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COVID-19 | Mar 29 – APR 4 2020 | SPECIAL REAL ESTATE MARKET REPORT | LOUISVILLE KY
Our first concern is that you keep safe by staying updated on best practices by visiting kycovid19.ky.gov/ – Featured Services and CDC.gov to monitor the whole country.
Our second concern is to keep you updated on the effect of the COVID-19 pandemic on the real estate market.
It’s important to recognize that prior to this report certain events occurred:
Today marks 3 weeks since the commencement of Covid-related business closures in the Commonwealth of Kentucky.
2. Now, of course our first concern is that you stay safe and follow best practices to reduce risk, by visiting kycovid19.ky.gov/ and cdc.gov to stay up with the latest statistics and best practices on what you can do to protect yourself and your loved ones.
3. Of course, Our second concern is to keep you updated on the effects of COVID-19 on the Louisville, KY real estate market.
So, here’s what happened over the last three weeks that is worth mentioning:
There were 112,726 new unemployment claims in the Commonwealth of Kentucky for the week ending March 28th.
Nearly 162,000 new unemployment claims have happened in the Commonwealth of KY in the last 2 weeks of March and 701,000 jobs were lost from the US economy in March.
Now, clearly, all of that has come in a very short period of time and has a negative, psychological effect on the marketplace.
However, we believe it’s important to keep updated on what’s actually happening in the Louisville, KY Metro real estate market – especially the areas we primarily cover – by going to the facts.
So, According to Greater Louisville MLS, the marketplace for Louisville, KY’s residential real estate, here’s what’s happened within the neighborhoods of Central Louisville East – A.K.A. traditional, historic Louisville – over the last couple of weeks, looking at single family homes and condominiums:
From March 22nd through March 28th there were:
58 New Listings
44 Went Under newly-accepted pending contract.
52 Were Sold
Compared to the week of
March 29th through April 4th there were:
47 New Listings (that represents a 19% decrease week over week)
53 Listings Went Pending under contract. (a whopping 20% Increase)
36 Listings Sold (for a 31% Decrease)
It’s important to notice the increase in Pendings there week over week, as the greater news continued to worsen.
NEXT, according to the Greater Louisville MLS, the marketplace for Louisville, KY Metro’s residential real estate here’s what happened over the last couple weeks in Louisville Metro / Jefferson County Kentucky with single family homes and condominiums:
From March 22nd through March 28th there were:
242 New Listings
239 Listings went Pending under contract
217 Listings Sold
Compared to the week of March 28th through April 4th where there
239 New Listings (only a 1% Decrease week over week)
246 Listings Went Under Contract (representing a 3% Increase)
172 Listings Sold (representing over a 20% Decrease)
So, it’s important to take a look at those factors and understand that – albeit the news is negative, generally – the marketplace is being affected in certain ways, but there is still activity and so what we feel is that there’s a compression of new listings coming on, as people delay the time period.
But, there are still Active Buyers that must move.
So, there are “Must Sell” sellers and “Must Buy” Buyers still continuing to make their way thru the marketplace, albeit under different circumstances and practicing, of course, social distancing.
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Again, finally, our priority # 1 is that you keep yourself Safe.
So you can that, follow best practices as delineated at kycovid19.ky.gov/ and cdc.gov.
And, of course, we wish all of you that are on the front lines in the medical industry our best wishes.
Keep yourselves safe and healthy as you do your best to keep the rest of us safe and healthy.
We are here as your real estate resource and we’ll see you on the next update.
