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Fayette homes sales dip in April; Realtors say low supply to blame

“Supply side constraints are weighing on sales activity. ... The shortage of supply in our market is showing up in several ways,” a local Realtor said.
“Supply side constraints are weighing on sales activity. ... The shortage of supply in our market is showing up in several ways,” a local Realtor said. Getty Images/iStockphoto

Home sales in Fayette County dipped in April 2017, according to statistics from the county PVA office.

The number of residential sales were 534 this April, down from 600 in April 2016.

Single family sales were down from 501 in April 2016 to 429 in April 2017. Sales of condos and townhouses were up, from 70 in April 2016 to 86 in April 2017.

In a release earlier this week, Lexington-Bluegrass Association of Realtors president Ty Brown said that while buyers are still eager, “supply side constraints are weighing on sales activity. ... The shortage of supply in our market is showing up in several ways including price gains, quick market times and multiple offers.”

Fayette PVA David O’Neill said the median sales price has increased markedly in the last five years — from 17 to 23 percent each month. In April, the median sales price was $178,000, up from $177,000 in April 2016.

The number of foreclosures continued to decline: In April 2017, there were 19 foreclosures, down from 26 in April 2016. For the year so far, the number of foreclosures was 78, steeply down from 126 in the previous year.

Cheryl Truman: 859-231-3202, @CherylTruman

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