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Hot Housing Market In Lexington - LEX18.com | Continuous News and StormTracker Weather

Hot Housing Market In Lexington

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If you're thinking about buying or selling a house, you'll want to pay attention. Experts said the market in the Bluegrass is hot. It's the best that realtors have seen in years, especially in Lexington.
   
What's the key to the housing market? Currently in Lexington, realtors said it's to sell.

"I know a few that I really liked, the day of, they sold and sold for asking price," said Lucy Clark. 

Clark has been on the hunt for a new home for about a month. However, she said houses are flying off the market.

"It definitely seems crazier than it was when I bought a home three years ago," said Clark.

"The market is, it's pretty hot right now," said Ty Brown, the broker/owner of Weichert Realtors.

Brown is also the President Elect of the Lexington-Bluegrass Association Of Realtors, and said the numbers don't do the market justice. Sales are only up three percent from this time last year, however inventory is down to 2.6 months.

"Almost everybody is having inventory problems, however there's just not enough homes out there," said Brown.

Brown said there are a third fewer homes for sale in Lexington, compared to April of 2015. "Right now we are looking at inventory last year being about 1,500 homes on the market in Lexington. And now there's only 1,000," said Brown. 

However, realtors said the summer months and school rezoning, have buyers ready to buy.

"It's kind of crazy right now to be honest with you," said Brown.

Realtors said after they put the houses on market, within hours some of them are sold. Linda Feck, a realtor at United Real Estate, had an impromptu open house on Tuesday afternoon.

"I have been in business 20 plus years. I have never seen it this busy," said Feck.

It's also a first for many sellers, such as Mitzi Riva

"Absolutely crazy," said Riva. She just put her mother's house on sale. "There has been probably five realtors here in the last hour."

Realtors said the only comparisons are 2005 and 2006, however this time there's no bubble, the market is healthy.

"Sell now, set it up now," said Riva.

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