Northern Kentucky Market Update Oct. 8, 2007
Monday, October 8, 2007
Market Update for 10/08/07
Active listing for Single Family, Condo/Townhomes and farms – 4221
Sold since 1/1/07 = 4736
Market data as of 10/08/07 at 11:30 AM EST
The above data show that there is 8.24 months of supply of homes for Northern Kentucky using the Absorption rate. The absorption rate is figure by dividing the numbers of months into the amount of homes sold. Take that number and divide it into the number of homes for sale (Active) that will give you the number of months on the market by supply.
4736 divide by nine and ¼ months= 512 homes sold per month average
4221 homes for sale divide by 512 homes per month sold average = 8.24 months of supply
NAR (National Association of Realtors) says that anything under a 6 month supply of home is a Seller’s market and anything over is a Buyer’s market. As you can see we are in a Buyers market, you just have to listen to the news or read a newspaper and they will tell you that.
The last two weeks have seen a small increase in showings. Buyers are just darn right picky, they got a lot to choose from, they are in no hurry and they feel if they don’t get a steal, they got cheated.
I look for the market to stay like it has to late fall ‘08, showings will continue till near Christmas and then we will have the Holiday slow down.
What is selling homes today!?!?!
PRICE! PRICE ! PRICE! And excellent top notch CONDITION. Buyers now days are lazy in that they do not want to do any work, they want the home turn key, just move in condition. They have no time, usually both parents are working and running the kids around or busy with social and work things, people just don’t have time any more to fix things up. Want to get your home SOLD? Work on the price and have that home in top notch condition.
