Homes for sale in the Highlands neighborhood of Louisville seem to be taking less time to sell, or at least leave the market, than just a few months ago. I have graphed trend lines for homes for sale in both 40204 as well as 40205. Even though the total numbers may be a bit different, both areas seem to be following the same rough pattern. One year ago, both were hovering around 100 days for homes to leave the market, either through a sale, or perhaps the sellers decided to take their home off the market. Either way, it counts the same, homes were averaging about 100 days on the market. For both zip codes, that number rose through the year and into this past April, at which point, something seems to have happened to the Louisville Highlands real estate market, and DOM measurements started falling.
Another interesting way to look at this data is to look at median days on market, as well as average days on market, for Louisville Highlands homes for sale. Just in case you don’t remember from your grade school teachings from years ago, the median is a point at which half of the data falls above your measurement and the other half falls below. If you look only at averages, you will find that the really large, or really small numbers, will unfairly sway the entire data set, such as the home that has been on the market for two years without a sale.
The first graph in this article was for average DOM, but the graph above shows us the median DOM. The basic shape of the graphs are the same, but two or three things stand out to me. The first is the starting number of days Highlands homes for sale were staying on the market this time last year. Instead of the 100 days average we saw, the median is closer to 60 or 70 days, over a full month’s difference. The second observation I have is that the drop in DOM that we see in April seems to be much more extreme in the median measurement than the average. And finally, my last point is that our measurements for today are much closer to last year’s numbers than the averages are. That tells me that the homes that are in good shape and priced honestly are still getting sold and leaving the market in a decent time frame, but the dogs of the market are just sitting there, for a long, long time.
Greg is a Realtor in Louisville Ky, former glassblower, husband to one, father of two, brother to seven, uncle to 20 and a lover of cooking and eating well.
