For the first time in a decade, Fayette County has experienced 13 consecutive months of year-over-year increases in the number of homes sold, according to a 2015 annual report recently released by Fayette County property valuation administrator David O’Neill.
Residential sales for the year totaled 6,195, up from 5,517 in 2014. (Total sales figures exclude foreclosures and sales involving multiple parcels or between family members.)
In addition, Fayette County's total taxable real property rose 2 percent in 2015 and is expected to surpass $24 billion with the 2016 tax roll. The report attributed most of the increase in the property tax base to sales, new construction and improvements to existing properties. The report also noted that more than 12 neighborhoods were reassessed during the year, as a result of continuous increases in the volume of home sales.
Total sales in 2015 increased by 14 percent over 2014, and foreclosures dropped 18 percent, falling to pre-recession levels, according to the report.
The median residential sales price in Fayette County rose to $165,000 in 2015, the highest level in the past decade. The median price per square foot rose to $101.58, topping $100 per square foot for the first time since 2006.
To view the entire annual report, which was presented at the annual Economic Outlook Conference sponsored by the University of Kentucky's Gatton College of Business and Economics, check online at fayettepva.com.