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Market Update • January 26, 2024

Frankfort, KY Real Estate Report: Dec ’23 Insights for Sellers

by Simpson & Associates
December 2023 Real Estate Market Recap - Frankfort-Franklin Co KY

December 2023 Real Estate Market Recap - Frankfort-Franklin Co KY

Is now the time to sell your home? Let’s find out!

 

Hello Frankfort, Kentucky. This is your Real Estate Market Watch for December 2023 brought to you by CENTURY 21 Simpson & Associates.

 

Prefer a video format? Visit our YouTube Channel: https://www.youtube.com/@century21simpsonassociates

 

Let’s recap the 2023 real estate market.

Frankfort, KY Homes Listed and Sold 2022 vs 2023

How did 2023 compare with 2022? 14% fewer homes came on the market in 2023. With fewer homes on the market, the number of homes sold dropped by 13%.

 

One of the biggest factors determining the number of homes listed and sold was mortgage interest rates. Home sellers don’t want to give up their current low rates and higher mortgage interest rates make homes less affordable for home buyers.

 

For sellers, mortgage interest rates are important because they determine the size of the pool of potential buyers and the speed of the selling process. Mortgage interest rates vary by area, lender, and type of financing. For reference, we look at the national rate for a 30-year fixed-rate mortgage.

2023 US Mortgage Rates vs Historical Average

The mortgage rate was 6.48% at the beginning of 2023 and rose to a high of 7.79% in October before falling more than 1% to 6.61% by the end of the year – almost back to where it began. While mortgage interest rates are high compared to the last few years, they are below the historic average of 7.74% based on data collected since 1971.

 

When rates fall, sellers benefit because buyers tend to resume their searches. Lower mortgage rates are encouraging to buyers. Those who had felt priced out of the market start to return—increasing competition.

 

Now that we have an overview of the real estate market in 2023, let’s consider the most common questions sellers have about the current real estate market.

Frequently Asked Questions from Home Sellers

 

The latest local real estate market indicators from December 2023 can provide the answers.

 

Let’s start with Months Supply of Inventory which answers the question, “Is it a sellers’ market?” It also provides insights into another question, “How quickly is the market moving?”

 

This indicator tells us about the balance between supply and demand in the real estate market and whether the current market favors buyers or sellers.

 

Months Supply of Inventory measures how long the current inventory of properties available for purchase would last at the current rate of sales if no new properties came on the market.

 

Six months of inventory represents a balanced market, favoring neither buyer nor seller. When Months Supply of Inventory is below 6 months, it is considered a sellers’ market.

Months Supply of Inventory - Franklin Co KY - December 2023

In Frankfort-Franklin County, the months supply of inventory fell to 1.75 months or around 52 days. That’s an 11.6% decrease over the previous month and 15.1% lower than a year ago.

 

For context, over the past decade, the average months supply of inventory was 3.9 months.

 

At 1.75 months supply of inventory, the market continues to favor sellers. There are simply not enough homes on the market to meet buyer demand.

 

Now, let’s shift our focus to the Current Inventory. It is another measure that provides insights into the question, “How quickly is the market moving?”

 

Current Inventory is a catalyst in determining the market dynamics and serves as a balancing act for both home sellers and homebuyers. When current inventory is low, the market dynamics favor home sellers by fueling demand, fostering increased competition, accelerating sales, and driving the potential for elevated property prices.

 

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.

Current Inventory - Franklin Co KY - December 2023

As of December 15th, there were 82 homes available on the market in Frankfort-Franklin County. This represents a 6.8% decrease compared to the previous month. Compared to last year, when there were 108 homes on the market, we observe a 24.1% decrease in the number of available homes.

 

For sellers, low inventory signals scarcity, driving heightened demand, increased buyer competition, faster sales, and potential for higher property prices.

 

Our third indicator is Existing Home Sales Volume. It is a third measure that provides insights into, “How quickly is the market moving?”

 

This indicator tells us about the pace of the market. A faster pace favors sellers.

 

Existing home sales is the total number of all the properties whose sales contracts were completed, or closed, during the month.

Existing Home Sales Volume - Franklin Co KY - December 2023

In December, 8.64 million dollars’ worth of property was sold in Frankfort-Franklin County. That’s 48.9% lower than in November and 42.2% lower compared to the previous year.

 

Sellers who are ready to list their homes should be encouraged that despite lower sales, buyer demand still exceeds supply. As mortgage rates moderate, more buyers will re-enter the market.

 

Next is the most-requested indicator, Median Sales Price. This indicator answers the question, “What are the pricing trends?”

 

This indicator helps us understand the core pricing trends of the market.

 

The median is the price where half of the homes sold in any given area that month were cheaper, and half were more expensive.

Median Sales Price - Franklin Co KY - December 2023

The median sales price of a home in Frankfort-Franklin County was $225,000, which was 10.5% less than the previous month and 5.7% lower than last year. Prices tend to dip at the end of the year. For the year, the median sales price was almost $235,000 which was above the median sales prices in 2021 and 2022.

 

Sellers can still capitalize on historically high prices and continued buyer demand.

 

Days on Market is our final indicator and helps answer the question, “How does my home compare to others on the market?” Like many of the other indicators, it also provides insights into, “How quickly is the market moving?”

 

The Days on Market indicator helps us determine if our pricing is correct or if there is some other market resistance, potentially leading to reduced buyer interest and negotiating power.

 

The Days on Market is the average number of days that sold listings were on the market. Those days are calculated from the day a property is listed until it goes under contract. If there were any days the property was off the market, then those days are subtracted.

Continuous Days on Market - Franklin Co KY - December 2023

Days on Market is at 36 days, which is up 37.7% from last month and 33.3% over last year.

Pricing and condition matter and should be reconsidered if a home is on market longer than average. As rates fall and competition increases, sellers can expect more buyers to act fast and be ready with strong offers.

 

Let’s recap what these indicators mean for sellers and make sure we answered the most frequently asked questions of home sellers.

 

Is it a sellers’ market? Yes

Tight inventory continues to be a major factor fueling this market. With 1.75 months of listings on the market, more buyers are expected to enter the market and prices will likely rise.

 

How quickly is the market moving? Fast

There are 52 days of inventory available, and homes are going under contract in just 36 days. Tight inventory and strong buyer demand could lead to more price increases over time.

 

What are the pricing trends? Increasing

Sellers can still capitalize on historically high prices and continued buyer demand. 2023 median sales prices are above those of 2022 and 2021.

 

Do mortgage interest rates affect sellers? Mortgage rates determine the size of the buyer pool and the speed of the selling process.

Mortgage interest rates have dropped to the mid-6% range in December. Buyers who were priced out of the market this fall are expected to return—increasing competition.

 

How does my home compare to others on the market? Price and Condition Matter

Homes were on the market for 36 days in December. Pricing and condition matter and should be reconsidered if a home is on the market longer than average. As rates fall and competition increases, sellers can expect more buyers to act fast.

 

If you have a home to sell and were feeling like you missed your window, don’t miss this one!

