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Fayette home sales up, prices down

The good news for home sales in Fayette County during the first half of 2012 was that the number of home sales for 2012 appears to be on-track for increasing over last year.

The bad news is that the average list and sale prices are down again, with the list price down 33 percent since 2007 and the average sale price down 30 percent for the same period.
 
The slump in the sale prices of homes in Fayette County began with the recession. And though the recession officially ended in the summer of 2009, figures from the first half of 2012 show the list price and sale price of homes continuing to fall.
 
The numbers show the average list price down 33 percent and the average sale price down 30 percent, both since 2007. 
 
Multiple Listing Service (MLS) records provided by Leslie Edwards Realty showed there were 709 homes sold in Fayette County during the first six months of 2012.
 
Those homes carried an average list price of $258,035 and an average sales price of $220,639. Records show that those homes were on the market for an average of 106 days, or a little longer than three months.
 
MLS records also showed that 121 of the 709 homes, or 17 percent, sold during the first half of 2012 came with a sale price of under $100,000 and carried an average sale price of $69,176.
 
Those homes were on the market for an average of 91 days. That number compares to the total sales in 2011 when 188 of the 1,157 sold came with a sale price of under $100,000.
 
Also in the first half of 2012, there were 267 homes, or 27 percent, listed that remained unsold. Those homes had an average list price of $266,927 and had been on the market for 242 days.
 
As indicated below, the data from the past several years shows the average list and sale price continuing to fall far below the numbers seen prior to the recession.
 
Edwards said there are currently 718 homes for sale in Fayette County. They carry an average list price of $323,106 and, as of June 30, had been on the market for an average of 125 days.
 
Year    Homes sold      Avg. list price     Avg. sales price
 
2007     1,537                  $388,506             $314,342
 
2008    1,081                  $380,569             $297,239
 
2009    1,043                  $363,083             $266,228
 
2010      970                  $346,118             $255,183
 
2011   1,157                  $290,511             $227,767
 
2012    709                   $258,035             $220,639
 
(2012 figures are for six months only.)
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