January 23 Market Report

Dear Neighbor,

As homeowners, sometimes we reach a place where our current home doesn’t provide enough space and amenities. That’s usually when we decide it’s time to move. While a move can be exciting, you want to make sure you’re capturing all the equity you’ve earned to invest in your dream home.

The first step is understanding this asset and the market you are in. As you consider selling, you deserve the insight and guidance from an expert in your local market. Here are the top things to know about the Southeast Lexington real estate market right now:

Median & Average Sale Price is on the Rise Compared to Last Year

When correctly priced and positioned well on the market, homes are selling at or very close to list price. Comparing 2022 to 2021, we’ve seen a 19% increase in the median sales price in Southeast Lexington. That being said, the numbers show the median sales price has climbed to

$367,550 in December, up 42% from December of 2021 when the median sales price was

$257,500. Average days on market remain low as well, at 28 days, compared to 20 days in December 2021. These stats really add up when you’re selling your largest financial asset–and that’s exactly why you deserve a strategic marketing plan.

Inventory Has Increased Making Correct Pricing and Positioning Extremely Important

While inventory is up compared to last year, with 1.9 months of inventory in December 2021 versus 3.68 months December 2022, demand remains up. Months of inventory reflects the relationship between the number of properties currently on the market compared to the pace at which homes are selling. As long as we stay under 6 months of inventory, we are still in a seller’s market. While sellers still have the advantage, to capitalize on your investment, you want to work with a real estate expert who understands how to strategically price and market your home so you get maximum return.

We Continue to See Homes Sell Significantly Higher than Last Year

Despite some headlines, the market is still active. With the right strategic plan, pricing, and positioning for your property and your goals, we can attract maximum offers and get your home sold for the highest possible price in the fewest days on market.

As a homeowner, what does this mean for you?

If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.

With my experience in real estate, I have the home-selling process systematized for convenience and ease, but, of course, I customize my approach to maximize the sale of each property.

My systematic processes are just one of the reasons why over 170 clients trust me with $40M+ sold in the Lexington, Kentucky area real estate, and routinely refer their family and friends.

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 859-402-4766

We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.

Call Today → 859-402-4766

Maggie Wells License # 221726 Real Broker, LLC

www.maggieleewells.com maggie@maggieleewells.com 859-402-4766

Southeast Lexington Market Highlights

Single-Family Home Stats

December 2021 vs. December 2022

Analysis

Median Sale Price

↑ Up 42%

Median sale price is now at $367,550, up 42% from $257,500 in December 2021. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible.

Average Days on Market

↑ Up 40%

While up from last year, median days on market are still relatively low, at 28 average days on market in December. Current demand and relatively low supply play a major role, compared to December of 2021’s statistics at 20 average days on market.

Strategic pricing and marketing ensure your home sells for top dollar with minimal days on market.

Sale-to-List Price Ratio

↑ Up 1%

Sale-to-List Price Ratio is still high at 99% compared to 98% in December 2021.

Correctly priced, strategically marketed homes are selling at or very close to list price, making it especially important to start with an expert strategy from day one to sell for the highest possible price in the fewest days on market.

Price per Square Foot

↑ Up 7.5%

Demand in Southeast Lexington remains up, and price per square foot is now $157 sq. ft. in December, up from $146 in December 2021. To maximize your results, it’s extremely important to have a proven strategy and expert guidance from the beginning.

Source: Bluegrass REALTORS.

Looking Ahead

Here’s what we’ll be watching over the coming months:

1. Higher Supply of Available Homes

Southeast Lexington had relatively high inventory in December compared to last year, likely due to the increased interest rates compared to last year, yet inventory is still low keeping sellers mostly in the driver’s seat as we continue to experience a more healthy, balanced market. With

inventory low and the median sale price steadily increasing—up 42% in December compared to December 2021 and up 12% year to date—sellers who work with an expert to properly position themselves on the market can generally expect to secure a nice return.

2. Buyers Are Still Searching

Buyers are still out there eager to scoop up the available inventory. The days on market in December were only 28 days compared to 20 days in December 2021. With inventory remaining relatively low as it has been, it’s a great time to sell. Regardless of what twists and turns the market takes, to truly maximize your return on investment, it’s crucial that you strategically position your home to buyers.

3. Continued Growth In Southeast Lexington

As Southeast Lexington develops, we’ll continue to see property values increase. Here are just a few things to note:

Lexington was ranked #5 in Best Run City in
Out of the top 10 Mid-Sized Cities in America with Economic Growth Potential, Lexington was ranked #5.
Zumper named Lexington the #3 Best City to Raise a
Smart Asset named Lexington the #10 City with Best Work-Life

4. What to Expect When Selling Your Home

The market consistently evolves—and you deserve to sell for the highest possible price no matter what. The right marketing strategy, pricing knowledge, and negotiation power are what make the difference when you’re ready to sell your home and embark on what may be one or two of the largest financial transactions of your lifetime.

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 859-402-4766