Market Insights: February 2019

Home Sales

Home sales increased year-over-year and increased from last month

385

Represents number of homes sold
in Northern Kentucky though February 2019

2%
since one year ago
18%
since last month

Home Price

Home prices increased from last year and increased from last month

$192 k

Average home price for
Northern Kentucky

7%
since one year ago
1%
since last month

Inventory

Active listings on the market decreased from last year decreased since last month

3 mo.

This number represents the Months of
Inventory Based Upon Closed Sales.

-3%
since one year ago
-4%
since last month

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Home Sales

There were 385 homes sold in the month of February. The pace of sales increased 18% above last month's sales pace, but was still 2% above the same month of the previous year. Home sales are down primarily due to a declining inventory. If you are thinking about selling, doing so prior to the Spring market might be advantageous as inventory levels typically rise causing less demand among purchasers.

Chart.

Home Prices

Home prices increased on a month-to-month basis in February, increasing 1% to an average sales price of $192,000. Year-over-year prices increased 7%. The deceleration in home price growth reflects improving inventories and provides buyers who experienced tight supply for much of the year with more inventory to select from

Chart.

Inventory - Months Supply

The number of homes available decreased -3% compared to the same month of the previous year, with 1154 homes available for sale in February. This translated to 3 months supply of active listings based upon closed sales. Inventory levels are low from this time last year which can cause an increase in home sales and prices. However with interest rates expected to rise in 2019 we could see a gradual plateau in appreciating values.

Chart.

Market statistics are the best way to identify the health of a local economy.

Real Estate market statistics are extremely important if you are considering buying, selling or purchasing long-term real estate investment. More importantly local statistics that are specific to our community provide a snapshot that will benefit you as you move forward with your decision.

In the Northern Kentucky area, local statistics often contradict national trends, so it is a good idea to rely on these instead of national news media to determine future trends locally.

We hope you have found this information useful. If you would like to see different data please let us know. In the meantime did you know you can search other real estate sales statistics by city on this site? See here