With the Kentucky Derby just two weeks away, interest rates are low, but Realtors say listings are down by five percent in "Derby City" otherwise known as Louisville, Kentucky.

"Surrounded by Jefferson County, just south of the Ohio River, an hour southwest of Cincinnati, an hour south of Indianapolis and three hours north of Nashville, Louisville is a warm, friendly southern hometown," says Realtor Bob Patton.

"The Derby City market is hurting this week," says Patton. "The homes being listed are down 5 percent since this same time last year. Rates seem to be the brightest light this week, hovering around 5.8 percent. Buying is down this week, by 33 percent for the same time last year. That's bad - means home's aren't selling . Overall activity has been stagnant this week. This looks like a slow market for sellers in Derby City, but a great buyer's market. Interest rates, hopefully, will bring more buyers into the market and reduce the total number of homes for sale (over 5000 in the Metropolitan area)."

Says Realtor Cindy Shannon, "The absorptions rate show us that the market is currently in a state of being a buyer's market.

"Naturally mortgage rates continue to be at an all-time historical low with more first-time buyers than ever," says Shannon. "Move-up buyers as well as those wishing to downsize all want to hop on the bandwagon and catch a piece of the action while we have record low mortgage rates and lots of buyers wishing to take advantage of the low rates."

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Published: April 24, 2003

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