Submitted by Anonymous on Wed, 10/31/2007 - 17:41.
Southern Kentucky housing trends: fairly stable
The local housing market remains relatively stable, despite slowing sales and slightly higher home prices this year, according to the Realtor Association of Southern Kentucky.
In the Bowling Green-Warren County area, 1,146 homes were sold between January and September this year, down slightly from the 1,202 homes sold this time last year, according to information provided by executive director Meg Manning.
The median price of a home is slightly higher this year at $138,400, up from $137,000 last year; the average price is also higherat $160,589, up slightly from $158,432 last year. Houses are staying on the market almost two weeks longer than last year, with an average of 123 days.
Outside Warren County
Although fewer homes were sold from January to September this year (568) than in 2006 (654), the median and average price of a home dropped.
The median price of a home outside Warren County was $80,000, down from $81,950 at this time last year. The average price of a home outside Warren County is $93,052, down from $95,315 at this time last year.
The number of days houses are sitting on the market outside Warren County - 124 days - is two days shorter than last year.
Bowling Green still boasts a large inventory of homes compared to outlying areas, with 777 active listings, compared to 525 listings outside Warren County.
Anita Napier, CEO of the Builders Association of South Central Kentucky, said consumers are continuing to “low ball” offers to builders and others selling homes because of the misperception that Bowling Green is in the same housing crisis happening nationally. Yet the local housing market is not booming but is still strong and stable, she said. “Our land costs are increasing monthly almost,” Napier said. “The less land you have, the competition for the land increases - which increases the price.”
Napier said Bowling Green and Warren County are still a growth area, with growing jobs and a new generation of homeowners that will find a variety of choices - from starter homes for first-time home buyers to upscale accommodations.
Source: http://bgdailynews.com/articles/2007/10/28/ news/news4.txt
In the Bowling Green-Warren County area, 1,146 homes were sold between January and September this year, down slightly from the 1,202 homes sold this time last year, according to information provided by executive director Meg Manning.
The median price of a home is slightly higher this year at $138,400, up from $137,000 last year; the average price is also higherat $160,589, up slightly from $158,432 last year. Houses are staying on the market almost two weeks longer than last year, with an average of 123 days.
Outside Warren County
Although fewer homes were sold from January to September this year (568) than in 2006 (654), the median and average price of a home dropped.
The median price of a home outside Warren County was $80,000, down from $81,950 at this time last year. The average price of a home outside Warren County is $93,052, down from $95,315 at this time last year.
The number of days houses are sitting on the market outside Warren County - 124 days - is two days shorter than last year.
Bowling Green still boasts a large inventory of homes compared to outlying areas, with 777 active listings, compared to 525 listings outside Warren County.
Anita Napier, CEO of the Builders Association of South Central Kentucky, said consumers are continuing to “low ball” offers to builders and others selling homes because of the misperception that Bowling Green is in the same housing crisis happening nationally. Yet the local housing market is not booming but is still strong and stable, she said. “Our land costs are increasing monthly almost,” Napier said. “The less land you have, the competition for the land increases - which increases the price.”
Napier said Bowling Green and Warren County are still a growth area, with growing jobs and a new generation of homeowners that will find a variety of choices - from starter homes for first-time home buyers to upscale accommodations.
Source: http://bgdailynews.com/articles/2007/10/28/ news/news4.txt
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