2017 Year in Review: Owensboro Real Estate

It’s been a great year for Owensboro real estate!  Inventory was down, prices were up (although not nearly as high as many announced earlier last year), and homes spent less time on the market than they have in the past.  In addition to the infographic above, here’s some information you’ll find helpful about the Owensboro/Daviess County market in 2017.

1. The number of sales was up 4% in 2016 but down 1% in 2017.
2. Days on market has decreased each year for the past year, down almost 13% from 2015.
3. List-to-Sales % has remained mostly stable, up only 0.7% from 2015.
4. Median sale price has increased each year for the past three years!
5. The two price ranges with the largest growth in number of sales: $200,000 – $349,999 (up 15%) and $350,000 – $499,999 (up 20%).
6. 35% of all homes sold between $50,000 – $199,999 were sold using non-conventional financing (FHA, USDA, VA, etc).
7. The largest market (as a percentage of the whole) for cash sales is in the $50,000 – $99,999 range, where cash sales make up 25% of the market.
8. What you get for your money is changing

   – In the $50,000 – $99,999 range, median square footage is down 6% but median sale price hasn’t really changed.
   – In the $100,000 – $199,999 range, median square footage is down 6% but median sale price is up 2.9%.
   – In the $350,000 – $499,999 range, median square footage is up 9% and the median sale price is up only 2.8%.

9. The foreclosure market has remained steadily weak, as the number of foreclosure sales listed & sold in the MLS has only represented 3%-4% of the entire market over the last three years.
10. Homes in the $100,000 – $199,999 price range tend to sell the quickest, beating the median days on market for the past three years. This price range sees the most number of homes sold each year (612 in 2017).  Not surprisingly, this price range also had the highest list-to-sale price % (97.79%)

Disclaimer:

 This information reflects sales of single-family residential homes which sold in Daviess County in 2017.  All information is taken from the Greater Owensboro Realtor Association MLS.  All numbers listed are median values.