It’s time once again for the Year-In-Review post. This is a look back at the previous year’s real estate sales in Daviess County, Kentucky. And what a year it was! The Owensboro, Daviess County area of western Kentucky continues to be a very strong real estate market. In this post we’ll look not only at 2018, but also some five-year trends we’ve seen to give you an even bigger picture of what our real estate market looks like.
In addition to the infographic above, here’s some information you’ll find helpful about the Daviess County market in 2018:
- The number of sales has increased substantially since 2014. We’re up 22% since 2014, and up 4.3% since 2017.
- The amount of time a home spends on the market – or Days on Market (DOM) has decreased each year in the past five years. Since 2014, we’re down 26%! Wow! In 2014 it took homes 80 days to sell. That’s practically three months. Since then, we’ve shaved almost a month off. In 2018, it took only 59 days to sell a home.
- When a home sells, we like to look at how close the sale price was to the original list price. We call this the List-to-Sales Ratio. In 2017, homes sold for 97.06% of their original list price, and in 2018 they sold for 96.94% – hardly any change at all.
- In 2014, the median sale price was $119,000. Since then, median sale prices are up 17.5% and up 4.4% since 2017! Those are some great numbers for homeowners!
- Of the 384 homes sold using non-conventional financing (FHA, VA, USDA, etc), 61% were in the $100,000 – $199,999 range. Interesting, isn’t it?
- The largest market for cash sales was the $100,000 – $199,999 price range, which accounted for 30% of all cash sales!
- Of all the homes sold in the MLS, only 2.5% of those were foreclosures. This is slightly down from recent years, which is another indicator of a very strong local market.
- The price range of homes that sold the quickest was the $0 – $49,999 range which only took 44 days to sell.
- The price range of homes that sold the closest to the original list price was the $100,000 – $199,999 range which sold for 97.45% of the original list price.
- And finally, since 2014, the team at Riverfront Appraisals has helped over 4,000 homeowners with their appraisal needs! Ok, so that isn’t a Daviess County market trend, but we just wanted to throw that in there and say a big THANK YOU to all of our wonderful clients who have trusted us since we opened our doors in 2008.
Now, spring is right around the corner, and you might be thinking about selling your home. If you’re wondering what these numbers might mean for you in your specific market segment, call us today. We’d love to help you!
Here are a few last things to remember:
First of all, these numbers are all median. As appraisers, we deal with median values as it represents a more accurate picture of the real estate market, and isn’t influenced by outliers.
Also, this information reflects sales of all types of residential homes which sold in Daviess County in 2018 and were listed in the MLS. All information is taken from the Greater Owensboro Realtor Association MLS.
[bctt tweet=”since 2014, the team at Riverfront Appraisals has helped over 4,000 homeowners with their appraisal needs! ” username=”RiverfrontApp1″]
Helping homeowners navigate the appraisal process,
Ryan Bays, SRA, AI-RRS