Lexington, KY – The Lexington-Bluegrass Association of REALTORS (LBAR) announced 4,700 sales in the second quarter of 2014 totaling $811.9 million.
Residential sales decreased 1 percent in the second quarter of 2014 from the same period last year, falling from 4,372 to 4,309 sales reported closed. The residential median sales price decreased 1 percent from $143,000 in 2013 to $142,000 in 2014.
Townhouses/condos sales have continued to increase over the last two years, a release from LBAR states. In the first half of the year, the townhouses/condos sales rose 22 percent for the same time period from 321 to 391 sales reported closed. However, the average days on market increased 36 percent from 97 to 132 days in the first half of 2014.
Linda Wiley, LBAR President stated in a release, "home buyers are benefiting from slower price growth. Additionally consumer confidence in the housing market appears to remain strong as Realtors are staying busy with listings and sales. Buyers have 5,685 homes to choose from which is the lowest June inventory since 2006.”
Residential sales increased 10 percent in June over June 2013 from 891 to 978 sales reported closed. Townhouses/Condos sales also increased over June 2013 from 65 to 91 sales reported closed in June 2014. Average days on market for residential properties rose 6 percent from 72 to 76 days; average days on the market for townhouses/condos rose 33 percent from 99 to 132 days.
Fayette County saw a 5 percent growth in June over 2013 with 525 sales against the 499 total in June of last year. For the second quarter as a whole, Fayette County say 2,197 reported sales totaling $438,317,432, according to LBAR.