There was a sharp decline in the local housing market in November, with the fewest homes sold in a month since February 2021. The number of active listings also continued to climb and is the highest since at least the end of 2019.
For the Greater Owensboro Realtor Association service area, only 125 units were sold in November — 16 fewer than the month prior, and 48 fewer compared to November 2021.
“Historically, November tends to be slower in terms of units sold, which is what we saw last month,” said GO REALTORS President Michelle Wiesman. “The 125 units is the lowest number of homes sold in our service area since early 2021 and we expect December to reflect the same. We’re thankfully seeing a more balanced market and a high number of available inventory, which leads to a more patient buyer and a more strategic seller.”
In reflection with previous November reports, the latest data is on par with pre-pandemic housing statistics. For comparison, in 2019 November closed 116 units and in 2018 it was 130 units.
The 126 sales pending at the end of the month was similarly the lowest since December 2020.
That left 318 active listings at the end of the month, a number that continues to rise. From January-May 2022, the average active listings to end a month was just 147. The last time active listings were over 300 was in January 2022 at 316.
However, days on market (69), average sale price ($223,753), and average list price ($230,981) all remained relatively steady in November.
“The less challenging inventory levels haven’t influenced the rising value of homes in our market,” said Devin Taylor, GO REALTORS President-elect. “We are still seeing large increases year over year. Even though the overall amount of units sold this time of year will likely decrease, the value of homes is remaining solid.”
