Hello Central Kentucky!
If you’re in the process of buying or selling a home in Nicholasville-Jessamine County, Kentucky or if you are just curious about the current market there, you’ve come to the right place. Welcome to our update of the latest local real estate trends as of November 2023.
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We’re going to explore the five real estate indicators that are shaping the housing market in Nicholasville-Jessamine 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’ll even take it a step further by covering what buyers and sellers need to know to make the best real estate decisions.
And, we’re off!
Our first Indicator is Months Supply of Inventory. This indicator reveals how long the current inventory of properties in Nicholasville-Jessamine County would last at the current rate of sales.
In November 2023, the Months Supply of Inventory stood at 2.88 months, indicating that if no new properties were added and sales remained steady, it would take almost 3 months or approximately 86 days, to sell all the properties on the market.
Compared to the previous month, the Months Supply of Inventory fell 7.9%. Looking back a year, it has extended by 73.5%. This significant change highlights the evolving dynamics of the market.
Six months supply of inventory represents a balanced market, favoring neither buyers nor sellers. With the current 2.88 months supply of inventory, buyers find that they have time to consider the available homes. For sellers, it indicates that the market is moving 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 129 unsold homes available on the market in Nicholasville-Jessamine County. This represents a 7.2% decrease compared to the previous month. When compared to last year, we observe a 14.2% increase in the number of unsold homes.
The Current Inventory serves as a balancing act for both homebuyers and home sellers. Buyers have a few less home options to consider than last month and are just as likely to find a home that perfectly matches their preferences and requirements. Sellers operate in a market where demand remains robust, even as inventory shrinks. With the right pricing and marketing approach, sellers can stand out in the crowd.
Since the current inventory remains low, 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 13.9 million dollars’ worth of property was sold in Nicholasville-Jessamine County. This represents a 34.6% decrease compared to the previous month. Compared to last year, we observe a decline of 9.4%.
For buyers, this shows a slowing market which could provide opportunities. With less activity in the market, there is less competition. It might signal a moment to make your move, especially if you’ve been eyeing a property.
For home sellers, it indicates that there’s a continuing decrease in demand for homes. While buyers are still eager to purchase, there are fewer of them in the market.
It’s important to note that the Existing Home Sales Volume indicator provides a neutral view 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. The 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 Nicholasville-Jessamine County stood at $296,550. This reflects an increase of 7.8% compared to the previous month. Prices are also up 14.5% over last year.
Buyers, any increase in home prices is likely to catch your attention. This upward trend may limit affordability and prompt a need for swift decision-making, potentially leading to increased competition and a more demanding buying environment.
Sellers, this positive trend signifies an advantageous time to list properties, with the potential for attractive returns on investments, making it an opportune moment to maximize profits in the current market conditions.
So, with this month’s increase, 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 Nicholasville-Jessamine County, let’s take a look at the Continuous Days on Market, an indicator that 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 Nicholasville-Jessamine County stood at 30 days. This represents an increase of 16.7% compared to the previous month, indicating a slower pace of homes going under contract. When compared to last year, we observe a 20% increase in the continuous days on market when homes went under contract in an average of 25 days.
For buyers, the increase in Days on Market means they’ll have more time to search for a home and will need to act swiftly if they find a property they love. With the increased days on market, the competition among buyers decreases slightly.
For sellers, the market continues to move quickly. There is demand for your home. Increased days on market can mean more time, effort, and cost spent on property maintenance and holding costs.
This shift in the continuous days on market highlights the evolving aspects of the real estate market. This indicator favors sellers, who can benefit from the shorter duration it takes to find buyers.
Now, let’s recap the valuable insights we’ve gathered about the key local housing market indicators for November 2023 in Nicholasville-Jessamine 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 given the low inventory.
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, continues to favor sellers. The increase in the median sales price indicates a thriving market where sellers can benefit from higher property values.
Lastly, the Continuous Days on Market indicator shows that homes continue to go under contract at a fast pace, favoring sellers who can find buyers more quickly.
Considering these key metrics collectively, the overall market indicators for November 2023 in Nicholasville-Jessamine County, Kentucky favor sellers.
Before we sign off, we want to provide some practical guidance for both buyers and sellers.
Inventory fell compared to last month, meaning that you now have less homes from which to choose!
Mortgage interest rates are high and falling. When interest rates jump or fall, decisive buyers have a narrow window to capitalize 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 and that trend is likely to last. With low inventory and strong demand, it’s likely prices will go higher.
If you find the right house, wouldn’t it be great to make the move while all these factors are in your favor?
Timing the market is nearly impossible! The best we can do is read and react to the data available.
Prices are up and that’s likely to last! With low inventory levels, well-positioned listings with a great mix of price and condition sell quickly. Days on market is 30 days, which means homes continue to go 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.
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Our goal is to equip you with the knowledge you need to make informed real estate decisions in Nicholasville Jessamine County.
Each month, we explore the latest local real estate trends of Central Kentucky counties. In addition to Nicholasville-Jessamine County, we provide updates on Frankfort-Franklin County, Lexington-Fayette County, Georgetown-Scott County, Lawrenceburg-Anderson County, and Versailles-Woodford County. And if you’re interested in a broader perspective, be sure to watch our monthly national real estate metrics videos.
Leave us a comment and reach out if you have any questions. Please join us next month for more insights.