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February 2017 Real Estate Outlook from LBAR President, Ty Brown
Homebuyers continue to see the value in buying real estate and taking advantage of the still low interest ... LBAR represents over 2,900 Realtor members, serve 22 counties in the Central Kentucky area!
February 2017 continues as a best seller month, coming in 3% over same time last year with the highest number of February salesThe year is starting off with a bang! January sales were up 21%Homebuyers continue to see the value in buying real estate and taking advantage of the still low interest rates.
Housing inventory is at a record lowThere are 4.6 months of inventory for our area, with some neighborhoods and counties even lowerFayette County has 2.8 months of inventoryFor the last 24 months the inventory has been decreasing, creating a market where buyers are scrambling for houses which leads sellers hesitant to sellSellers are then concerned they won’t have a place to go which feeds into the continued decline of inventorySellers who chose to be on the market are enjoying, on average, a higher sales priceIn February median sales price was $145,900, an increase of 6% compared to February 2016With housing supply remaining low, incidence of multiple offers is high, forcing buyers to better their offer.
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