 

Timing the market is nearly impossible! The best we can do is read and react to the data available, and it’s sending a clear message: If you’re ready to sell, it’s best to act now! With falling rates, buyer demand is expected to rise. Tight inventory means listings are poised to be in demand.

 

Let us, or have your REALTOR run the numbers based on the market and see if that achieves your financial goals.

 

Call our Frankfort or Lexington Offices or reach out to one of our real estate agents if you have any questions.

 

In addition to this Frankfort-Franklin County market update, we cover other Central Kentucky counties. Watch our local real estate market update videos for Georgetown-Scott County, Lawrenceburg-Anderson County, Lexington-Fayette County, Nicholasville-Jessamine County, and Versailles-Woodford County as well as our monthly national real estate market update.

 

Please join us next month for more insights.

 

National and Central Kentucky Local Market Watch Thumbnails

 

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Market Update • January 21, 2024

National Real Estate Report: Jan ’24 Home Seller Insights

by Simpson & Associates
Anxious home seller questioning whether to sell or stay

Anxious home seller questioning whether to sell or stay

Is it a sellers’ market?

How quickly is the market moving?

What are the pricing trends?

Do mortgage interest rates affect sellers?

How does my home compare to others on the market?

 

The latest national real estate market indicators provide the answers to those questions.

 

Is now the time to sell your home? Let’s find out!

 

Hello Central Kentucky. This is the National Real Estate Market Watch for January 2024 brought to you by CENTURY 21 Simpson & Associates. We understand that the process of selling a home can be stressful and uncertain. That’s why we’re here, to provide actionable insights for home sellers.

 

Prefer a video format? Visit our YouTube Channel: https://www.youtube.com/@century21simpsonassociates

 

Months Supply of Inventory

This indicator will tell us the balance between supply and demand in the real estate market and whether the current market favors buyers or sellers.

Months Supply of Inventory measures how long the current inventory of properties available for purchase would last at the current rate of sales if no new properties came on the market.

Six months of inventory represents a balanced market, favoring neither buyer nor seller. When Months Supply of Inventory is below 6 months, it is considered a sellers’ market.

November marked the 19th consecutive month of month-over-month increases in months supply of inventory.

Months Supply of Inventory is 3.5 Months. It is a sellers market.

With 1.13 million homes available for purchase in November, the months supply of inventory fell to 3.5 months. That’s a 2.8% decrease over the previous month and 6.3% higher than a year ago.

The average months supply of inventory by year shows that it has been a sellers’ market since 2012.

For context, over the past decade, the average months supply of inventory was 3.9 months.

At 3.5 months supply of inventory, the market continues to favor sellers. There are simply not enough homes on the market to meet buyer demand.

What this means for sellers. There are not enough homes on the market to meet buyer demand.

 

Existing Home Sales

This indicator tells us about the pace of the market. A faster pace favors sellers.

Existing home sales is the total number of all the properties whose sales contracts were completed, or closed, during the month.

Existing Home Sales were 3.82 million.

At 3.82 million, home sales increased for the first time in 5 months. In November, home sales were up 0.8% compared to the previous month and down 7.3% compared to the previous year. This represents the smallest year-over-year decline since April 2022.

According to National Association of REALTORS Chief Economist Lawrence Yun, when looking at the year-over-year decrease, “The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November. A marked turn can be expected as mortgage rates have plunged in recent weeks.”

Sellers who are ready to list their homes should be encouraged that despite lower sales, buyer demand still exceeds supply. As rates moderate, more buyers will re-enter the market.

Sellers who are ready to list their homes should be encouraged that despite lower sales, buyer demand still exceeds supply. As rates moderate, more buyers will re-enter the market.

 

Median Sales Price

This indicator helps us understand the core pricing trends of the market.

The median is the price where half of the homes sold in any given area that month were cheaper, and half were more expensive.

The National Association of REALTORS predicted a median home price of $386,300 for the end of 2023. November’s median sales price is within less than $1,000 of that prediction.

The median sales price fell 1.1% to $387,600 compared to last month yet it’s up 4.0% over last year.

The median sales price fell 1.1% to $387,600 compared to last month yet it’s up 4.0% over last year.

Limited construction in the last 20 years and home sellers holding onto their low mortgage rates has contributed to a shortage of homes for sale. When supply is low and demand is high, economics tells us prices will increase.

Lawrence Yun, National Association of REALTORS Chief Economist said, “Home prices keep marching higher. Only a dramatic rise in supply will dampen price appreciation.”

Sellers can still capitalize on historically high prices and continued buyer demand.

Sellers can still capitalize on historically high prices and continued buyer demand.

 

Current Mortgage Rates

As a seller, mortgage interest rates are important because they determine the size of the pool of potential buyers and the speed of the selling process.

Mortgage interest rates vary by area, lender, and type of financing. For reference, we look at the national rate for a 30-year fixed-rate mortgage.

Rates have fallen from 7.79% to 6.67% as of December 21st. That’s a drop of 1.12%.

Rates have fallen from 7.79% to 6.67% as of December 21st. That’s a drop of 1.12%.

Because a 1% change in interest rate is equivalent to a 10% change in home price, buyers feel they are paying 10% less for homes today than they were at the end of October.

Jessica Lautz, National Association of REALTORS Deputy Chief Economist and VP of Research says, “Will it be a traditional Spring real estate market, or will it start to heat up in the Winter months as rates decline? Let’s also hope the lower mortgage interest rates translate into stronger homebuilder activity, as inventory will be needed as buyers move from the sidelines.  For serious buyers, the time is now to get your financial house in order, find a REALTOR® and start your research.”

Sellers benefit because buyers tend to resume their search when rates fall. Lower mortgage rates are encouraging to buyers. Those who had felt priced out of the market are expected to return—increasing competition.

Sellers benefit because buyers tend to resume their search when rates fall. Lower mortgage rates are encouraging to buyers. Those who had felt priced out of the market are expected to return—increasing competition.

 

Days on Market

The Days on Market indicator helps us determine if our pricing is correct or if there is some other market resistance, potentially leading to reduced buyer interest and negotiating power.

The Days on Market is the average number of days that sold listings were on the market. Those days are calculated from the day a property is listed until it goes under contract. If there were any days the property was off the market, then those days are subtracted.

Days on Market is at 25 days, which is up 2 days from last month’s data.

Days on Market is at 25 days, which is up 2 days from last month’s data.

The average number of offers per listing held nearly steady at 2.6 offers.

Affordability is impacting the first-time home buyer market—the share fell from 29% in September 2022 to 27% in September 2023, but smart first-time buyers seized the opportunity of reduced competition, as their percentage increased from 28% in October to 31% in November.

As rates fall and competition increases, sellers can expect more buyers to act fast and be ready with strong offers.

As rates fall and competition increases, sellers can expect more buyers to act fast and be ready with strong offers.

 

Let’s recap what sellers need to know.

