Anchorage Ky Properties For Sale Market place Update – January 2011

Last week, I received a call from an Anchorage Ky home owner, who had just seen his tax bill go up. Apparently, the city felt that the Anchorage Ky real estate market has been riding high over the last few years, and that his home was now worth quite a bit more than it was four or five years ago. Even though this gentleman has no intention of selling, he called me up and asked if I could provide him with any info that might educate him on the matter of whether not homes in 40223 had actually seen an increase in prices.

To which I said “of course!”

As anyone who reads my articles with any regularity know, I am a big fan of statistics and keeping track of numbers, so this request was right up my alley, and I was happy to oblige.

The fist statistic we all go to when discussing homes is pricing, and I’m no different. Looking at two years worth of numbers for the most expensive homes for sale in 40223, or Anchorage Ky luxury homes, we can see that in January of 2009, two full years ago, these homes had a median asking price of 0,000 or a little bit higher. Today, that same measurement has fallen to 5,000, give or take a few thousand. Roughly speaking, that works out to be a loss of 5,000!

Let me take a quick moment to point out that the 5,000 just discussed is more than the median asking price of all homes for sale in Louisville!

But price alone doesn’t tell us how the market is performing. Well, maybe it does, but I also like to look at a few other items. Next, let’s tackle inventory levels, just how many homes are currently for sale in 40223? I again used only the most expensive 25% of homes currently for sale at any given point and two years worth of data. And guess what I found? More homes are for sale today than there were in 2009 at this time.

As a matter of fact, there are more Anchorage Ky homes for sale in January of 2011 than there in both 2010 and 2009. Each year has seen a rise in the number of available properties for sale.

Taken together, we can see that the two economic values we have discussed, prices and inventory, which translate pretty well to supply and demand, don’t make a very good case for an improved real estate market. Rather, the Anchorage Ky real estate market now has lower asking prices, by over 20% and another 20% more homes available today than at this time in 2009.

I believe my Anchorage KY friend has a good chance having his new tax bill overturned and reduced to previous levels!

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