.  Rates are undoubtably going up so now is the time to sale.