Lexington, Ky. - Residential sales by members of the Lexington-Bluegrass Association of Realtors (LBAR) in September 2011 vs. September 2010 increased 36 percent. The organization reports 583 sales closed in September 2011 compared to 430 in September 2010.
The median sales price decreased just 1 percent from September 2010, falling from $144,950 to $143,600.
Other positive indicators for September 2011 include falling months of inventory, increased pending sales and declining total inventory of homes for sale. Months of inventory decreased 28 percent from 14.8 months to 10.7. Pending sales increased 7.9 percent over September 2010, rising from 488 pending sales reported to 527 in September 2011.
Total inventory is steadily declining, coming in at 6,545 properties for September 2011. That's a 5.1 percent decrease from 6,897 properties in September 2010. Shrinking inventory is due to the combination of fewer sellers listing property and more buyers doing their part to absorb existing inventory.
Month over month gains have resulted in a more stable cumulative summary for 2011. For the year-to-date 2011 vs. year-to-date 2010, total activity decreased just 6 percent. Residential sales reported dropped 6 percent from 5,327 in 2010 to 5,015 in 2011. The median price also remained stable, falling just 1 percent from $140,000 to $138,800.