Members of the Greater Louisville Association of Realtors(R) posted 773 sales during the month of February 2012, a 25.9% increase over February 2011. February’s total sales continued an eight-month trend of outpacing the same period last year, which posted 614 sales during February 2011. The average selling price paid for single family and condominium homes in February was $157,891, up $3,285 from January, and up 2.92% from the same period a year ago.
Inventory, or the number of homes listed for sale, fell to 7,286 in February, a slight decline from January’s 7,331. January’s inventory snapped a 12 month declining trend, and rose to 7,331 units, from 7,294 in December ’11 and 7,825 in November ’11. The number of homes for sale continues to exceed a similar period last year, which posted 6,829 active listings for February 2011. That said, the current supply remains one of the lowest in the past 12 months. GLAR’s inventory of active listings stands at a 9.4 month supply; inventory levels near a 6 month supply are often associated with an in-balance market.
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