Residential real estate sales by members of the Lexington-Bluegrass Association of REALTORS (LBAR) positively impacted the Bluegrass economy in May 2011 with 657 reported sales totaling $107,714,998.
For the first time in 2011, pending sales in central Kentucky increased year-over-year. There were 753 pending sales reported in May 2011, an increase of 44 percent from the 522 pending sales reported in May 2010.
“The tax-credit surge is now outside of our statistical comparisons, and we will begin to see an apples-to-apples comparison in the coming months of the Bluegrass housing market,” LBAR President Barbara Curtis said.
Residential sales decreased 28 percent during May 2011 vs. May 2010, falling from 839 sales reported to 606. The median sales price remained stable for the same time period, decreasing just 5 percent from $146,000 to $139,000. Total activity for the month was also down 28 percent.
During the year-to-date in central Kentucky, residential sales reported fell 19 percent from 2,929 in the first five months of 2010 to 2,378 in the first five months of 2011. The median sales price also remained stable for this time period, falling just 3 percent from $139,000 to $135,000.