Lexington, KY - As of the end of July, members of the Lexington-Bluegrass Association of Realtors (LBAR) reported more than a billion dollars in residential real estate sold. LBAR reports 5,794 sales throughout its 11-county Bluegrass Region, totaling $1,012,023,078.
For the month of July alone, that same area, which includes Anderson, Bourbon, Clark, Fayette, Franklin, Jessamine, Montgomery, Nicholas, Powell, Scott and Woodford counties, saw $201 million in sales.
Locally in Fayette, LBAR members closed on 2,889 sales from the beginning of the year through July 31, for a total of $569,253,453, which is up 26 percent from the same period last year, according to LBAR Executive Vice President Elaine Hangis.
“The real estate market continues to have many encouraging factors, even though mortgage rates have started to increase,” LBAR President Al Blevins said in a release. “A good sign is that new listings were up 16 percent for the month of July; the median and average sales prices were also up.”
The Bluegrass, and especially Fayette County, markets are transitioning from a buyer's market to a seller's market, as inventory and days on the market are falling while the median price is up 3 percent over last year.
Sellers are receiving an average of approximately 96 percent of their original list price,” according to the release.