Lexington, KY - Residential sales in Fayette County for April were 14 percent ahead of a year ago, according to the Lexington-Bluegrass Association of Realtors (LBAR). 607 sales closed during the month compared to 534 for April of 2011.
Pending inventory increased 26 percent over April 2011, rising from 648 to 816 pending sales, according to LBAR.
Residential average days on market decreased 20 percent for the same time period, falling from an average of 128 days to 102 days. The median sales price remained stable at $135,000 for April.
“Months of inventory fell 18 percent to 9.4 months in April,” said LBAR President Mary Anne Simmons. “This decrease is a positive indicator; a balanced market contains 5-6 months of inventory. Shrinking inventories means less competition and more pricing power for sellers, who are finally starting to be rewarded by strong buyer activity.”
The realtors organization said residential sales closed also increased during the year-to-date 2012 vs. the year-to-date 2011. Sales increased 17 percent from 1,740 to 2,042 sales reported closed. The median sales price decreased slightly for the same time period, falling 2 percent from $133,400 to $131,000. Average days on market decreased 19 percent during the year-to-date from 124 to 101.