Louisville Properties Blog
Louisville Properties Blog

Home Prices

No Recovery in Louisville Real Estate Prices Expected Until 2012

Louisville real estate analysts predict that Louisville housing prices have not reached bottom and probably won't until the end of 2010. They also believe that prices won't regain their highs of spring 2008 until sometime in 2012 according to a report recently released by technology company Fiserv. Although they expected Louisville home prices to continue their slow decline, they tempered this news with the prediction that the loss will be very modest, around 2.3 percent. Among 383 metropolitan areas in the United States, Louisville's slight 2.3 percent loss is the 33rd smallest. This is good news for Louisville real estate professionals and homeowners alike. Fiserv analysts said that they used the Case-Shiller Home Price Indexes to develop their forecasts as they measure the average change in home selling prices in a particular market. Analysts also used Moody's Economy.com and the Federal Housing Finance Agency to create the Louisville real estate market forecast. The market analysis predicts that real estate prices in some of the hardest-hit communities for declining home values will continue to decline with Merced, CA showing drastic declines of 73 percent. Home prices there and in other troubled markets aren't expected to recover until 2039 or after. The median price of Louisville homes sold by members of the Greater Louisville Association of Realtors in 2009 was $132,000. Although Louisville housing market conditions may favor buyers for now and the next several months, an experienced Louisville real estate agent like the one at Louisville Properties can tell you that these predictions may or may not turn out to be true. Many different factors can affect Louisville real estate prices. There is one sure thing when it comes to Louisville real estate: Louisville properties will have the best selection in the area for commercial and residential real estate. Call today at 502.744.9504 if you're thinking about buying or selling real estate in the Louisville...

Louisville Housing Coalition Focuses on Area Housing for the Poor

The Louisville Courier-Journal recently reported an expected shortage of affordable Louisville housing for low-income residents. A group supporting the construction or allocation of increased housing for low-income residents wanted to know how the scheduled demolition of Sheppard Square would affect affordable housing in and around Louisville. The Metropolitan Housing Coalition has requested that the planned demolition of Sheppard Square and other projects receive a second look from the Louisville Metro Housing Authority. "One thing that is missing, it seems, is a clear vision for what the housing authority is doing long-term—so that's where that recommendation is coming in," said Phoenix Lindsey-Hall, the coalition's development director. The Louisville Metro Housing Authority announced in August 2009 that it was seeking a $20 million grant from the federal government to demolish the Sheppard Square public housing complex in Smoketown and build mixed-income apartments and houses in its place. Critics of the authority's plans are concerned that the demolition would make the current shortage of affordable Louisville housing even worse. Phil Tom, board member of the coalition, stated that it was very important for the housing authority to address concerns about the Sheppard Square project. "How are we going to do this project and do it well and, again, make sure the families that are currently living in Sheppard Square are going to have housing available to them?" Tom asked. Louisville's slogan is "It's Possible Here." It is a city that values its residents of all socio-economic backgrounds. If you are moving to the Louisville area, and looking for the best selection of virtually every kind of Louisville housing, visit Louisville Properties' website or call 502.744.9504 today for the most complete selection of Louisville homes for sale...

Louisville Home Prices Higher in May 2009

The Louisville Courier-Journal recently published an article claiming that Louisville home prices rebounded slightly in May 2009. The Greater Louisville Association of Realtors said that the median price of homes sold by its members in May rose 1.5 percent over homes sold in May 2008. The median selling price in May was $137,000 and this is the first monthly gain in Louisville residential real estate since January 2008. Jan Scholtz, the association's president, said that Louisville realtors who belong to the organization greeted the news with enthusiasm. "Obviously we're elated," said Jan Scholtz, "We just think there is a little bit of easing of the lack of consumer confidence." However, Scholtz also cautioned members against placing too much emphasis on the impact that a one-month hike in Louisville home prices might have on the Louisville real estate market. She said that she expects the market's median home selling price to experience an overall drop for 2009, mostly due to the amount of first-time home buyers taking advantage of the federal tax credit. The program is intended to boost home sales around the country by offering qualified first-time home buyers up to $8,000 in tax credit toward the purchase of a home until December 1, 2009. Scholtz claims that first-time home buyers accounted for around 70 percent of all Louisville home buyers. She also said that since first-time buyers tend to purchase less expensive homes, the median selling price of homes in the Louisville area is down. Members of the Greater Louisville Association of Realtors reported selling 921 homes in May 2009, which was a 20 percent drop from the same period a year earlier. If you would like more information regarding Louisville real estate services, feel free to contact Louisville Properties by phone at 502.744.9504...

Louisville Home Prices Drop Despite Tax Credit

A recent article in the Louisville Courier-Journal claims that the selling price of Louisville homes dropped again in April according to figures provided by the Greater Louisville Association of Realtors. They report that the median selling price of Louisville homes fell by 2.3 percent in April 2009 and is down by 6 percent for the first four months of the year. Members of the group report that they sold 787 homes in the Louisville metropolitan area in April which represents a 22 percent drop from the same period last year. The number of days that Louisville homes for sale remained on the market before selling increased to an average of 136. But the association reports increasing interest recently and members are hopeful that the federal tax credit of up to $8000 for first-time home buyers will inspire wary buyers to get off the fence and take advantage of the tax credit. But the drop in Louisville home selling prices is not as steep as the drop in prices nationwide. The National Association of Realtors claim that in the first quarter of the year, the median selling price nationwide dropped 13.8 percent over the same time period the previous year to $169,900 for an existing single-family home. The association claims that about half of all home sales across the country were deeply discounted foreclosure or distressed properties which pulled down the median selling price across the country. The median selling price for April 2009 in the Louisville real estate market was $129,000. If you're looking for Louisville foreclosures, Louisville homes for sale, or any kind of Louisville real estate, visit LouisvilleProperties.com—the area's premier source for information, services, and up-to-date listings of Louisville homes, condos, multi-family residences and real estate....
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