  • Prices in November were up 4% compared to last year. Tight inventory and strong buyer demand could lead to more price increases over time.
  • Tight inventory continues to be a major factor fueling this market. With 1.13 million or 3.5 months of listings on the market, more buyers are expected to enter the market and prices will likely rise.
  • Homes were on the market for 25 days in November. As rates fall and competition increases, sellers can expect more buyers to act fast. If you have a home to sell and were feeling like you missed your window, don’t miss this one!
  • Rates have dropped to the mid-6% range. Buyers who were priced out of the market this fall are expected to return—increasing competition.

 

Timing the market is nearly impossible! The best we can do is read and react to the data available, and it’s sending a clear message: If you’re ready to sell, it’s best to act now!

With falling rates, buyer demand is expected to rise. Tight inventory means listings are poised to be in demand.

Let us or have your REALTOR run the numbers based on the market and see if that achieves your financial goals.

Call our Frankfort ((502) 223-1600) or Lexington ((859) 455-3321) Offices or reach out to one of our real estate agents if you have any questions about the current real estate market.

If you are interested in comparing the indicators in this national market update with those of Central Kentucky counties, check out our local real estate market update videos for Frankfort-Franklin County, Georgetown-Scott County, Lawrenceburg-Anderson County, Lexington-Fayette County, Nicholasville-Jessamine County, and Versailles-Woodford County.

 

 To watch our local updates, visit our YouTube Channel: https://www.youtube.com/@century21simpsonassociates

National and Central Kentucky Local Market Watch Thumbnails

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Gardening/Planting • January 1, 2024

Plantar por los signos: Resumen de enero de 2024

by Simpson & Associates
Planting by the Signs [Plantar por los signos]- Phil Case

Planting by the Signs - Phil CasePTBS NOTE: Mi “descanso” ha terminado y estoy de vuelta con la Descripción de enero, que comienza como de costumbre con las “Tomas rápidas”. Todos los horarios dados son Eastern Standard (EST) y me he trasladado de la Zona de siembra del USDA 6B una zona más al sur a 7A. Pronto publicaré sobre las zonas de siembra y lo que significan más allá de ser un número. Escriban con sus preguntas y compartan esta información con sus amigos jardineros.

 

 

 

 

 

 

Tomas Rápidas

  • Ene. 1-4: signos florecientes Virgo/intestinos y Libra/riñones
  • Ene. 5-6: MUY fértil, subterráneos, Escorpio/secretos
  • Ene. 7-12: fértil, Sagitario/muslos, Capricornio/rodillas subterráneos 7-10; LUEGO, Acuario/piernas, sobre el suelo, 11-12
  • REALIZAR CAMBIOS: Ene. 7-10 (ver más en la Descripción)
  • LUNA NUEVA: Ene. 11, 6:57 a.m. sobre el suelo hasta Ene. 24
  • Ene. 13-14: MUY fértil, sobre el suelo, Piscis/pies
  • Ene. 15-17: NO SIEMBRE, signo letal, Aries/cabeza
  • Ene. 18-19: MUY fértil, sobre el suelo, Tauro/cuello
  • Ene. 20-21: signo de frijol/guisante, sobre el suelo, Géminis/brazos
  • Ene. 22-24: MUY fértil, sobre el suelo, Cáncer/cuello
  • LUNA LLENA: Ene. 25, luna pasa a fase oscura/luna llena, 12:54 p.m. bajo tierra hasta el 9 de febrero
  • Ene. 25-26: NO SIEMBRE, signo letal, Leo/corazón
  • Ene. 27-31: signos florecientes Virgo/intestinos y Libra/riñones

 

Resumen de enero

Fases lunares: Enero comienza y termina con la luna en la fase oscura. Se mueve de oscuro a claro con la luna nueva, o ninguna luna visible en el cielo, a las 6:57 a.m. EST del 11 de enero, y luego vuelve a la fase oscura con la luna llena a las 12:54 p.m. a mitad del día, el 25 de enero.

Cuando la luna clara está activa, planta productores sobre el suelo, y son productores bajo tierra cuando rige la luna oscura.

No siembres cuando están activos cualquiera de los signos letales, Aries y Leo, o vegetales cuando rigen los signos florecientes Virgo y Libra.

Plantar cuando rigen los signos fértiles es una alternativa viable a los signos MUY fértiles, que son Escorpio, Piscis, Tauro y Cáncer. Los fértiles, un poco menos que los MUY fértiles, son Sagitario, Capricornio y Acuario.

Si solo puedes utilizar un aspecto del sistema para plantar, sugeriría seguir las fases lunares, pero aún evita los signos letales Aries y Leo y los signos florecientes Virgo y Libra para todo menos flores.

Los signos: Verifica si la luna está en fase clara u oscura (información arriba y en cualquier calendario) antes de proceder con la siembra en cualquier lugar u otras actividades relacionadas con la luna. Enero comienza y termina con un signo floreciente activo, así que ahí es donde comenzaremos.

Días florecientes: Virgo (los intestinos) está presente el 1 de enero, 27-29, mientras que Libra (los riñones) rige del 2 al 4 de enero, 29-31. Hay NUEVE días florecientes en enero, uno más que en diciembre. Si siembras flores, estos son tus días. Recuerda: ¡NO HORTALIZAS en días florecientes!

Días MUY fértiles: Los signos van acompañados de la fase de la luna en la que ocurren. Escorpio (los secretos), del 5 al 6 de enero, luna oscura; Piscis (los pies), del 13 al 14 de enero, luna clara; Tauro (el cuello), del 18 al 19 de enero, luna clara; Cáncer (el pecho), del 22 al 24 de enero, luna clara. Hay nueve días en enero gobernados por los signos MUY fértiles.

Días fértiles: Sagitario (los muslos), del 7 al 8 de enero; Capricornio (las rodillas), del 9 al 10 de enero; Acuario (las piernas), del 11 al 12 de enero. Hay seis días gobernados por estos tres signos. La luna oscura rige los primeros cuatro para productores bajo tierra y la luna clara para productores sobre el suelo los días de Acuario después del cambio de luna temprano el 11 de enero.

Días letales: No siembres, transplantes, siembra, replanteo o manejes cosas que desees que prosperen en estos días. Resérvalos para cualquier cosa menos plantar en cualquier lugar. ¡No siembres! Aquí es cuando rigen: Aries (la cabeza) del 15 al 17 de enero; Leo (el corazón), del 25 al 26 de enero. Hay cinco días en enero gobernados por estos dos signos.

Días de guisantes/frijoles: Géminis (los brazos), el signo de los guisantes/frijoles, rige del 20 al 21 de enero. La luna clara rige ambos días.

Haciendo cambios: Afortunadamente, y justo a tiempo para los propósitos de Año Nuevo, después de varios meses sin o con pocos días perfectos según la fórmula, tenemos cuatro este mes y eso aumentará durante los próximos meses. Los días perfectos para hacer cambios son cuando la luna está en la fase oscura y los signos salen del cuerpo más allá de cualquier función. Los días son del 7 al 10 de enero, Sagitario/muslos a Capricornio/rodillas.

La luna luego pasa a la fase clara el 11, pero la mitad de la fórmula permanece correcta durante los próximos cuatro días gobernados por Acuario/piernas y Piscis/pies.

