Quick Stats: Lexington, KY Real Estate
Lexington KY continues to beat the national real estate market in sales and amount of inventory.
While there was less activity in the market in terms of sales — 732 pending sales this July compared to 893 pending sales in July 2007 — there were also significantly fewer listings coming on the market, helping to decrease the total number of homes in the Lexington Area MLS.
There is an 8.3 month inventory available in the Lexington KY MLS, but the total number of new listings added to the system during the first half of 2008 is down from 12,118 in 2007 to 10,798 in 2008. The number of new listings coming on the market in July of this year is 1629 compared to 1673 in July of last year.
Average time on market increased marginally, from 87 days in 2007 to 90 days in 2008 for single family homes. Townhouses and condos continue to take slightly longer to sell, averaging 95 days on the market in 2008, up marginally from 94 days in 2007.
While median sales price for single family houses dropped 3% from $177,612 in 2007 to $172,105 in 2008, median prices for townhomes/condos rose slightly from $123,750 in 2007 to $124,500 in 2008.