32% fewer homes sold in Lexington

The number of residential real estate sales closed during the first quarter in Fayette County fell 32 percent compared to a year ago, mirroring the declines that have happened nationally, the Lexington-Bluegrass Association of Realtors said this week.

During the quarter, there were 571 sales closed, down from 835 a year ago. The sales totaled $100.5 million, LBAR said.

The sales drop-off improved, though, in March. The association said there were 251 sales closed in March, down just 21 percent from March 2008.

Despite the steep drop-off in the quarter, prices have not suffered much. For the first quarter, the median sales price was $145,500, down 6 percent from $154,900 a year ago. In March, the price was down just 2.67 percent to $146,000.

Nationally, the median sales price for homes dropped 12.4 percent year-over-year in March, one of a number of statistics that show "the Central Kentucky real estate market is not experiencing the crisis made so public by the national media," said LBAR President Gale Fulton in a statement.

The average days on market for a home rose slightly in the quarter to 87 from 84 a year ago. In March, the days dipped from 89 a year ago to 88 this year.

Earlier this month, LBAR released the results for a 14-county area surrounding Fayette. In that area, the number of residential sales closed fell 28 percent.

The average days on market, though, for that territory was 102 in March, higher than Fayette's 88.