Los cambios pueden incluir comenzar una dieta o programa de ejercicio, dejar de fumar u otros hábitos no saludables, destetar a niños pequeños o animales, cualquier cosa que requiera hacer algo de manera diferente a cómo lo estás haciendo ahora.

Vertiendo grava: Si tienes grava para verter en un camino o carretera en tu granja, hazlo cuando la luna clara rige, que es la mayor parte del 11 de enero al 24 de enero, la luna pasando a la fase clara el 25 de enero.

Lo mismo se aplica para las piedras en un camino de jardín: colócalas cuando la luna esté en la fase clara, para que no se hundan. Si estás colocando postes de cerca, hazlo en la fase clara de la luna para que los postes no se hundan.

 

 

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Gardening/Planting • January 1, 2024

January 2024 Overview – Planting By The Signs

by Simpson & Associates
Planting by the Signs [Plantar por los signos]- Phil Case

Planting by the Signs - Phil Case           PTBS NOTE: My “break” is over and I’m back with the January Overview, which begins as usual with the “Quick Takes.” All times given are Eastern Standard (EST) and I’ve moved from USDA Planting Zone 6B one zone further south to 7A. I will have a post soon about planting zones and what they mean beyond being a number. Write with your questions and share this info with your gardening friends.

 

 

 

 

Quick Takes

Jan. 1-4: flowering signs Virgo/bowels and Libra/reins

Jan. 5-6: VERY fertile, below-grounders, Scorpio/secrets

Jan. 7-12: fertile, Sagittarius/thighs, Capricorn/knees below-grounders 7-10;  THEN, Aquarius/legs, above-grounders, 11-12

MAKE CHANGES: Jan. 7-10 (see more in Overview)

NEW MOON: Jan. 11, 6:57 a.m. above-grounders through Jan. 24

Jan. 13-14: VERY fertile, above-grounders, Pisces/feet

Jan. 15-17: NO PLANTING, killing sign, Aries/head

Jan. 18-19: VERY fertile, above-grounders, Taurus/neck

Jan. 20-21: bean/pea sign, above-grounders, Gemini/arms

Jan. 22-24: VERY fertile, above-grounders, Cancer/neck

FULL MOON: Jan. 25, moon moves to dark phase/full moon, 12:54 p.m. below-grounders until Feb. 9

Jan. 25-26: NO PLANTING, killing sign, Leo/heart

Jan. 27-31: flowering signs Virgo/bowels and Libra/reins

 

JANUARY OVERVIEW

MOON PHASES: January begins and ends with the moon in the dark phase. It moves from dark to light with the new moon – or no moon visible in the sky – at 6:57 a.m. EST on Jan. 11, and then back to the dark phase with the full moon at 12:54 p.m. – half way through the day – on Jan. 25.

When the light moon is in force, plant above-ground producers and it’s below-ground producers when the dark moon rules.

Don’t plant when either of the killing signs, Aries and Leo, are in force or veggies when the flowering signs Virgo and Libra rule.

Planting when the fertile signs rule is a viable alternative to the VERY fertile signs, which are Scorpio, Pisces, Taurus, and Cancer. The fertile ones – just a little below VERY fertile – are Sagittarius, Capricorn, and Aquarius.

If you can only utilize one aspect of the system for planting, I would suggest going with the moon phases but still avoid the killing signs Aries and Leo and the flowering signs Virgo and Libra for anything but flowers.

THE SIGNS: Check to see if the moon is in the light or dark phase (information above and on any calendar) before proceeding with planting anywhere, or other moon-related activities. January begins – and ends with a flowering sign in force, so that’s where we’ll start.

FLOWERING DAYS: Virgo (the bowels) is up for Jan. 1, 27-29 while Libra (the reins) rules Jan. 2-4, 29-31. There are an incredible NINE flowering days in January – up one from eight in  December. If you are planting flowers, then these are your days. Remember: NO VEGGIES on flowering days!

VERY FERTILE DAYS: The signs are accompanied by the phase of the moon in which they occur. Scorpio (the secrets), Jan. 5-6, dark moon;  Pisces (the feet), Jan. 13-14, light moon; Taurus (the neck), Jan. 18-19, light moon;  Cancer (the breast), Jan. 22-24, light moon. There are nine days in January ruled by the very fertile signs.

FERTILE DAYS: Sagittarius (the thighs), Jan. 7-8; Capricorn (the knees), Jan. 9-10; Aquarius (the legs), Jan. 11-12. There are six days ruled by these three signs. The dark moon for below-ground producers rules the first four and the light moon for above-grounders the Aquarius days after the moon change early on the 11th.

KILLING DAYS: No planting, transplanting, seeding, re-potting or dealing with things you want to thrive should occur on these days. Reserve them for anything but planting anywhere. No planting! Here’s when they rule: Aries (the head) Jan. 15-17; Leo (the heart), Jan. 25-26. There are five days in January ruled by these two signs.

PEA/BEAN DAYS: Gemini (the arms), the pea/bean sign, rules Jan. 20-21. The light moon rules both days.

MAKING CHANGES: Thankfully – and just in time for New Year’s resolutions – after several months of none or few perfect days according to the formula, we have four this month and that will increase for the next several months. The perfect days for making changes are when the moon is in the dark phase and the signs are going out of the body beyond anything that functions. The days are Jan. 7-10, Sagittarius/thighs through Capricorn/knees.

The moon then moves to the light phase on the 11, but half the formula remains correct for the next four days that are ruled by Aquarius/legs and Pisces/feet.

Changes might include starting a diet or exercise program, stopping smoking or other unhealthy habits, weaning small children or animals – anything requiring doing something differently from the way you are doing it now.

POURING GRAVEL: If you have gravel to pour on a drive or road on your farm, do that when the light moon rules, which is most of  Jan. 11 through Jan. 24, the moon moving to the light phase on Jan. 25

The same applies for stones on a garden path: Place them when the moon is in the light phase, so they don’t sink. If you’re setting fence posts, do that in the light phase of the moon so the posts don’t sink.

 

 

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Market Update • December 18, 2023

Nov ’23 Versailles-Woodford County, KY: Key Housing Market Indicators

by Simpson & Associates
November 2023 Woodford County Market Update – banner graphic

November 2023 Woodford County Market Update – banner graphic

Hello Central Kentucky!

If you’re in the process of buying or selling a home in Versailles-Woodford 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.

Prefer a video format? Visit our YouTube Channel: https://www.youtube.com/@century21simpsonassociates

 

November 2023 Woodford County Market Update – Indicators graphic

We’re going to explore the five real estate indicators that are shaping the housing market in Versailles-Woodford 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!

The first indicator is Months Supply of Inventory. This indicator reveals how long the current inventory of properties in Versailles-Woodford County would last at the current rate of sales.

November 2023 Woodford County Market Update – Months Supply of Inventory graphic

In November 2023, the Months Supply of Inventory stood at 1.96 months, indicating that if no new properties were added and sales remained steady, it would take almost 2 months or around 58 days to sell all the properties on the market.

Compared to the previous month, the Months Supply of Inventory rose 4.3%. Looking back a year, it is down 12.9%.

