I haven't done a blog entry in a while so I thought I would do one on recent sales. Many people have commented about how slow the market is right now. Yes, sales have slowed a bit but people are always selling and buying. Some people are afraid to get their feet wet right now because of what they see or hear in the news.
I checked some statistics for single family homes in McCracken County this morning. The statistics show a slowdown as well. A significant point to remember is that sales earlier this year were high due to the tax credit. Many buyers and sellers were taking advantage of the 10% tax credit on resale homes. During the months from March to June the number of homes sold in McCracken County varied from 47 homes in March to as high as 69 homes in May. May was the month that most homes would have closed and taken advantage of the tax credit. Sales in April were 67 and June was down to 49 homes. So we had 47 in May, 67 in April, 69 in May and 49 in June. As you can see the number of sales increased and then came back down after the tax credit expired.
The month of July is nearly over. So far the number of sold McCracken County, single family homes has numbered just 32. There are 4 others that are pending but scheduled for July. Of further significance, the number of expired listings during the months mentioned varied from 10% to 15%. The number of expired listings in July has been 30%.
Here is a little extra info if you are interested. The average price of sold houses in McCracken County from the months March to June was as low as $118,000 in March to $176,000 in June. Again, this was the average sold price. The average unsold price for homes that did not sell varied from $153,000 in June to $205,000 in May. Notice how the average unsold price in June is less than the average sold price in June. Sometimes the statistics can be misleading. Everyone needs to remember that these are statistics and sometimes statistics can be quoted in different ways. However, the number of homes that sold during these months by an agent are fact.