Steve Penava - Florida Realtor - Kentucky Broker

06/05/2023

Just Sold! I'm happy to report that we recently sold our listing at 993 Vine Street. Housing inventory remains very low, and we would love to have more houses to sell. If you, or someone you know, are interested in selling, please give us a call!

08/24/2021

Louisville Area Real Estate Headlines | July 2021

The Louisville area real estate market cooled off a little more in July. New listings were up 14% vs last year while home sales were down 9%. As a result, home inventory increased.

The Greater Louisville Association of Realtors President commented that "We are seeing a gradual normalization of sales in some areas, but it's still a seller's market." She added that showing activity typically slows somewhat during the back-to-school weeks, and that "we hope that sellers continue to bring their homes to the market."

The Chief Economist for the National Association of Realtors® noted that "Home price gains and the accompanying housing wealth accumulation have been spectacular over the past year, but are unlikely to be repeated in 2022. There are signs of more supply reaching the market and some tapering of demand. The national housing market looks to move from 'super-hot' to 'warm' with markedly slower price gains.

07/12/2021

Louisville Area Real Estate Headlines | June 2021

The Louisville area real estate market cooled off just a little in June. New listings were up 17% vs May while home sales were up 10%. As a result, home inventory increased slightly.

However, at a one month supply of homes Louisville is still in a very strong seller's market. For perspective, a balanced market would be a six month supply of homes.

The Greater Louisville Association of Realtors President commented in the most recent press release, “The sellers’ market continued in full force during May, in virtually every price range. Buyers often have to make several offers before getting a home under contract. Buyers also are making modifications to the normal inspection, appraisal and possession portions of the purchase agreement to make their offers more attractive to sellers."

06/08/2021

Louisville Real Estate Headlines | May 2021

Continued record low Louisville area home inventory is driving faster and faster home sales.

The average home is on the market for just 25 days. However, that period of time often includes 7 - 10 days for the buyer to complete a home inspection. As a result, the average home is going under contract in about two weeks!

The Greater Louisville Association of Realtors President said, "We continue to have very tight housing inventory in Louisville and the surrounding counties. Sales volume is up year-over-year with the comparison to the 2020 figures at the beginning of Covid-19. Prices are also up measurably, especially for homes near and slightly above the average." The Chief Economist for the National Association of Realtors® noted that "Multiple offers are widely prevalent in today's national market."

05/19/2021

Louisville Real Estate Headlines | April 2021

The Louisville real estate market is in uncharted waters. Intense competition, multiple offers and rapid sales now seem to be the norm.

Home inventory is down to 50% compared to this time last year at another record low of 1,550 active listings, or just under a 1 month supply of homes. For context, during normal conditions the number of listings hovers around 6,000 or a six month supply. The good news is that sales are up nearly 20%. Supply continues to shrink as buyers snap up homes with historically low mortgage rates. Meanwhile, many sellers remain on the sidelines waiting for COVID impacts to settle, the market to adjust, decisions around work-from-options, and other factors. As a result, prices were up 10%.

The Greater Louisville Association of Realtors President said, "We are experiencing an unprecedented market with extremely low inventory combined with very low interest rates. It's a great market for sellers, but I don't think things will change for buyers for another 18 to 24 months. The Chief Economist for the National Association of Realtors® noted that "We are also seeing record low inventory nationally, with the average time on the market around 20 days and prices up nearly 15% from last year."

02/14/2021

Introducing my new friend and business partner, Rudolph the Real Estate Retreiver, AKA Rudy!

12/21/2020

Louisville Real Estate Headlines | November 2020.

The Louisville area real estate market continued to stabilize in November, as the number of homes listed for sale equaled the number of homes sold, tapping the brakes on an overheated market.

Home inventory seems to have bottomed out this Fall at a 1.5 month supply of homes. For perspective, a six to eight month supply of homes is considered a balanced market.

That said, we remain in a strong seller's market as historically low mortgage rates are driving buyers to the market much faster than sellers are listing their houses.

A portion of each home sold by Penava Properties is donated to The Kentucky Humane Society.

Happy Holidays!

11/25/2020

Louisville Real Estate Headlines | October 2020

The Louisville area real estate market showed some signs of stabilizing in October. At 2,325 active listings, home inventory was up slightly vs September yet down an eye popping 46% vs last year. Home inventory may have bottomed out in September & October at a 1.5 month supply of homes. For perspective, a six to eight month supply of homes is considered a balanced market.

New listings were up 1% and total homes sold were up 10%. This continues to support a strong seller's market as historically low mortgage rates are driving buyers back to the market much faster than sellers are listing their houses. The average property sold in just over a month.

The Greater Louisville Association of Realtors President said, "Sales of starter and move-up homes are still happening at a very brisk pace with just 1.5 months of available inventory. We are also seeing buyers focus on homes that facilitate working from home."

The Chief Economist for the National Association of Realtors® commented that "the national housing market is in a clear V-shaped recovery with sales of new and existing homes hitting their highest mark since 2006." However, he does not see the same risks to the market compared to 2006. "Mortgages are now fully documented, builders are not overbuilding, and many owners own their homes outright or with substantial home equity."

10/22/2020

Louisville Real Estate Headlines | September 2020

Louisville area home inventory at 2,300 active listings in September was down an astonishing 47% vs last year. The Louisville real estate market hit yet another record low at a 1.56 month supply of homes. For perspective, a six to eight month supply of homes is considered a balanced market.

New listings were down 6% and total homes sold were up 2%. This continues to exacerbate an epic inventory shortage as historically low mortgage rates are driving buyers to the market much faster than sellers. The average home sold in just a month and a half.

What an amazing opportunity for sellers!

10/21/2020

Are you looking for a great place to work, study, and play at home?

This stunning estate home sits on 4.6 beautifully wooded acres. It features a chef's kitchen, multiple gathering spaces, a media room, a gym, an office, a spectacular billiards room with a wine cellar, a game room, a workshop, a very private backyard with a covered porch, and 2 two car garages. This property is packed with upgrades!

Contact Steve Penava at (502) 235-4960 to schedule a visit!

House photos, info graphics, and listing agent details for 2101 Forest Pointe Ln, Louisville, KY 40245. This home is priced at $1125000, with 5 beds, 6 baths, and 7,535 sqft.