Six months supply of inventory represents a balanced market, favoring neither buyers nor sellers. With the current 1.96 months supply of inventory, buyers still find that homes are snatched up quickly, potentially leading to multiple offers and increased competition. 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.

November 2023 Woodford County Market Update – Current Inventory graphic

As of November 15th, there were 42 unsold homes available on the market in Versailles-Woodford County. This represents a 5% increase compared to the previous month. When compared to last year, we observe a decrease of 28.8% in the number of unsold homes on the market.

The Current Inventory serves as a balancing act for both homebuyers and home sellers. Buyers have a few more options to consider than last month making it just as hard to find a home that perfectly matches their preferences and requirements. Sellers operate in a market where demand remains robust. With the right pricing and marketing approach, sellers can stand out in the crowd.

With the current inventory holding relatively steady, 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.

November 2023 Woodford County Market Update – Existing Home Sales Volume graphic

In November 2023, a total of 7.5 million dollars’ worth of property was sold in Versailles-Woodford County. This represents a 4.4% increase compared to the previous month. When compared to last year’s 5.5 million dollars’ worth of sold property, we observe that the existing home sales volume is up 34.8%.

For buyers, this shows more market activity which could lead to more 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 substantial activity in the market compared to last year. It’s a sign that you’re operating in a market where buyers are eager to purchase.

It’s important to note that the Existing Home Sales Volume indicator favors neither buyers nor sellers. Instead, it provides a gauge of the market activity during this period.

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.

November 2023 Woodford County Market Update – Median Sales Price graphic

In November 2023, the median sales price for a home in Versailles-Woodford County stood at $275,000. This reflects a significant price decrease of 19% compared to the previous month. Prices are also down 3.5% or approximately 10,000 dollars over last year.

Buyers, this decrease should catch your attention, but it’s essential to view it in context. It’s often a sign of a shifting market, and for buyers, it presents an opportunity. While prices are down, it’s likely they will increase given the low inventory.

Sellers, you might be concerned by the reduction in home prices. However, it’s crucial to recognize that real estate markets are dynamic. This is part of the natural market ebb and flow. While the Median Sales Price is down compared to last month and last year, it’s likely they will increase given the low inventory of available homes and increased market activity. For sellers, it might be a moment to reassess your pricing strategy, but it doesn’t signal a crisis.

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 Versailles-Woodford 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.

November 2023 Woodford County Market Update – Continuous Days On Market graphic

In November 2023, the continuous days on market for Versailles-Woodford County stood at 43 days. This represents a noticeable 50.5% increase compared to the previous month. When compared to last year, we observe a 10.3% increase in the continuous days on market, when homes were on the market for an average of just 39 days.

For buyers, the increase in Days on Market means they’ll have more time to search for a home and won’t need to act as swiftly if they find a property they love. With the increased days on market, the competition among buyers decreases.

For sellers, the overall market continues to move at a fast pace. There is demand for your home. Increased days on market can mean more time, effort, and cost spent on property maintenance and holding costs. Homes are still selling providing a favorable environment for sellers.

Now, let’s recap the valuable insights we’ve gathered about the key local housing market indicators for November 2023 in Versailles-Woodford County, Kentucky.

November 2023 Woodford County Market Update – Indicator Recap raphic

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 with the low inventory holding steady.

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. While the median sales price decreased in November it remained close to 2022 prices.

Lastly, even with the increase in the Continuous Days on Market, the indicator shows that homes continue to go under contract quickly, favoring sellers who can find buyers faster.

Considering these key metrics collectively, the overall market indicators for November 2023 in Versailles-Woodford County, Kentucky favor sellers.

November 2023 Woodford County Market Update – Indicators Favor Sellers graphic

Before we sign off, we want to provide some practical guidance for both buyers and sellers.

 

BUYERS

November 2023 Woodford County Market Update – What Buyers Need to Know graphic

Inventory rose slightly compared to last month, meaning that you now have a few more homes from which to choose!

Mortgage interest rates are high and falling. When interest rates adjust, 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 down from last month; however, that trend isn’t likely to continue. With low inventory and increase market activity, 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?

 

SELLERS

November 2023 Woodford County Market Update – What Sellers Need to Know graphic

Timing the market is nearly impossible! The best we can do is read and react to the data available.

Prices are down for the month and the year! Given the low inventory levels, well-positioned listings with a great mix of price and condition still sell quickly. Days on market is 43 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.

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 Versailles-Woodford County.

Each month, we explore the latest local real estate trends of Central Kentucky counties. In addition to Versailles-Woodford County, we provide updates on Frankfort-Franklin County, Lexington-Fayette County, Georgetown-Scott County, Nicholasville-Jessamine County, and Lawrenceburg-Anderson 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.

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Market Update • December 17, 2023

Nov ’23 Georgetown-Scott County, KY: Key Housing Market Indicators

by Simpson & Associates
November 2023 Scott County Market Update - banner graphic

November 2023 Scott County Market Update - banner graphic

Hello Central Kentucky!

If you’re in the process of buying or selling a home in Georgetown-Scott County, Kentucky or if you’re 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.

Prefer a video format? Visit our YouTube Channel: https://www.youtube.com/@century21simpsonassociates

November 2023 Scott County Market Update - Indicators graphic

We’re going to unveil the five real estate indicators that are shaping the housing market in Georgetown-Scott 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 Georgetown-Scott County would last at the current rate of sales.

November 2023 Scott County Market Update - Months Supply of Inventory graphic

In November 2023, the Months Supply of Inventory stood at 4.02 months, indicating that if no new properties were added and sales remained steady, it would take just over 4 months, or around 120 days to sell all the properties on the market.

Compared to the previous month, the Months Supply of Inventory rose 6.1% indicating an increase in the time homes are on the market. Looking back a year, it was up by 28% or an additional 25 days.

Six months supply of inventory represents a balanced market, favoring neither buyers nor sellers. With the current 4.02 months supply of inventory, buyers find that they have a little more time to consider the available homes. For sellers, it indicates that the market is still 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.

November 2023 Scott County Market Update - Current Inventory graphic

As of November 15th, there were 276 homes available on the market in Georgetown-Scott County. This represents a 3.8% increase compared to the previous month. When compared to last year, we observe a 2.1% decrease in the number of available homes.

With 276 homes on the market, buyers have a few more options to consider compared to last month. Buyers are more likely to find a home that perfectly matches their preferences and requirements.

But what about sellers? Sellers might be wondering if a higher inventory is beneficial. While a higher inventory means more competition among sellers, this doesn’t necessarily mean they’re at a disadvantage. With the right pricing and marketing approach, sellers can still stand out in the crowd.

Even with the increase in 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.

November 2023 Scott County Market Update - Existing Homes Sales Volume graphic

In November 2023, a total of 16.9 million dollars’ worth of property sold in Georgetown-Scott County. This represents a 16% decrease compared to the previous month. When compared to last year’s 15.8 million dollars’ worth of sold property, we observe an increase of 6.7%.

For buyers, this suggests that there’s considerably less activity in the market, meaning there is less competition because there are fewer buyers. For sellers, this means that they’re operating in a market that’s steadying itself. While it may not be as red-hot as it once was, it’s also not in a state of freefall.

