Hello Central Kentucky!
If you’re in the process of buying or selling a home in Lawrenceburg-Anderson County, Kentucky or if you’re just curious about the current market there, you’ve come to the right place. Welcome to our update on the latest local real estate trends as of November 2023.
We’re going to unveil the five real estate indicators that are shaping the housing market in Lawrenceburg-Anderson County and how each impacts buyers and sellers. By the time we’re through, you’ll have a comprehensive understanding of who benefits given the current market conditions. We won’t leave it there though. We’ll also cover what buyers and sellers need to know to make the best real estate decisions.
And, we’re off!
Let’s start with the first indicator: Months Supply of Inventory. This indicator tells us how long the current inventory of properties in Lawrenceburg-Anderson County would last at the current rate of sales.
In November 2023, the Months Supply of Inventory stood at 1.71 months, indicating that if no new properties were added and sales remained steady, it would take about one and a half months or around 51 days to sell all the properties on the market.
Compared to the previous month, the Months Supply of Inventory rose 7.5% indicating an increase in the time homes are on the market. Looking back a year, it’s up by 8.9% or 4 additional days.
Six months supply of inventory represents a balanced market, favoring neither buyers nor sellers. With the current 1.71 months supply of inventory, buyers still find that homes are snatched up quickly, potentially leading to multiple offers and increased competition. For sellers, it shows that the market continues to move at a quick pace. This presents a favorable environment for sellers looking to make a move in the current market conditions.
Now, let’s shift our focus to the Current Inventory. This indicator gives us a snapshot of the number of homes currently available for sale. It’s important to note that the number of homes on the market can vary as it depends on when the report is generated. By consistently using the same day each month, we can establish meaningful month-to-month trends.
As of November 15th, there were 34 homes available on the market in Lawrenceburg-Anderson County. This represents a 6.3% increase compared to the previous month. When compared to last year when there were 47 homes on the market, we observe a 27.7% decrease in the number of available homes.
With 34 homes on the market, buyers have about the same range of options to consider compared to last month. With fewer choices it’s difficult for buyers to find a home that perfectly matches their preferences and requirements.
But what about sellers? With the low inventory, competition among buyers increases. With the right pricing and marketing approach, sellers can still stand out in the crowd.
Given the low current inventory, this indicator continues to favor sellers.
Next, the Existing Home Sales Volume measures the total sale price value of properties whose sales contracts were completed during the month.
In November 2023, a total of 4.3 million dollars’ worth of property was sold in Lawrenceburg-Anderson County. This represents a 33.6% decrease compared to the previous month. When compared to last year’s 4.9 million dollars’ worth of sold property, we observe a drop of 11.7%.
For buyers, this suggests that there’s less activity in the market. As potential buyers leave the market, the competition for homes will decrease. For sellers, it implies a slow down in activity which could result in longer listing times and potentially lower selling prices. The pricing and marketing strategies continue to be important to attract buyers in the current market conditions.
It’s important to note that the Existing Home Sales Volume indicator provides a gauge of the market activity during this period and favors neither buyers nor sellers.
Now, let’s turn our attention to the Median Sales Price, the most requested real estate indicator. Median sales price provides insights into the midpoint price of homes sold in a specific area during a given month. Unlike the average sales price, the Median Sales Price eliminates the influence of exceptionally high-priced homes, giving us a more accurate representation of the market.
In November 2023, the median sales price for a home in Lawrenceburg-Anderson County stood at $243,500. This reflects an increase of 0.2% compared to the previous month and is up 12.2% over last year.
For buyers, the slight increase in median sales price means that homes are about as affordable as last month. With higher prices and fewer buyers in the market, buyers have the opportunity to find their first or next home.
Sellers, the increase in home prices is an encouraging sign for anyone looking to sell their home. It means that despite fluctuations, sellers are still operating in a market where their property is likely to hold its worth.
It’s a reminder that this is still a seller’s market.
Before we summarize the 5 key indicators for November 2023 and reveal who benefits from the overall market in Lawrenceburg-Anderson County, let’s look at our last indicator. The Continuous Days on Market indicator provides insights into the average number of days it takes for a listing to go under contract. This calculation considers the period from when a property is listed until it is under contract, subtracting any days when the property was off the market.
In November 2023, the continuous days on market for Lawrenceburg-Anderson County stood at 33 days. This represents an increase of 29.2% compared to the previous month, indicating a much slower pace of homes going under contract. When compared to last year, we observe a 65% increase in the continuous days on market.
With an increase of 13 days, the market is moving at a slower pace. For buyers, it means that the competition for homes has fallen but still remains strong. If you find your dream home, you’ll need to act quickly and hope there aren’t multiple offers on the table.
For sellers, homes in Lawrenceburg-Anderson County are still going under contract faster than in many other markets. This can be seen as a testament to the continued demand for homes in the area.
The indicator favors sellers because of the sustained demand in the market
Now, let’s recap the insights we’ve gathered about the key local housing market indicators for November 2023 in Lawrenceburg-Anderson County, Kentucky.
We determined that the Months Supply of Inventory favors sellers, indicating that homes are still selling at a fast pace. This creates an advantageous environment for sellers in terms of pricing and competition.
Current Inventory favors sellers because inventory remains low.
The Existing Home Sales Volume, as we mentioned, is a gauge of the market activity during this period and favors neither buyers nor sellers.
The Median Sales Price, reflecting the midpoint price of homes sold, also favors sellers. The median sales price indicates a market where property continues to hold its worth.
Lastly, the Continuous Days on Market indicator still favors sellers due to homes going under contract faster than in many other markets.
Considering these key indicators collectively, the overall market for November 2023 in Lawrenceburg-Anderson County, Kentucky favors sellers.
Before we sign off, we want to provide some practical guidance for both buyers and sellers.
Inventory is still low.
Mortgage interest rates are high and falling. When interest rates adjust, decisive buyers have a narrow window to capitalize on less competition while others may pause to consider. Remember the adage, “Marry the home and date the rate”. If you find your home, you can potentially refinance as rates settle back down.
Prices are up from last month. With low inventory and strong demand, it’s likely prices will go higher.
Given the competitive market with low inventory and rising prices, act decisively when you find the right house.
Timing the market is nearly impossible! The best we can do is read and react to the data available.
Prices are strong compared to the last 12 months! With low inventory levels, well-positioned listings with a great mix of price and condition sell fast. Days on market is 33 days, which means homes are going under contract quickly.
Have your REALTOR run the numbers based on the market and see if that achieves your financial goals. It’s best to act now if you’re ready to sell.
If you liked this market update, share it with a friend and please reach out if you have any questions or suggestions.
Our goal is to equip you with the knowledge you need to make informed real estate decisions in Lawrenceburg-Anderson County.
Each month, we explore the latest local real estate trends of Central Kentucky counties. In addition to Lawrenceburg-Anderson County, we provide updates on Frankfort-Franklin County, Versailles-Woodford County, Lexington-Fayette County, Nicholasville-Jessamine County, and Georgetown-Scott County. And if you’re interested in a broader perspective, be sure to watch our monthly national real estate metrics videos.
Please join us next month for more insights.