Everyone seems to know, but as the saying goes, “Numbers don’t lie.” During the past year, June was the biggest month, with 4064 closings. That was followed by August with 3802; with May and July not far behind. April, September and October also surpassed the 3000 mark. The slowest months for closings were January and February at 1901 and 2146.
Now, some of that may have you scratching your head, because it sure seems like it was crazy busy in February and March this year, with bidding wars being the subject around the water cooler and at the local pub. So what gives? Well, closings typically follow offers by 30-60 days, as people work through inspections and mortgage approval. Which is why it was, in fact, crazy busy during the February – May period.
Home Sales by Month
Until Next Time, Make It A Great One!
In the past few days, I’ve had 6 or 7 people tell me they heard home sales have been declining for the past six months. It appears this is gospel and spreading like wildfire. But whoa! Just a minute there pilgrim…
#1 That message was likely a replay of the National Association of Realtors’ monthly press release. It was for the nation as a whole.
#2 But, real estate doesn’t trade on the NASDAQ or NY Stock Exchange. Real estate is a local market. So, paying attention to national real estate numbers is of limited value. Paying attention to what is happening here in your own backyard is of far greater importance.
#3 And that is (🥁🥁🥁) Sales here in Central Indiana have been running ahead of a year ago and are up 3% for the 12 months just ended. Yes, they were down in September from September 2017 by 3%, but since that is the only recent month where that has occurred we’ll have to wait to see if that is the start of a trend or just a one off. Median sale prices in September were up 9% over a year ago. And despite an increase in new listings, the available inventory per buyer was down 16% from a year ago. So for now anyway, here in Indiana we’re seeing increasing sales and prices, and with tightening inventory selection.
So when you want a local perspective, give me a call at (317) 625-0655.
Until next time, make it a good one! – Bob
- Families wrapped up their summer vacations just in time to kick start the fall market.
- The activity pushed the median average price up 9% over a year ago, to $179,000.
- Closed sales were up 8% over August a year ago.
- Final prices averaged $6802 lower than the original asking price.
- Inventory remains tight
- But hey, there are 8,000+ homes for sale
If you are interested in a specific county or city, a Market Activity Report can be provided. Last month, Whitestown was highlighted. Click here for the report.
Indy’s Choice can be reached at 317-625-0655 or by email at firstname.lastname@example.org