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.

November 2023 Scott County Market Update - Median Sales Price graphic

In November 2023, the median sales price for a home in Georgetown-Scott County stood at $311,215. This reflects a decrease of 8.8% compared to the previous month and is up 6.2% over last year.

For homebuyers, the decrease in the median sales price makes homes more affordable given the current interest rates. It may also encourage some buyers which could increase competition.

Sellers might be wondering what this decrease in median price means. This seems like a  discouraging sign for anyone looking to sell their home. Despite the fluctuations, the market has retained its value compared to last year. The November 2023 median sales price is more than $18,000 above last year’s median sales price.

Even with the decrease in median sales price, 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 Georgetown-Scott 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.

November 2023 Scott County Market Update - Continuous Days On Market graphic

In November 2023, the continuous days on market for Georgetown-Scott County stood at 71 days. This represents a notable decrease of 28.8% compared to the previous month, indicating a faster pace of homes going under contract. When compared to last year, we observe a 69.1% increase in the continuous days on market.

For buyers, even with a slowing market, homes are going under contract faster which means you have to act swiftly when you find a property you love. With fewer days on market, the competition among buyers increases.

For sellers, it suggests the market is moving faster. Fewer days on market can mean less 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. 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 Georgetown-Scott County, Kentucky.

November 2023 Scott County Market Update - Indicator Results graphic

We determined that the Months Supply of Inventory favors sellers, indicating a low supply of homes available on the market. This creates an advantageous environment for sellers in terms of pricing and competition.

Current Inventory favors sellers even with the increase, inventory remains low.

The Existing Home Sales Volume, on the other hand, favors neither buyers nor sellers.

The Median Sales Price, reflecting the midpoint price of homes sold, also favors sellers. When compared to last year, the median sales price indicates a market where property is likely to hold its worth.

Lastly, the Continuous Days on Market indicator shows that homes are going under contract at a fast pace. This favors sellers who can find buyers quickly.

Considering these key indicators collectively, the overall market for November 2023 in Georgetown-Scott-County, Kentucky favors sellers.

November 2023 Scott County Market Update - Indicators Favor Sellers graphic

Before we sign off, we want to provide some practical guidance for both buyers and sellers.

 

BUYERS

November 2023 Scott County Market Update - What Buyers Need to Know graphic

Inventory is low though there are more homes to consider when compared to last month.

Mortgage interest rates are high and falling. When interest rates move, 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 down from last month and are still above that of last year. With low inventory, it’s likely prices will go higher.

Given the low inventory and lower home prices, act decisively when you find the right house.

 

SELLERS

November 2023 Scott County Market Update - What Sellers Need to Know graphic

Timing the market is nearly impossible! The best we can do is read and react to the data available.

Prices are strong compared to last year! With low inventory levels, well-positioned listings with a great mix of price and condition sell quickly. Days on market is 71 days, which means homes are still 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 Georgetown-Scott County.

Each month, we explore the latest local real estate trends of Central Kentucky counties. In addition to Georgetown-Scott County, we provide updates on Frankfort-Franklin County, Lexington-Fayette County, Lawrenceburg-Anderson County, Versailles-Woodford County, and Nicholasville-Jessamine 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.

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Market Update • December 15, 2023

Nov ’23 Lawrenceburg-Anderson County, Kentucky: Key Housing Market Indicators

by Simpson & Associates
December 2023 Anderson County Kentucky Housing Market Update - banner graphic

December 2023 Anderson County Kentucky Housing Market Update - banner graphic

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.

December 2023 Anderson County Kentucky Housing Market Update - List of Indicators graphic

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.

December 2023 Anderson County Kentucky Housing Market Update Months Supply of Inventory graphic

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.

December 2023 Anderson County Kentucky Housing Market Update Current Inventory graphic

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.

December 2023 Anderson County Kentucky Housing Market Update Existing Home Sales Volume graphic

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.

December 2023 Anderson County Kentucky Housing Market Update Median Sales Price graphic

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.

December 2023 Anderson County Kentucky Housing Market Update Continuous Days On Market graphic

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.

December 2023 Anderson County Kentucky Housing Market Update Indicator Results graphic

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.

December 2023 Anderson County Kentucky Housing Market Update Indicators Favor Sellers graphic

 

Before we sign off, we want to provide some practical guidance for both buyers and sellers.

 

BUYERS

December 2023 Anderson County Kentucky Housing Market Update What Buyers Need to Know graphic

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.

 

SELLERS

December 2023 Anderson County Kentucky Housing Market Update What Sellers Need to Know graphic

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.

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Market Update • December 13, 2023

Dec ’23 National Key Housing Market Metrics

by Simpson & Associates
December 2023 National Real Estate Housing Market Metrics banner graphic

December 2023 National Real Estate Housing Market Metrics banner graphic

Curious about the national residential real estate market?

We’ll discuss the six key national real estate market metrics and how each impacts buyers or sellers. Afterward, we’ll provide specific information for those who are considering buying or selling a home.

 

Prefer a video format? Visit our YouTube Channel: https://www.youtube.com/@century21simpsonassociates

 

National Real Estate Market Metrics - List graphic

 

Hello Central Kentucky. This is the National Real Estate Market Watch for December 2023 brought to you by CENTURY 21 Simpson & Associates.   Let’s dive into the metrics and trends based on the latest national market data from October.

 

Months Supply of Inventory

 

Months Supply of Inventory measures how long the current inventory of properties would last at the current rate of sales if no new properties came on the market.

December 2023 National Real Estate Housing Market - Months Supply of Inventory graphic

Six months of inventory represents a balanced market, favoring neither buyer nor seller.

The number of homes on the market rose in October, marking the 18th consecutive month of year-over-year increases in months supply of inventory.

The months supply of inventory rose to 3.6 months. That’s a 5.9% increase over the previous month and 9.1% higher than a year ago.

Buyers have less competition compared to the recent past. However, competition remains resilient.

At 3.6 months supply of inventory, the market continues to favor sellers, which means there are not enough homes on the market to meet buyer demand. For context, over the past decade, the average months supply of inventory was 3.9 months.

 

Current Inventory

 

Current inventory reflects the number of active listings as of the 15th of the month. The number of actives is not static and depends on when the report is run. A trend upward or downward from month-to-month can be established by using the same day of every month.

December 2023 National Real Estate Housing Market - Current Inventory graphic

In October, the inventory of unsold existing homes rose to 1.15 million. That’s an increase of 1.8% compared to the previous month and down 5.7% compared to the previous year.

Only buyers who are not impacted by rising mortgage rates are likely to appreciate having slightly more options to choose from.

With the current low inventory, this metric favors Sellers. Sellers can feel more confident and may be more likely to put their home on the market despite rising mortgage rates.

 

Existing Home Sales Volume

 

The existing home sales volume is the total number of all the properties whose sales contracts were completed, or closed, during the month.

December 2023 National Real Estate Housing Market - Existing Home Sales graphic

Home sales were down 4.1% compared to the previous month and 14.6% compared to the previous year.

“Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” said National Association of REALTORS Chief Economist Lawrence Yun.

Homes that sold in October typically went under contract in September. In August, rates began jumping above 7%. As expected, we’re seeing a decline in sales as a result.

Buyer affordability is again impacted by higher interest rates. However, those who are willing or need to purchase can take advantage of a slight increase in inventory compared to the previous month.

Sellers who are ready to list their homes should be encouraged that despite sales being down, buyer demand continues to outpace supply.

While there are consequences for both buyers and sellers, the existing home sales metric is simply a gauge of market activity during this period and favors neither buyers nor sellers.

 

Median Sales Price

 

The median is the price where half of the homes sold in any given area that month were cheaper, and half were more expensive.

December 2023 National Real Estate Housing Market - Median Sales Price graphic

The median sales price fell 0.3% to $391,800 compared to last month yet it’s up 3.4% over last year.

Affordability has been dramatically impacted by the double hit of high prices and mortgage rates. It has challenged many buyers and would-be sellers that need to purchase again. There is still not enough inventory to meet demand – which means that prices will likely continue to rise year-over-year.

“While circumstances for buyers remain tight, home sellers have done well as prices continue to rise year-over-year, including a new all-time high for the month of October” said National Association of REALTORS Chief Economist Lawrence Yun. “In fact, a typical homeowner has accumulated more than $100,000 in housing wealth over the past three years.”

Buyers who are currently able to take advantage of the lower levels of competition can lock in today’s home prices and refinance their rate later.

Sellers can still capitalize on historically high prices and continued buyer demand.

Sales prices are directly related to the continued levels of low inventory so this metric favors sellers.

 

 

Current Mortgage Rates

 

Interest rates vary by area, lender, and type of financing. For reference, we look at the national rate for a 30-year fixed-rate mortgage.

December 2023 National Real Estate Housing Market - Current Mortgage Rates graphic

Interest rates are a big piece of the affordability equation for buyers. Each 1% increase in rates is roughly equivalent to paying a 10% higher price. In November, rates fell from 7.79% to 7.29% – this equates to paying about 5% less for the same property.

While the current interest rates feel high to consumers compared to the 2.65% rates they enjoyed not even three years ago, they’re below the all-time average of 7.39%.

Lower mortgage rates are encouraging to some buyers who had felt priced out of the market.

Buyers tend to resume their search when rates fall.

Thanks to continued strong prices and multiple offers, the rising mortgage rates won’t necessarily impact the sale of their home. Thus, this metric favors sellers.

 

Days on Market

 

The Days on Market is the average number of days that sold listings were on the market. Those days are calculated from the day a property is listed until it goes under contract. If there were any days the property was off the market, then those days are subtracted.

December 2023 National Real Estate Housing Market - Days On Market graphic

Days on Market are up by two days but are still moving at 23 days.

The average number of offers per listing was down slightly to 2.5 in October from 2.6 in September and 3.2 in August. In October, the number of listings that sold above asking rose to 28%. While that’s down from 31% in August, it’s up from 26% in September.

Yun points to the differences in the market within different price points as he says, “Multiple offers … are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.”

For buyers, “hot” listings can still command top dollar – if a buyer has found “The One,” they have to be ready with a strong offer.

For sellers, despite rising days on market and a slight decline in offers, 28% of all listings still sold above the list price so this metric continues to favor sellers.

 

Now that we’ve covered the latest national housing market metrics, what do they mean for buyers and sellers? Let’s consider WHAT BUYERS AND SELLERS NEED to KNOW

 

 

BUYERS

December 2023 National Real Estate Housing Market - What Buyers Need to Know graphic

Great news! Inventory is up meaning you have less competition!

Rates have fallen from their high in October, giving your dollar a boost in terms of how much you can buy for the same payment.

When rates come down, buyers who have been waiting jump back in the market driving up competition and prices with multiple offers. You have the opportunity to act now and beat them to it!

Prices were relatively steady from the previous month. With low inventory and strong demand, it’s likely they’ll go higher. You have a unique opportunity to find a house and lock in today’s prices. You can always refinance as rates settle back down.

If you find the right house, wouldn’t it be great to make the move while all these factors are in your favor?

 

SELLERS

December 2023 National Real Estate Housing Market - What Sellers Need to Know graphic

Timing the market is nearly impossible! The best we can do is read and react to the data available.

Although sales are down, signs point to strong conditions for sellers. Prices hit a new all-time high for the month of October and multiple offers persist!

Inventory remains low and 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 are interested in comparing the metrics in this national market update with those in Central Kentucky counties, check out our local real estate market updates for Frankfort-Franklin County, Georgetown-Scott County, Lawrenceburg-Anderson County, Lexington-Fayette County, Nicholasville-Jessamine County, and Versailles-Woodford County.

Have questions? Call our Frankfort or Lexington Offices or reach out to one of our real estate agents.

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Market Update • December 10, 2023

Nov ’23 Nicholasville-Jessamine County, KY Key Housing Market Indicators

by Simpson & Associates
November 2023 Jessamine County Market Watch Banner graphic

November 2023 Jessamine County Market Watch Banner graphic

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.

Prefer a video format? Visit our YouTube Channel: https://www.youtube.com/@century21simpsonassociates

November 2023 Jessamine County Market Watch List of Indicators graphic

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.

November 2023 Jessamine County Market Watch Months Supply of Inventory graphic

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.

November 2023 Jessamine County Market Watch Current Inventory graphic

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.

November 2023 Jessamine County Market Watch Existing Home Sales Volume graphic

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.

November 2023 Jessamine County Market Watch Median Sales Price graphic

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.

November 2023 Jessamine County Market Watch Continuous Days on Market graphic

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.

November 2023 Jessamine County Market Watch Indicator Results graphic

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.

November 2023 Jessamine County Market Watch Indicators Favor Sellers graphic

Before we sign off, we want to provide some practical guidance for both buyers and sellers.

BUYERS

November 2023 Jessamine County Market Watch What Buyers Need to Know graphic

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?

 

SELLERS

November 2023 Jessamine County Market Watch What Sellers Need to Know graphic

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.

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 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.

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Gardening/Planting • December 1, 2023

Plantar por los signos: Resumen de diciembre de 2023

by Gregory "Greg" Simpson
Planting by the Signs [Plantar por los signos]- Phil Case

Planting by the Signs - Phil Case

Autor: Phil Case

NOTA DE PTBS: Esta publicación incluye las “Quick Takes” para diciembre y luego una descripción más detallada de diciembre si estás haciendo alguna siembra donde te encuentres, según tu zona. Volveré a finales de diciembre con la Descripción de enero a medida que comenzamos el año de jardinería 2024. Es muy probable que tenga algunas publicaciones en el camino y no dudes en escribir con tus preguntas. Todos los horarios dados son del Este estándar (EST).

Espero que tengas una temporada navideña feliz, sin importar cómo la celebres, ¡e incluso si no lo haces!

