Lexington Kentucky Real Estate Quick Market Update February 2016

Lexington Kentucky Real Estate Quick Market Update February 2016

February Quick Market update

As the spring real estate season begins we are off to a very hot start.  My average days on market so far this year for new listings is 5 days!

  • The number of residential real estate sales in Lexington were up 18.7% vs last year

  • Average days on market is down from 92 days to 86 or -6.5%

  • The number of homes under contract increased by 285 or 17.5%

  • Inventory is at a large deficit down over 1,000! listings or 22.1%!!!!

  • The number of new listings hitting the market is also up by 156 or 14.7%.

So what do these numbers mean to me?

Sellers – Now is a great time to sell.  Demand is greatly outpacing supply and prices are increasing as a result. Want to know what your home is might sell for?

Buyers – Even though the seller’s have the upper hand at the moment it is still a good time to buy.  The Federal Reserve has outlined a plan to raise interest rates over the next year.  The mortgage market still hasn’t reacted and mortgage rates are at historically low rates.  So if you can find a home that you like it is still wise to take advantage of low interest rates.  Find out how you can buy a house and check out our mini home buyers seminar.  Just click HERE

February Quick Market
Report Infographic

Lexington Kentucky Real Estate Quick Market Report February 2016

Morgan Franklin Headshot
Phone: 859-576-0801
Dated: April 4th 2017
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About Morgan: Hi, I’m Morgan Franklin and I am a Realtor in Lexington Kentucky. I have lived here for over 25 ...

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Lexington, KY