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Greg Fleischaker's Blog

By Greg Fleischaker | Agent in Louisville, KY

Prospect Ky Homes - November 2010 real estate wrap up

Every few weeks or months, I like to stop for a moment and take a look back and see how the Prospect Ky real estate market has been performing.  For months and months, the median values for Prospect Ky homes had hovered around $500,000.  But the last few months have really seen a falling off, and just a few weeks ago saw a gigantic plummet, with values actually dropping down to $400,000, a drop of $100,000 or 20% in just one year!  However, before you get too upset about that huge drop, make sure to notice that this past week's measurement jumped up about $40,000, gaining back some of the $100,000 drop.

One thing to keep in mind when reviewing numbers for a single zip code is the size of the sample population and how many homes may be on the market at any one time.  For instance, in Prospect Ky, we normally expect to see about two hundred or two hundred fifty properties available at any time, and if only a handful of high priced homes in that group happen to leave the market at the same time, the median asking price will most assuredly be affected.

After looking at asking prices for Prospect Ky homes for sale, let's now turn our attention to inventory levels, to better test my hypothesis from above.  And guess what?  Looking at the attached chart we see that the number of homes currently for sale in Prospect is indeed falling, giving credence to my theories!  So while we aren't setting any records in regards to the number of homes for sale, we are seeing a clear shift from higher end homes being on the market to lower priced homes.

If we look at the two graphs together, it appears that a handful, or a bit more, of Prospect Ky luxury homes really swung some recent markers in the real estate market as disappointed home owners continue to take their homes off the market due to a lack of buyers and sales.

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