You’ve got to be careful if you get your news from a national media outlet. While January national home sales were the weakest in years, Central Indiana continued on a very strong path. Pundits blamed rising mortgage rates and low inventory as the reasons for the weaker national sales. It’s true that rates have been creeping up slightly— BUT they are still amazing by any historical perspective. Think mid 4’s right at the moment. I mean, since when was 4% a bad mortgage rate? Come on now!
The experts say “Real estate is local”- and they are correct. Here in Central Indiana, Closed Sales were up 5% over January of a year ago. And up 4% for the past 12 months. Obviously more people are buying homes in our neck of the woods.
Want help getting the lowest rate and buying successfully in this tight market? Easy— call me! “I work harder to make good things happen!” -Bob Morris
* Central Indiana sales were up 4%
* But new listings were down 1%
* Put those two figures together and you get 20% less selection per buyer
* And prices up 6.5%
By all indications the New Year is off to a rousing start. Houses in good shape and location, and priced to sell are drawing multiple offers. Other properties are taking their time to sell— as buyers are anxious but not desperate. It ought to be a Wild, Wild West spring season!
Want help making the most of it— call us. We work harder to make good things happen!
MIBOR just released numbers for October, and sales were BIG— up 11% over last October and running +5% for the past 12 months. Meanwhile, new listings continue to be flat. So, add in ultra low mortgage rates, and those factors have combined to push the median average price up 7% to $164,000. There are 9,066 properties listed for sale in central Indiana, which is down 15% from a year ago. On one hand, 9,066 houses is a lot of houses for sale. On the other hand, supply per buyer is down 19% from a year ago.
If you’d to take advantage of all this BIG market has to offer— give one of us a call, text or email. Remember, we work harder to make good things happen!