Lexington Homes Sales Decline

The latest news is now available from the Lexington Bluegrass Association of REALTORs regarding the rate of Lexington homes sales.  For the 1st quarter of 2008, there were 835 homes sold.  This equates to approximately a 16 percent decline compared to the 1st quarter of 2007.  Home values were fairly flat, in that the median values of homes sold were down approximately 1% comparing 1st quarter 2008 vs. 2007.  Values for March 2008 was down 5% relative to March 2007.

If you compare these numbers to the national average, nationally the median price was down 7.7% for March 2008 vs. 2007.

The amount of inventory currently on the market and the marketing time needed to sell a home continues to lag the market.  Marketing times for the 1st quarter 2008 vs. 2007, is up 9%.  This indicates that sellers need to be realistic when pricing their homes, as getting the price correct is paramount to getting an offer in a reasonable time frame.  Still, its not all sour grapes for the Lexington real estate market.  Fortunately though, homes are selling (unlike some other parts of the country that are virtual ghost towns with persons waiting for things to hit bottom).  But in order to get a home sold, you need to ensure that you price the value of your home lower than your relative competition, ensure that your home is the nicest relative to your competition, and ensure that your home is getting the greatest amount of exposure to candidates that are most likely to purchase your home.  If you do those things, you can get your home sold.  Falter on any of the bunch, and you are likely to be sitting waiting...and waiting to get your home sold.