June Market Report
Dear Neighbor,
As homeowners, sometimes we reach a place where our current home doesn’t provide enough space or feels like there’s too much space. 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 ideal home.
The first step is understanding this asset and the market you are in. As you consider selling, you deserve 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:
The Average Sale Price is Down Compared to Last Year
When correctly priced and positioned well on the market, most homes are selling at or very close to list price. Comparing 2022 to 2023 year to date, we’ve seen a 5% increase in the average sales price in South Lexington. When looking at the average sales price compared to last May, it’s gone down 11% from $467,764 in May 2022 to $414,025 in May 2023. Average days on market remain low as well, at 18 days in May 2023, compared to 13 days in May 2022. 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 slightly compared to last year, with 1.7 months of inventory in May 2022 versus 2.2 months of inventory in May 2023, demand remains high. Months of inventory reflect 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.
As a Homeowner, You Can Still Take Advantage of This Market
It’s still a good time to sell despite the increased interest rates & inflation. 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 180+ clients trust me with $42M+ 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 the market.
Call Today → 859-402-4766
Maggie Wells License # 221726 Real Broker, LLC
Southeast Lexington Market Highlights
|
Single-Family Home Stats |
May 2022 vs. May 2023 |
Analysis |
|
Average Sales Price |
↓ Down 11% |
The average sales price is now at $414,025, down 11% from $467,764 in May 2022. 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 38% |
While up from last year, median days on market are still low, at 18 average days on market in May 2023. As demand has decreased compared to last year, this further demonstrates the need for a precise strategy with pricing and marketing to ensure your home sells for top dollar in the fewest days on market. |
|
Sale-to-List Price Ratio |
↓ Down 2% |
Sale-to-List Price Ratio is still high at 101% compared to 103% in May 2022. Supply has outpaced demand compared to last year. Sellers who overpriced their homes are now facing the reality that it will take longer to sell and go through more price reductions. When you start with an expert strategy, you can sell for the highest possible price in the fewest days on the market possible. |
|
Price per Square Foot |
↑ Up 4 % |
Demand in Southeast Lexington remains up, and the price per square foot is now $176 sq. ft. in May 2023, up from $170 sq. ft. in May 2022. 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
South Lexington had slightly higher inventory in May 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. Although, at certain price points in South Lexington we are again seeing multiple offers more frequently.
2. Buyers Are Still Searching
Serious buyers are out there eager to scoop up the available inventory. The percent to list price was 101% meaning most homes are selling at or above list price. 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 Lexington continues to grow, we’ll likely continue to see property values increase and stabilize at times. Here are just a few things to note:
- Lexington was ranked #5 in Best Run City in
- Lexington was ranked #10 in the Best Cities to Buy a House in
- 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
