Jan. 2009 Real Estate Report

Starting in 2009 I am going to start posting reports on Somerset Kentucky & Lake Cumeberland real estate on a monthly basis. I will be comparing with the month's of the previous year to the current year so you can see what the real estate market is doing in our area.



So here's your Jan. 2009 Report:

I will be listing 2009 first followed by 2008's.

Number of Homes Sold: Jan. 2009: 25/Jan. 2008: 37

Number of Lots & Acreage Sold: 4/6

Average Closing Price: $103,687 / $131,723

Average Days on Market Residential: 219 / 181

Average Days on Market Lot & Acreage: 448 / 213

Difference of Sales Price- % of Current List Price Residential: 93.45% / 91.33%

Difference of Sales Price- % of Current List Price Lot & Acreage: 90.18% / 97.82%

Sell Price Total Residential: $3,264,600 / $3,711,100

Sell Price Total Lot & Acreage: $237,900 / $363,800

Number of Residential Homes on the Market: #894

Number of Lots & Acreage on the Market: #1034


As you can tell our numbers are a little lower than last year, but as a Realtor let me tell you we are begining to see a pick up in house showings, calls, and buyer traffic. You have heard of supply and demand well, we have the supply of properties, just not the demand for them.

But let me tell you this, there might never be a better time to buy than right now! You may never see the interest rates as low as they are, combined with plenty of homes on the market to choose from. That combination should be enough to get you out there looking!

Think about it, right now with there being so many properties for sale, you as a buyer have the upper hand on negotiating a deal. And on top of that you get a great deal on financing too!

I hope you find this market update helpful, and feel free to contact me if you have any questions about the information in this report.

As always, "thank you" for reading my blog, and have a great day!


Adam Gullett
Homestead Real Estate
(606)219-5122
adamgullett@gmail.com
www.somersetliving.com