Lexington, KY - By year's end, members of the Lexington-Bluegrass Association of Realtors (LBAR) 6,649 reported sales totaling $1,091,035,899, according to an association press release. 

"As 2012 begins, the real estate market in central Kentucky will continue to stabilize," said LBAR President Mary Anne Simmons. "The inventory drop during the second half of 2011 should translate into further positive news for sellers. Interest rates are expected to hold the low ground, enriching the buying environment for consumers. The spring market will ultimately be the major test as to the rate of recovery throughout the year. 2011 showed a healthy market despite some drops in home prices. Positive indicators included shrinking inventory and increased demand."
Residential sales reported during December 2011 vs. December 2010 increased 17 percent from 486 to 570 sales closed. The median sales price decreased 10 percent over December 2010, falling from $148,450 to $134,000.
For the year-to-date 2011 vs. year-to-date 2010, total activity decreased just 2 percent. Residential sales reported dropped from 6,719 in 2010 to 6,649 in 2011. The median price remained stable, decreasing 3 percent from $141,500 to $137,900.
There were 3,352 reported sales totaling $620,606,367 in Fayette County in 2011, according to LBAR.
Residential single family sales in Fayette County remained stable in December 2011, falling just 2 percent to 256 sales reported from the 261 reported in December 2010. Pending sales reported increased 45.6 percent with 182 sales in December 2011 compared to 125 in December 2010. The median sales price decreased during December 2011, falling from $165,000 in December 2010 to $150,500.
Real estate market activity remained relatively calm during 2011 when compared to 2010. The average days on market increased 5 percent to 77, and the median sales price decreased 2 percent to $152,500. Residential sales fell 6 percent, from 3,568 in 2010 to 3,352 in 2011.