March 2021

Wednesday, March 24, 2021

RCESteve Stevens, C.E.O. of Kentucky REALTORS®, is being honored by the NATIONAL ASSOCIATION OF REALTORS® with the REALTOR® association Certified Executive (RCE) designation, which recognizes exceptional efforts made by REALTOR® association executives.

Stevens is one of over 500 REALTOR® association executives who have achieved this mark of excellence. Local and state associatio­n executives who hold the RCE designation represent REALTORS® in 49 states/territories.

“This is truly an honor, and I am very proud to be receiving this designation. It is a high point in my career as an association executive,” Stevens said.

Prior to becoming a candidate for the RCE designation, applicants must document their association management and academic experiences. Once they have completed this first step, eligible candidates must successfully complete a multiple-choice exam, which is based on a comprehensive understanding of association operations and management practices.  Candidates must demonstrate knowledge of areas critical to REALTOR® association management, including association law, governance, and issues related to member services.  To retain the designation, RCEs must be recertified every four years.

Stevens has served as C.E.O. of Kentucky REALTORS® since 2016.

Monday, March 22, 2021

Known for giving back to the communities in which they work and live, REALTORS® care about their neighbors. In this spirit, Kentucky REALTORS® has made over $17,000 available to Kentuckians who have been displaced by recent flooding in the bluegrass

FloodingFollowing the flooding that occurred in late February/early March of this year, a total of 71 cities or counties in Kentucky made local disaster declarations in addition to the state declaration. The hardest-hit counties were in eastern Kentucky - Estill, Lee, Owsley, Breathitt, Powell, Jackson, Clay, and Johnson. However, any Kentucky resident affected by the flooding in late February and early March of 2021 can fill out an application for assistance from Kentucky REALTORS® and will be considered on a first-come, first-served basis. To ensure that the maximum number of Kentuckians receive aid, the maximum amount available per application is $1000. Those interested in applying should visit kyrealtors.com/flood for more details and download an application.

KYR President Charles Hinckley said that a priority of this program is to make the funds available immediately. “Kentucky REALTORS® knows how harrowing a situation like a displacement can be”, he said. “We hope to make a difference in what is bound to be a very difficult time in the lives of our neighbors.”

This is the second year in a row that Kentucky REALTORS® has made funds available to residents of the Commonwealth. In spring 2020, as the coronavirus pandemic began to grip the nation, Kentucky REALTORS® assisted families in southeastern Kentucky who were affected by rising waters.

Wednesday, March 3, 2021

Last January, the market was off to a great start with home sales topping out 19% higher than January of 2019. One year (and a pandemic) later, the Kentucky housing market has duplicated that feat. January 2021 home sales were up 19% once again, reaching 3,512.  

January 2021Nationally, total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.6% from December to a seasonally adjusted annual rate of 6.69 million in January. Sales in total climbed year-over-year, up 23.7% from a year ago (5.41 million in January 2020).

"Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market," said Lawrence Yun, NAR's chief economist. "Sales easily could have been even 20% higher if there had been more inventory and more choices." 

The median sale price of homes in Kentucky for January rose almost 14% percent from last year’s mark to $190,000. The statewide average home price jumped 17% over last December surging to $230,245. The big story continues to be sales volume. An already booming market had home prices up about 18% year-over-year in January of 2020. After six months of a scorching hot post-pandemic affected market, which saw inventory plummet to record lows, January 2021 saw sales volume surge another 31% to $808.6 million. This is up from $511 million just 2 years ago. 

2021 began with record low inventory levels. Economists declare that a healthy housing market contains 6 months of inventory. January saw that figure hover at just below 2 months. “With low inventory and the speed with which homes are being sold, it is more important than ever to partner with your local REALTOR®”, said Charles Hinckley, President of Kentucky REALTORS®. “They possess local market knowledge and can help Kentuckians achieve their real estate goals.”

The market is showing signs of slowing down as pending sales were down for the first time since April. This is most likely due to a combination of decreased foot traffic due to cold weather, and a simple lack of properties to consider. Pending sales for January 2021 were 3,212 which was down 4.5% from 3,365 in January of 2020. “REALTORS® are partnering with sellers to give their homes the best position in the market”, said Hinckley. “This is important, especially for those who are relocating.” 

Just 11 units sold as distressed, which is down 85% from January of 2020. More property owners are remaining in their homes due to government programs continuing to assist those with hardships.