After a lower February, Louisville home sales shot up in March. For the month, there were 1,027 homes sold in Jefferson County. That’s good for an almost 7 percent year-over-year increase. While this is good news, it’s also surprising given our incredibly low inventory. More on that in a bit.

Turns out 2016 was the record-breaking year for Louisville. Comparing the first two months of each, it didn’t appear that 2017 would be able to compete.

Charts of Louisville home sales and Louisville home prices for the 12 month period ending March 2017.

The median home sales price remained the same in March, but thanks to stronger than expected sales, Louisville is now on pace to beat the record 2016 total.

Now, thanks to the strong sales of March, our 2017 first quarter is on pace to break this record. Only by the slimmest of margins, 22 units, it’s clear that real estate demand remains very strong.

Looking at home prices, the trend line is moving higher. Real estate markets are highly affected by seasonality. Louisville’s is no different. Prices dip during the winter months only to rise again as the weather warms. That’s what we’re seeing here.

The median home sale price in March was $155,000. This was unchanged from February. Yet, it is 4.9 percent higher than one year ago.

The average sales price in Jefferson County was $192,769. This is more than 10 percent high than one year ago.

Now you can see why many are calling this a “hot market.”

The only thing keeping it from more growth is inventory. But there’s hope on the horizon.

After seven straight months with a declining absorption rate, Louisville finally saw a minor uptick in March. Nothing earth-shattering but the market received more new listings than listings that were sold.

This should continue into April and May, then really start to move once school lets out.

If you’re interested in how homes in your area performed, check out these Louisville housing reports focused on each of Louisville’s distinct MLS areas.

The message to home sellers remains the same. It’s been a really, long time since the Louisville real estate market was this heavily favoring sellers over buyers. Move-in ready homes, priced right, are flying off the shelves. Even houses that “need work” are being grabbed up. If you have been thinking about a move yourself, there’s really no time like the present.