Housing inventory is down, pressure on the market is driving property values up. If you are thinking about selling your home, now is a very good time. In my video, I share some statistical information we are seeing that confirms that it is a seller’s market. The information came from an article in the Indiana Business Journal which I also included below. Please enjoy the information and give me a call if you have any questions or if I can help you with selling or buying a home. Take care.
Source: Indiana Business Journal | Re-Post Warren Griffin 8/22/2018 –
The inventory of existing homes in central Indiana is getting so low that it’s driving up prices at a rapid rate and causing some potential buyers to take unusual steps to snag the house of their dreams.
April statistics from the MIBOR Realtor Association show the inventory in the 15-county area fell to 6,046 homes, a 32 percent drop from the same time last year and an even steeper 44.1 percent decline from April 2016.
As a result, the median sales price over the past year has shot up 9.4 percent, to $175,000. The rate of increase was even higher in February and March, when it topped double digits, rising 10.2 percent and 11.2 percent, respectively.
But while home prices overall are up nicely, the reality is that they have skyrocketed in certain neighborhoods and been fairly flat in others, especially in more urban areas.
Still, homes on the market in MIBOR’s 15-county area in April fetched 97 percent of their list price, a 1.4 percent increase from the year-ago period. And some buyers facing the stiffest competition are paying even more than what the owner is asking to ensure they don’t walk away empty-handed.