Brett's Real Estate News & MLS Deals 5/28/20
Flood of Evictions on the Horizon
So far in Louisville real estate sales seem nearly impervious to the effects of the coronavirus shutdown but the impact is landing squarely on landlords. Property Management of Louisville reports rent delinquencies for the month of April increased to 5% but in May it more than tripled to 17%. The moratorium on filing evictions in Jefferson County expires on July 1st. It usually takes 30 days for evictions to be processed but we expect this time to double as courts reopen to a deluge of cases.
Market Update (Based on the MLS database which includes Louisville & surrounding areas)
The housing market remains strong based on low inventory and cheap interest rates. There is just over a 2 month supply of housing. Historically supply hovers around 3 months. The asking price to selling price ratio has recovered from the winter doldrums when it fell to about 94.5% of asking price, now it is at 97% of asking price which is normal for the spring and summer market. Listing prices have fallen just a little bit since last year but selling prices are flat.
New Listings Week of 5/21 to 5/27 2017 2018 2019 2020
1 Week Single Family Listings 464 488 397 375
1 Week Multi-Family Listings 9 6 4 3
1 Week Rental Listings 19 24 16 20
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Disclaimer: Do not construe any information herein as investment advice. It is not not advice. Investment advice should include marketing times, competitive listing analysis, among other considerations.