Condo Sales in Louisville KY
Many of you are probably wondering if condos and patio homes are really selling. I have done a little research to put some numbers in perspective.
All the figures that follow are for Jefferson County only. As I write this, there are 5909 listings in Jefferson County; of which 1321 are Condos or Patio Homes. This equates to 22.3% of the total inventory.
I then wanted to see what percentage of total sales are Condos/Patio homes. Since the first of the year, there have been 416 condos sold versus 3148 total units sold; or 13.2%. In 2009 the figure was 14.1%. For the years 2006-2008, the figure averaged 15%.
This year, we are averaging about 83 Condo or Patio Home sales per month in the Greater Louisville area. If we stay at this pace, we have a little less than a 16 month supply. Single Family Residential sales to date are 2735 units. This works out to 547 per month or a 8.4 month supply.
So, to summarize, Condos and Patio Homes are selling, but at a much slower pace.