Market Insights: February 2017

Home Sales

Home sales decreased year-over-year and increased from last month

388

Represents number of homes sold
in Northern Kentucky though February 2015

-2%
since one year ago
2%
since last month

Home Price

Home prices increased from last year and increased from last month

$170 k

Average home price for
Northern Kentucky

10%
since one year ago
11%
since last month

Inventory

Active listings on the market decreased from last year increased since last month

4.1 mo.

This number represents the Months of
Inventory Based Upon Closed Sales.

-8%
since one year ago
1%
since last month

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Home Sales

There were 388 homes sold in the month of February. The pace of sales increased 2% above last month's sales pace, but was still -2% below the same month of the previous year. Inventory levels are low from this time last year causing an increase in home sales. With the rates starting to rise, home buyers will be eager to find something this Spring to purchase.

Chart.

Home Prices

Home prices increased on a month-to-month basis in February, increasing 11% to an average sales price of $170,000. Year-over-year prices increased 10%. Rising prices should continue as inventory (homes on the market) are low, causing seasonal demand to be unusually high.

Chart.

Inventory - Months Supply

The number of homes available decreased -8% compared to the same month of the previous year, with 1603 homes available for sale in February. This translated to 4 months supply of active listings based upon closed sales. As we move into the Spring, we will begin to see an increase in homes on the market but lower list to sales price ratios due to high buyer demand.

Chart.

Market statistics are the best way to identify the health of a local economy.

Real Estate market statistics are extremely important if you are considering buying, selling or purchasing long-term real estate investment. More importantly local statistics that are specific to our community provide a snapshot that will benefit you as you move forward with your decision.

In the Northern Kentucky area, local statistics often contradict national trends, so it is a good idea to rely on these instead of national news media to determine future trends locally.

We hope you have found this information useful. If you would like to see different data please let us know. In the meantime did you know you can search other real estate sales statistics by city on this site? See here