ADDRESS

8915 S Keystone Ave Ste C
Indianapolis, IN 46227

PHONE

317-657-8059

A fresh 7 day snapshot of the MIBOR (Metropolitan Indianapolis Board of Realtors) area housing market.

More of everything happened in central Indiana this week, so it should be safe to say that the spring market is in full swing. Lets take a closer look at market conditions and see where things should go from here.

  • 1141 new listings
  • 225 homes back on market
  • 857 homes pending
  • 899 homes sold
  • 109 withdrawn from the market and
  • 543 listings have expired

The best news for our current market in those numbers is that there were 180 more new homes listed for sale than we had in the previous week. The bad news is that was not enough to keep pace with homes leaving the housing market. There were 76 more houses either expiring or sold this week (remember we don’t count the pending sales as they will show as sold homes…their stat is included just as an indicator of how sold homes will look in coming weeks) with a huge upsurge in both sold houses (206 more) and expired listings (282 more).

While the number of sold homes should continue to rise for another couple of months before leveling off, the spike in expired listings is primarily because the start of April tends to mark the beginning of “the selling season” year over year…and it is just time for full year or second six month listings to expire. So the number of expired listings should drop off precipitously in coming weeks. In addition to that, out of 261 homes that expired last week, 225 of them (statistically, not the same house necessarily) have come back on market this week… so the vast majority of them are getting relisted at this point.

Even with properties being promptly relisted after their listings expire and the increased number of new home listings, hyper active buyers (Home Buyers are definitely back!) have ensured that the number of new listings will have to rise dramatically to even keep pace with sales; let alone be able to shift us back into a more balanced market.

So where does that put buyers in our current market? Lets just say that the good news is that interest rates are still low. Also, if your home search is for either low end housing (sub $100k) or the higher end ($300k to luxury) there is plenty of inventory still out there as these homes traditionally sell a little slower than most of the middle market. If you are in the middle market though, the plan has to continue as it was in previous weeks. Be preapproved, be ready to look as soon as possible after your realtor finds a home, and be ready to pull the trigger on an offer if the home suits you. Well priced homes between $100,000 and $300,000 are selling in days, not weeks.

In addition to the challenge of having to be “Johnny on the spot” in your home search, buyers should expect sellers to move very little from listed prices and have just as low of expectations when it comes to sellers concessions. They just are not budging much of late because the market says they don’t have to at this point.

So basically sellers are king right now? That pretty much sums the situation up right now. By right now I mean until one of two things happen. The first would be for more people that are on the fence about listing their home to realize how strong this market is and to list their homes for sale. The side effect of this is it will produce more buyers (as they will need new homes) and the net movement of the market will not be much. It will however churn things enough that we don’t end up with no inventory on hand. The other thing is for the builders to continue coming back on scene. That has started and we expect to see more developments coming soon, not to mention all of the half finished neighborhoods from 2008 getting finished with new home construction.

So until those two things start happening in force, sellers will be getting top dollar and having to make few concessions to get their home sold. If you are thinking about selling your home, don’t you want to be in that situation? If so, make your move now before the market balances out. You have advantages right now….take them by calling me at 317-657-8059 , email robb@yourrealtylink.com or if you prefer you can use my web form to let me know you want my assistance.

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