Welcome Boone County, Kentucky home buyers and sellers! What a first day of October it has been with the big headline of the Government shut down! Oh my! However, Mother Nature is definately not in shut down mode and through her beautiful fall color changes, reminds us that all things are always in a state of change. Which brings us to our October market report for Boone County, where we can discover the subtle changes in our own housing market by looking at our new market stats.
Today, October 1st, we have 558 single family homes for sale in Boone County KY with a median list price of $199,850. Contrast that with August 2013 stats when we had 617 homes for sale with a median list price of only $82,950! Looks like our housing inventory is shrinking slightly, but our median list prices are soaring!
To add to the overview picture of the Boone County single family market, we currently have 215 Boone County sales "pending" right now. So as you can see our market is still hopping! My current buyers are always so surprised to find themselves in multiple bids during a time when they perceive that the market should be slowing down. Au contraire! The market is still buzzing and we have plenty of anxious buyers trying to get into a new home before the holidays.
The true litmus test for predicting marketing analytics is found in Boone County single family homes that have sold in the last 6 months. These are the homes that the appraisers are looking for as new comparatives to rank new appraisals in the market. So if we take a look at the solds for the area, we find that a whopping 984 Boone County single family homes were sold in the last 6 months with a median list price of $174,650 and a median sales price of $170,000. That means there was only a 2.7% spread between asking and final sales price...something to note if you are buying or selling in this market, especially since just 2 months ago our spread was at 8.34% and back in July 2012 the spread was at 10%! So the Boone County market is definately shrinking the gap between asking and final sales price and sellers are getting closer to their actual asking price. In fact, when properties are competitively priced, we are still seeing overbid offers! Buyers will need to consult with their agents to help them navigate this market, as always. Look for an experienced agent who is out in the market daily and is aware of all the subtle price variations in different areas.
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Proceed with knowledge and be empowered to make the right decisions in all your real estate transactions.
Northern KY Homes for Sale - Cathy Miles with Exit Realty Florence, KY.
As a full time Realtor® in Northern KY, my goal is to help buyers & sellers successfully navigate the ever changing currents of the real estate market in Boone County, including Florence, Burlington, Union and surrounding areas. Call today and learn how the Miles Home Team can make a difference in either the sale of your current home or the purchase of your next one. Just ask Cathy… 513.673.7726