Owensboro Real Estate 2014: A Look Back

Every year, I like to compile a list of sales and compare certain trends to the previous year.
You’ll see from the infographic I created, we had a great 2014! If you’re wondering how 2014 stacked up to the previous year, take a look at the following:

  • Number of sales were down 9%
  • Median sale price increased by 8%
  • Median days on market remained stable
  • Median list-to-sales price also remained stable
  • The price range with the most sales was between $75,000 – $100,000 (210 sales)
  • Foreclosure sales were down significantly – by a whopping 49%
  • Short sales remained steady at 17 sales in 2014
  • Cash sales decreased 22%
  • The number of homes sold with FHA financing was down 17%

Note that this data was compiled from the Greater Owensboro Realtor Association MLS, and includes sales of Single Family Homes in all of Daviess County, Kentucky (including Townhomes & Condos).

 

So what can we learn from this data?  First of all, an 8.8% increase in median sale price is something we should be very pleased about.  The increase in sale price from 2012-2013 was less than 1%, so this is good news!  Realtors are doing a good job getting homes sold in less than three months, and only needing to take a 3% reduction in sale price.  Foreclosures & short sales were down – something I hoped would happen when I wrote my 2013 recap, so I’m thankful for that!  And, money was cheap in 2014!  Rates to borrow were at an all-time low, which may account for the decrease in cash sales.

Overall, the Owensboro/Daviess County remains a strong, steadily growing market, and I see 2015 bringing more good news to our local market.  I’d love to hear your thoughts!