Lexington, KY - Dr. Lawrence Yun, Chief Economist of the National Association of Realtors will be in Lexington on Friday to discuss the national and central Kentucky housing market. Yun will speak at the offices of Lexington-Bluegrass Association of Realtors (LBAR) 9:00 a.m. – 10:30 a.m.
Dr. Yun has been quoted on the real estate market and the economy in the Wall Street Journal, the New York Times, and the Washington Post. He also appears regularly on CNBC and Bloomberg TV.
2013 started with a real estate bang in the Lexington area. Pending sales are the highest since 2008 and the inventory of available homes is the lowest since 2006, according to the latest LBAR figures. February 2013 pending sales increased 9.4 percent from 650 to 711 pending sales reported. The inventory of homes for sale decreased 7 percent for the same time period from 5,694 to 5,312 homes on the market.
Residential single family sales increased 20 percent in February from 426 to 513 sales reported closed. The median sales price increased 4 percent from $130,000 to $135,000. February’s months of inventory fell 23 percent to 9.3 months, the lowest since 2006. Shrinking inventory indicates more motivated and prepared buyers in the market.
During the year-to-date 2013 vs. the year-to-date 2012 residential sales increased 25 percent from 813 to 1,017. Residential average days on market fell 8 percent for the same time period from 100 days to 92 days.