According to the Lexington-Bluegrass Association of Realtors (LBAR), Lexington’s housing market is showing strong activity in its sales figures for October. LBAR reported a six percent increase in residential sales over October 2013, while the median sales price increased by four percent in the same comparison from $139,000 to $145,000. The townhouse/condo segment saw an even more substantial rise, with a whopping 52 percent gain in sales as compared with October 2013.
The year-to-date total sales activity increased two percent over 2013 as well. Residential sales stayed relatively flat along that timeline, but townhouses and condos saw a significant gain in sales compared with 2013, increasing by twenty-one percent. In addition, new construction home sales increased for the third month in a row.
The silver-lining sales figures aren’t without a few small clouds of their own, however, as the average number of days residential units stayed on the market increased by eight percent, and the residential year-to-date median sales price decreased by one percent. Still, strong figures in townhome and condo sales, as well as a 20 percent decrease in the amount of days on the market for those housing options, bodes well for the overall housing market.
LBAR President Linda Wiley said, “As markets begin to prepare for colder weather and holiday events, a familiar seasonal slowing will begin to take place into the winter months. However, October delivered steady gains in sales volume compared to October 2013, with the October monthly sales activity levels up nine percent.”
Also, according to Wiley, both pending sales and new listings are higher than last October. In all, LBAR members reported 860 sales in October 2014, totaling more than $151 million. Of those sales, 793 were residential, while 67 were townhouses or condos.
LBAR represents more than 2,200 Realtors in Fayette and the surrounding counties.