 

 

 

Quick Takes

  • 1-2 de diciembre: NO PLANTAR, signo asesino, Leo/corazón
  • 3-7 de diciembre: signos de floración Virgo/intestinos y Libra/ríñones
  • 8-10 de diciembre: MUY fértil, bajo tierra, Escorpio/secretos
  • LUNA NUEVA: 12 de diciembre, 6:32 p.m., sobre tierra hasta el 26 de diciembre
  • 11-16 de diciembre: fértil, Sagitario/muslos, bajo tierra 11-12; LUEGO Capricornio/rodillas, Acuario/piernas, sobre tierra, 13-16
  • 17-18 de diciembre: MUY fértil, sobre tierra, Piscis/pies
  • 19-20 de diciembre: NO PLANTAR, signo asesino, Aries/cabeza
  • 20, 22-23 de diciembre: Días de las Ascuas
  • 21 de diciembre: COMIENZA EL INVIERNO/SOLSTICIO DE INVIERNO, 10:27 p.m.
  • 21-23 de diciembre: MUY fértil, sobre tierra, Tauro/cuello
  • 24-25 de diciembre: signo de frijol/guisante, Géminis/brazos
  • LUNA LLENA: 26 de diciembre, la luna pasa a la fase oscura/luna llena, 7:33 p.m. hasta la nueva luna el 11 de enero de 2024, 6:57 a.m., bajo tierra
  • 26 de diciembre: MUY fértil, sobre tierra hasta las 7:33 p.m., Cáncer/cuello
  • 27 de diciembre: MUY fértil, bajo tierra, Cáncer/cuello
  • 28-30 de diciembre: NO PLANTAR, signo asesino, Leo/corazón
  • 31 de diciembre-4 de enero: signos de floración Virgo/intestinos y Libra/ríñones

 

VISTA GENERAL DE DICIEMBRE

FASES DE LA LUNA: Diciembre comienza y termina con la luna en la fase oscura. Se mueve de oscuro a claro con la luna nueva, o ninguna luna visible en el cielo, a las 6:32 p.m. EST del 12 de diciembre, y luego vuelve a la fase oscura con la luna llena a las 7:33 p.m. del 26 de diciembre.

Cuando la luna clara está activa, planta productores sobre tierra y son productores bajo tierra cuando la luna oscura gobierna. No plantes cuando alguno de los signos asesinos, Aries y Leo, está activo o verduras cuando los signos de floración Virgo y Libra gobiernan.

Plantar cuando los signos fértiles rigen es una alternativa viable a los signos MUY fértiles, que son Escorpio, Piscis, Tauro y Cáncer. Los fértiles, apenas por debajo de MUY fértiles, son Sagitario, Capricornio y Acuario.

Si solo puedes utilizar un aspecto del sistema para plantar, te sugeriría seguir las fases de la luna, pero aún así evitar los signos asesinos Aries y Leo y los signos de floración Virgo y Libra para cualquier cosa que no sean flores.

LOS SIGNOS: Verifica si la luna está en fase clara u oscura (información arriba y en cualquier calendario) antes de proceder con la siembra en cualquier lugar u otras actividades relacionadas con la luna. Diciembre comienza con un signo asesino en acción, así que aquí es donde comenzaremos.

DÍAS ASESINOS: No se deben realizar siembras, trasplantes, siembras, macetas o tratos con cosas que deseas que prosperen en estos días. ¡Resérvalos para cualquier cosa menos para plantar en cualquier lugar! Aquí es cuando rigen: Leo (el corazón), 1-2, 28-30 de diciembre; Aries (la cabeza) 19-20 de diciembre. Hay siete días en diciembre gobernados por estos dos signos, casi el doble de los que tuvimos en noviembre.

DÍAS DE FLORACIÓN: Virgo (los intestinos) está presente del 3 al 5 y el 31 de diciembre, mientras que Libra (los riñones) gobierna del 6 al 7 de diciembre. Hay ocho días de floración en diciembre. ¡NO PLANTES VERDURAS en días de floración!

DÍAS MUY FÉRTILES: Los signos están acompañados por la fase de la luna en la que ocurren. Escorpio (los secretos), del 8 al 10 de diciembre, luna oscura; Piscis (los pies), 17-18 de diciembre, luna clara; Tauro (el cuello), 21-23 de diciembre, luna clara; Cáncer (el pecho), 26-27 de diciembre, con el 26 principalmente claro (hasta las 7:33 p.m.) y el 27 luna oscura. Hay 10 días en diciembre gobernados por los signos MUY fértiles.

DÍAS FÉRTILES: Sagitario (los muslos), 11-12 de diciembre; Capricornio (las rodillas), 13-14 de diciembre; Acuario (las piernas), 15-16 de diciembre. Hay seis días gobernados por estos tres signos.

DÍAS DE GUISANTES/FRIJOLES: Géminis (los brazos), el signo de guisantes/frijoles, rige del 24 al 25 de diciembre. Si llevas la cuenta, la luna clara rige ambos días.

HACER CAMBIOS: Hay un día en diciembre y una parte de otro que encaja perfectamente en la fórmula para hacer cambios cuando la luna está en fase oscura y los signos están saliendo del cuerpo más allá de lo que funciona. Sagitario (los muslos) rige del 11 al 12 de diciembre. La luna oscura rige hasta las 7:30 p.m. del 12 de diciembre cuando llega la luna nueva, así que aquí está tu marco de tiempo: del 11 al 12 de diciembre. Habrá más días en enero, ¡justo a tiempo para los propósitos de Año Nuevo!

ECHAR GRAVA: Si tienes grava para echar en un camino o carretera en tu granja, hazlo cuando la luna clara rige, que es del 13 de diciembre hasta la mayor parte del 26 de diciembre.

Lo mismo se aplica para las piedras en un camino de jardín: colócalas cuando la luna esté en fase clara, para que no se hundan. Si estás colocando postes de cerca, hazlo en la fase clara de la luna para que los postes no se hundan.

 

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Gardening/Planting Plantar por los signos: Resumen de mayo de 2024 NOTA DE PBTS: A continuación de estas Quick Takes se encuentra el resumen de mayo. Todos los horarios son EDT y estoy en la Zona 7A, así que ajústelo a su ubicación.               Consejos Rápidos 1 de mayo: Fértil, Acuario/piernas, subterráneos HACER CAMBIOS: Hasta el 3 de mayo, luna […]
Gardening/Planting Plantar por los signos: Resumen de abril de 2024 NOTA PBTS: Es hora de acelerar las cosas para prepararse para la temporada de jardinería de 2024. Después de los Consejos Rápidos, aquí está el Resumen de Abril. Todos los horarios son EDT y estoy en la Zona 7A, así que ajusta según tu ubicación.             CONSEJOS RÁPIDOS 30-31 de […]
Gardening/Planting Plantar por los signos: Resumen de marzo de 2024 NOTA DE PBTS: Al final de esta columna, encontrarás: 1) información que revisa los mejores días de este mes para sembrar productores de superficie para cultivar tus propios trasplantes. 2) Además, hay 17, ¡increíblemente 17 días a lo largo de marzo hasta abril para hacer cambios! 3) y cuándo verter grava. Pero primero, la Visión […]
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