May 23 Market Report – Maggie Wells

Dear Neighbor,

As homeowners, sometimes we reach a place where our current home doesn’t provide enough space or 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 dream 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:

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 2023 year to date, we’ve seen a 3% increase in the average sales price in Southeast Lexington. When looking at the average sales price compared to last April, it’s gone up 3% from $408,887 in April 2022 to $421,295 in April 2023. Average days on market remain relatively low as well, at 20 days in April 2023, compared to 8 days in April 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 compared to last year, with 1.6 months of inventory in April 2022 versus

2.7 months of inventory in April 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.

We Continue to See Homes Sell Significantly Higher than Last Year

The market is still active despite the higher interest rates. 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

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

Southeast Lexington Market Highlights

Single-Family Home Stats

February 2022 vs. February 2023

Analysis

Average Sales Price

↑ 2%

The average sales price is now $421,295 up 3$ from $408,887 in April 2022. When you price correctly from day 1 you can maximize others and ultimately sell for the highest possible price as quickly as possible.

Average Days on Market

↑ Up 150%

While up from last year, median days on market are still relatively low, at 20 average days on market in April 2023. Current demand and low supply play a major role, compared to April of 2022’s statistics at 8

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

↓ Down 3%

Sale-to-List Price Ratio is still high at 99% compared to 102% in April 2022. 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 8 %

Demand in Southeast Lexington remains up, and price per square foot is now $182 sq. ft. in April 2023, down only from $168 sq. ft. in April 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

Southeast Lexington had relatively high inventory in April compared to last year, likely due to the interest rates remaining higher 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 southeast Lexington we are seeing competitive the multiple offers picking back up.

2. Buyers Are Still Searching

Serious buyers are still out there eager to scoop up the available inventory. The percent to list price was 99% meaning most homes are selling at near or above the 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 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