WHAS11 Coverage

(WHAS11) - Year to date, home sales in Greater Louisville are down more than 22%. Sales of homes in July were down about 30% compared to July 2007.  As a result, the average home is now on the market more than one month longer.  And the "For Sale" signs are stacking up.

Julie Bowie is the poster child in Louisville for the struggles of home sellers.  She’s had to lower the sale price on her St. Matthews house five times since first listing it in late February, from $379,900 then to $299,000 now.  She’ll be taking a loss.  Bowie says since she bought the 1790 house five years ago, she’s invested about $100,000 in restoring the historic home, known as the “pumpkin” house for its distinctive orange-brown color.

Despite Bowie’s and similar home sellers’ struggles, the Greater Louisville Association of Realtors President says, “We're not as bad as a lot of people think we are.  Is it not as good as last year or previous years? No doubt,” said Nelson Collins.

Right now, some 10,700 homes are listed for sale in the MLS listings, about 3,000 more than usual.

The law of supply and demand is lowering the value, the price you can get, for most homes.

Home values are down about 3% compared to last year.

Collins says if you're selling and buying in Louisville, there could be a silver lining.

“Whereas you may receive less than you like to receive on the price you may have received a couple of years ago, you’re going to get a lot more house proportionately for your investment on the buy side,” Collins said.

And for depressed home sellers who suggest Realtors too often see the silver lining?

“Some sellers are eternal optimists as well, in terms of what they believe their homes to be worth,” added Collins.

Back on Cannons Lane, across from Seneca Park, Bowie wonders how much longer it will take to sell her home.  She says it has only had five owners since it was built in 1790; she would like to meet the sixth very soon.