NKY Real Estate Market Update

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2016

The Northern Kentucky Association of REALTORS® and the NKY MLS report 2016 has been a record breaker for home sales and total dollar volume for NKY buyers and sellers. Units sold in 2016 was the highest recorded, 7,029 units closed, up 10.48% over 6,362 sold in 2015. Additionally, the dollar volume of residential sales rose 17.12%, $1,224,052,128 /$1,045,135,827 (2016/2015). The previously held record for units sold and total dollar volume was 2005, when REALTORS® sold 6,977 homes and the volume was
$1,081,834,519.
In comparison, 2016 saw record breaking average home sales climb to $193,000 in Aug The highest average sale price in 2005 was $163,000. Inventory is likely to be a factor too. In 2005, the average inventory of available listings was between 3,500 -4000 at various times of the year. During 2016, the inventory level was between 1,600 – 2,000 homes available for purchase.


The Northern Kentucky Association of REALTORS® and the NKY MLS report residential home sales in November 2016 jumped 25.72% over the November 2015 home sales (523/416). Average sales prices, month over month, were up by 5.22% ($168,241 /$159,898). Year-to-date stats (2016/2015) show a consistent increase year over year.


The Northern Kentucky Association of REALTORS® and the NKY MLS report residential home sales in October 2016 were up, showing a 6.34% increase over October 2015.
A strong seller’s market drives dollar volume of sales to over one billion through October. It remains to be seen if this early achievement will make 2016 the highest in sales volume since 2006. Average sale prices seem to have stabilized slightly and are still among the highest recorded locally at $170,244 in October. Home sales are up for the year by 9.36% and buyers don’t seem to be sidelined by rising prices.


The Northern Kentucky Association of REALTORS® and the NKY MLS report sales through September were brisk, even after local schools were back into their fall sessions. A 9% increase year over year, 2016 versus 2015, shows that the NKY housing market is still going strong through the third quarter of the year.

Average home sale prices, were up by 4.5% month over month in September as well as year over year to date by 7%. So far, 2016 has been thought of as a seller’s market, with average selling prices climbing higher than ever locally, with many seller’s receiving multiple offers to buy their property.


The Northern Kentucky Association of REALTORS® and the NKY MLS report sales of residential homes
slowed in July by -4.37%. Year to date through July, home sales 3,928 are still fast paced, up by 8.81% over year to date 2015 3,610. In July, the average selling price was the highest recorded by the MLS $184,547.

Low inventory and high demand explains the higher selling prices this year. Active listing inventory has been increasing monthly, topping 2,000 for the first time this year.  Many more listings are needed to keep pace with the consumers in the market hoping to buy. Looking back to this same time of 2015, there were nearly 2,500 homes on the market waiting for offers.


The Northern Kentucky Association of REALTORS® and the NKY MLS report sales of residential homes were up by 6.5% in June 700 over the robust numbers from June 2015 657. Average sale prices continue to climb locally, $183,282 / $177,404 June 2016 / June 2015 a 3.31% increase. The average sales price of $183,282 is the highest average price the MLS has recorded, beating out the previous highest average price of $177,404 in June 2015.
The MLS had 731 homes go pending in June, the third highest number since 770 pended in April 2010, due to the first time home buyer tax credit offer at that time.


The Northern Kentucky Association of REALTORS® and the NKY MLS report sales of residential homes in May increased by 15.4% to 667. 578 homes sold in May 2015. Year to date, home sales in NKY rose by 12.4% over the same period from last year.


The Northern Kentucky Association of REALTORS® and the NKY MLS report sales in April 2016 of existing residential homes showed double digit increases in average and median sales price over April 2015.
Homes sold rose 9 percent, 552 in April 2015, and 602 in April 2016 which is a number directly affected by low inventory of homes for sale. There are currently 1,901 residential homes for sale and this time last year there were 2,774. Interestingly, average sale prices rose 13.94% from $150,104 in April 2015 to $171,022 in April 2016.


