Houses and Condos for Sale Failed to Attract More Buyers Last Year

  Sales of residential properties, including condos for sale, declined in Louisville, Kentucky, last year compared with the 2009 period. Housing sales did record an upswing in the first six months of 2010, according to realtors, as homebuyers take advantage of the federal government's tax credit program. However, the full year total still showed a decline from one year ago.

The same happened to most areas of Kentucky, with foreclosed homes in London KY and non-foreclosed houses in other areas of the state selling well in the first half of 2010 and declining at the second half. Based on year-end housing data, sales of residential properties in Louisville dropped by 1.8% last year compared with 2009 figures.

A total of 11,442 housing units, including non-foreclosed and homes under Kentucky foreclosure listings, was sold in Louisville last year, according to the Greater Louisville Association of Realtors. Despite posting a lower sales total in 2010, the median selling price of houses for the period rose to $138,000 compared with the 2009 median rate of $132,000.

For majority of local realtors, the decline in residential property sales, including figures for condos for sale, is not as bad as in other metro areas of the U.S. They stated that a drop of less than 2% is still good, considering that last year was one of the worst periods on record for the U.S. housing market. In addition, median price in Louisville recorded an increase, something that was very uncommon among major housing markets last year.

In the first half of 2010, the number of home foreclosures and non-foreclosed dwellings that were purchased by buyers outpaced the 2009 sales volume by around 29%. However, sales totals declined considerably once the tax credit expired, with the second half of 2010 posting a 24% drop in sales. Analysts stated that the tax credit only changed buyers' purchase schedules and that full year data still demonstrates the real condition of the metro area's housing market.

All in all, realtors are mostly pleased with how the Louisville housing market fared last year. They stated that buyers will purchase higher numbers of houses and condos for sale in 2012, with 2011 likely to remain flat compared with 2010.