Patio Home Absorption Rate in Louisville KY
This morning I had discussion with a client moving from Minnesota with the Ford Relocation to Louisville KY. She asked me about how well Patio Homes in our Louisville Market were moving. I gave her some generalities over the phone and then decided to dig up a few numbers.
I know that closed home sales and new listings are up this year over last in the entire Louisville MLS. But, has the absorption rate changed? I used closed home sales in the August through October time frames for my calculations.
In Jefferson County, we sold 1765 homes in this 3 month time frame for an average of 588 home sales per month. We currently have 5101 homes in the Louisville MLS inventory. By doing the math, we calculate that we have an 8.67 month supply of homes if no more come on the market.
In the group of condos and patio homes, we sold 253 in the same time period or 84 per month. With a supply of 1282, this gives us a 15.2 month supply of condos and patio homes.
My client’s real interest was in a patio home. In the Louisville MLS; condos, townhomes, and patio homes are grouped together. I was able to pull out the numbers for patio homes and give a more definite number. There were 38 patio homes sold out of a current inventory of 235 patio homes. This gives us an absorption rate of 12.67 per month. Doing a little more math gives us an 18 month supply of patio homes. This is definitely a buyer’s market!
If you have any questions about this, feel free to contact The Hollinden Team in Louisville KY.