The NKY Association of REALTORS® and the NKY MLS report home sales in March continued on an upward pace with 550 units closing, a 5.36% increase over the 522 reported for the same period of March 2015. Year to date, home sales are up by 9.86% over the same time frame from 2015. Through March 2016, the average price of residential properties sold was $160,675 over the $153,750 from year to date through March 2015 by $6,925 or 4.5%.


The NKY Association of REALTORS® and the NKY MLS report home sales in February 2016 were up by 23.5% over February 2015. NKY REALTORS® closed 388 homes in February; typically a slower month for sellers but the market is so hot that buyers braved the cold.
Year to date through February 2016, NKY surpassed 2015 numbers in all categories, sales were up by 12.5%, average sale prices were up 7.3%, median prices were up by 6.6% and total dollar volume was up 20.8%. This is all good news for the local economy as each home is sold, money is pumped back into the area for goods and services that new homeowners need and want to settle into their home.


2015

The NKY Association of REALTORS® and the NKY MLS report the ending of the third quarter of 2015, sold housing stats outpaced 2014 in all tracked categories. Sales are up by 3.58% 4,743 versus 4,579; average sold prices are higher by 5.54% $163,611 versus $155,016; median prices are higher by 6.34% $142,500 versus $134,000; dollar volume sold properties is up by 9.32% $776,006,934 versus $709,819,728 and finally, the days on market for sales to close went from 80 to 73.


The upward pace continued in August, up 1.83% 612-601 for the month and year-to-date 3.45% 4172-4033. The NKY Association of REALTORS® and the NKY MLS report that for 2015, average prices are up 5.32% year over year-to-date 2014 by $8,000 163K- 155K. Sellers are reaping the rewards by having their property ready and on the market during the peak selling time and pricing their property right with the help of their REALTOR’S® knowledge of the local market.


Northern Kentucky Association of REALTORS® and the NKY MLS report July 2015 home sales 671 topped July 2014 598 by more than 12%. For the second month in a row, average sold price in local neighborhoods tipped the $170,000 mark. 705 homes went under contract, the highest number to go pending since April 2010.


Northern Kentucky Association of REALTORS® and the NKY MLS report that home sales in June 629 rose 2.61% over homes sold in the same month in 2014 613. The average selling price for June was $177,230 the highest average monthly price recorded by the MLS, something potential sellers have been waiting for a few years to see. The average selling price comparison for month over month July 2015 vs July 2014 was up over 7% and total sales dollar volume for year–to-date 2015 is higher by 10% over the same period in 2014.


Northern Kentucky Association of REALTORS® and MLS report average home prices in NKY were up 3.88% for May 2015, $168,016 over $161,745 for May 2014. Year to date, average home prices are up by 4.73% over the same period in 2014. Residential property sales are on pace to meet or exceed 2014 home sales. In May, 654 homes went under pending contract.


Northern Kentucky Association of REALTORS® and MLS report that home sales are up for the month of April 2015 534 over April 2014 517, an increase of 3.29%.

The most exciting news is, the inventory shortage rebounded in April with 964 new residential listings for sale in the local housing market. This number of new listings is the highest monthly addition to the MLS since March 2010 when 1196 new listings hit when the First Time Homebuyer Tax Credit was ending.


Northern Kentucky Association of REALTORS® and MLS announced
today that home sales in March 2015 rose nearly 19% 501 versus 422 over sales from the previous March 2014.


Northern Kentucky Association of REALTORS® and MLS has announced that average sale prices in February 2015 rose 11% $152,404 versus $137,072 over average sale prices in February 2014. Sales are still lagging a bit due to an extremely cold and snowy February, and is expected to turn around as more seasonal weather brings buyers out to see what’s new on the market.


Northern Kentucky Association of REALTORS® and MLS has announced that average sold prices for NKY homes were up by 7.66% in January 2015 over January 2014. 290 homes were sold in January 2015, with an average price of $144,445, up more than $10,000 over $134,164 from January 2014.

3.13 7117 Glade Ln SOLD

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As a full time real estate agent, I am dedicated to provide the highest quality service and uphold my clients best interest throughout the entire process of buying and selling real estate in Northern Kentucky.

To get started, give me a call at 859-525-5753 or email ACW@HUFF.com.

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