Louisville Home Sales | Takeaways from the September report - Louisville Courier-Journal (blog)

But the number of homes listed has been coming down in recent months. Homes for Sale There were 8,704 on the market at the end of September, down from 9,313 in June. Oldham is a smaller market, so the fluctuations appear larger. The average selling price for September 2011 was $163,908, down 3% from August 2011, but near even with September 2010's figure of $165,562. The year-to-date average sales price for 2011, $164,344, is virtually unchanged when viewed against a similar year-to-date figure from 2010, $164,871. Inventory, or the number of Homes for Sale, declined slightly to 8,704 units in September, from 9,046 units in August. But the number of homes for sale continues to exceed 2010 levels and remains near a 9 month supply; inventory levels near a 6 month supply are often associated with an in-balance market. Overall, GLAR members were encouraged by the strength of the late summer quarter but will look cautiously toward the final quarter of the year which traditionally trails the more productive spring and summer quarters. The supply of homes on the market in Jefferson County stands at 5,468 units, down slightly from last month, but up 21% from September 2010. At the current absorption rate, the county has an 8 month inventory of homes on the market. Year-to-date sales, in the county, stand at 5,783 units, down 8% from a similar period last year. The average and median prices in Sept 2011 vs 2010 were both up by 21%, reflecting the sale of some larger homes. The YTD average and median figures were up a more modest 10% and 5% respectively and are less volatile than single month data points. On the one hand, the number of listed homes going under contract was up 24%; but on the other hand, the inventory of unsold homes remained higher than last year by 9%. Continued low mortgage rates, improved local employment trends and consumer confidence will be the key factors that can allow for the absorption of the current inventory of homes and the resumption of a balanced market in Oldham County. The average selling price in the county for September was $140,432, up slightly from August ($138,439), but near even with September 2010's $142,277. Year-to-date sales, in the county, stand at 560 units, down 10% from a similar period in 2010. Supply, or the number of homes on the market, has fallen to 551 units, down 33 units from August, but up  7% from a similar period in 2010. Get your local newspaper delivered daily or weekends to your door. Click here for subscription information and special deals. Otts joined the C-J business desk in August 2009 after three years covering eastern Jefferson County for the paper's Neighborhoods section. Debunking the latest rumorSubscribe to The Courier-JournalGet your local newspaper in the format that fits your lifestyle: in print, delivered daily or weekends to your door, or the electronic edition on your computer.