ADDRESS

8915 S Keystone Ave Ste C
Indianapolis, IN 46227

PHONE

317-657-8059

Market Update. A one week snapshot for Central Indiana Home Sales.

As we have previously discussed, the biggest challenge of late in real estate in central Indiana, and especially in the greater Indianapolis area has been that more houses have been selling than coming on the market. While todays report is just a one week snap shot, there is a glimmer of hope that the tide is beginning to turn.

Over the last seven days, 1129 houses listed on MIBOR (Metropolitan Indianapolis Board of Realtors). Of those 895 were new to the market and 234 were previously expired listings that relisted for another shot at getting sold.

During that same period 814 houses left the market; with 403 of them being sold, 62 of them being withdrawn, and 349 of those listings expiring.

So finally, we not only have more houses entering the market than are leaving it…but it is happening by significant margins.

What does that mean to you as a home buyer or seller?

Well as  buyer, it means that you are going to be less likely to have your agent call you before a showing and tell you that it was cancelled because the property sold. It also means that you are going to have more options when shopping for your dream home.

For would be sellers, this is a call to action. While the trend has not full reversed (for stock traders out there this chart is showing bottoming action…but listings are not outpacing solds to the point of being able to show a trend reversal as of yet), it is definitely time to get that house on the market. There are still not enough options for buyers and the result is the builders are starting to ramp up operations. So if you want to sell an existing home, it is best to get it in the mix before they do. We all know that new sells easier than old, every time.

Now there is caveat to this trend change. First, it should be noted that 698 homes went pending this week as well. These homes are off market for pretty much any realistic purpose…but are not counted as such because the deals have not closed and quite frankly things happen.

There are 403 solds and 698 pendings. What that tells us, is that the buyers are continuing to get more and more active, so in order for this sellers market to reverse itself and develop into a more balanced market (and eventually buyers market), the number of homes to come on market is going to have to continue.

Summary- If you are looking to buy a home, there can be no hesitation. Quality homes priced in market are selling about as fast as they list. Be prequalified (always but more so now), be ready to look at homes (even midweek) when your agent calls you with one that meets the lists you gave him, and think twice before you try to buy the moon for a dime (sellers are getting 94.6 % of asking price on average right now).

If you are a potential seller, get in the game. Prices are moving up, the buyers are working themselves into a frenzy and inventory is still low…for now. This is your time to get your house sold quickly and at a good value to yourself.

If your home is currently on market and not selling, ask yourself why. The answer will lie with price, marketing or condition. You and your realtor can fix whichever it is, or you can sit on the market until you expire (and then I can help you solve those problems and relist you).

That’s your market update…go find your new home, and sell the old!

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