To get started off, let’s look at pricing first, is the median asking price for Crescent Hill homes for sale headed up or going down? The asking prices for homes in 40206 were right at $205,000 one year ago. Since that time, they bounced up pretty quickly in the spring of 2010, to highs of $220,000 or so, before falling pretty quickly in June or July to $200,000. Not much has changed since then, it appears. Accepting some normal ups and downs, the most recent measurement is right at $200,000, where it was five or six months ago. While asking prices may have stabilized a bit over the past few months, we are still 10% off where we were at the end of January 2010.
Maybe we will fare a little better if we look at a different statistic. Not every part of the Crescent Hill real estate market can be 10% off, right? How about inventory levels? Normally with dropping prices we would expect to seeing rising inventory levels, kind of the whole economics theory of supply and demand. However, check out this graph. It almost looks like inventory has been constantly dropping since last May, or sometime around then. Looking at weekly data points, early spring of 2010 saw a high of 115 homes being actively marketed in 40206. Between then and now, there are about 45 fewer properties for sale, which is a really large drop. And somewhat confusing.
We are seeing asking prices that are well below where they were one year ago and yet inventory has dropped significantly. My belief is that the only reasonable explanation is that even with a smaller amount of inventory, there still aren’t enough buyers out there willing to pay what sellers want to move. There still is no balance in our marketplace and until we see more buyers enter the market, my belief is that it will continue to be tough going for sellers.
If you’ve read this far, then you are most certainly interested in Crescent Hill homes for sale, so let’s look at how long those homes are staying on the market, on average.
One year ago, weekly data points said our average days on market measurement was about 175 days. And our most recent measurement says almost 170 days, a drop of only 5 days. If we looked only at the two ends of the graph, we would think we had a pretty steady year. But within the past year, DOM numbers fell as low as 120 days before bouncing back up to today’s level. I’m sure a lot of that movement is due to seasonal forces, winter is almost always slower than spring and summer, but that still doesn’t leave us in a great spot, especially if you want to sell your Crescent Hill home.
To learn more about Crescent Hill real estate and data analysis of Louisville homes for sale, visit http://www.GregFly.com, where Greg Fleischaker breaks down weekly sales data for the city as well as many surrounding neighborhoods, such as Anchorage, Prospect, St. Matthews and the Highlands.
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