Homes in Scott County continue to sell at a brisk pace, staying on the market barely a month, according to the Lexington-Bluegrass Association of Realtors, which represents Scott County.
Year-over-year, the number of new listings in the county increased 30 percent from October 2018 to 105, but the inventory actually fell 24 percent because houses are moving so quickly. The average number of days on the market for a single-family home was 32 days in October. Sellers are getting 98.55 percent of their asking price with the typical sales at $247,324 with a median sales price of $225,000, LBAR reports.
“The housing market has been and will continue to be very robust,” said Al Blevins, LBAR president. “Despite inventory challenges, home sales haven’t hampered to this point. In fact, Central Kentucky is experiencing monthly highs across all categories, much of it due to high demand.”
Pending sales, a leading indicator of future housing activity fell in October to 98 transactions, but that followed seven consecutive months with triple digit numbers. There were 131 pending transactions in August.
“The market is on a roll,” Blevins said. “The economy is still strong, reports show that homeownership is still a priority for most people in the U.S., and interest rates are low and forecasted to remain under 4 percent in 2020.
“Given all of this, real estate should remain solid for a while, especially in this region.”
Through October, some 854 real estate transactions have taken place in Scott County for $221 million, a two percent increase over the previous year.
—Bourbon County has had 181 real estate transactions in 2019, for $31.6 million, a 36 percent increase over 2018. The median sales price of a single family home in Bourbon County is $143,500. The average days on the market is 64 days.
—Harrison County had 85 real estate transactions in 2019. The median sales price for a single family home is $155,764. The average days on the market is 67 days.
Mike Scogin can be reached at firstname.lastname@example.org.