Market News

Inventory getting tighter….

MIBOR just released sales figures for the month of April, and one thing is for certain— the inventory of homes for sale is tightening. While new listings were up 6% over last April, that wasn’t enough to keep pace with surging sales (up 13% over April 2014). That has pushed the median sales price up 9% from a year ago, which ought to make potential sellers happy and encourage some of them to start advertising their homes for sale.

Inventory is down 3% from last April and 6% from April of two years ago. And it’s even tighter in Hamilton County where sales are on fire— up 30% over last April.

Properties in pristine condition are commanding lots of attention. Some of these properties are bringing multiple offers the very first weekend they hit the market. That should send a message to buyers and sellers alike. If you’re wanting to buy, come prepared (as in make sure you’ve been pre-qualified for financing and be ready psychologically to pull the trigger when you find THE house you’re lookin’ for). Sellers will want to have their houses in tip-top shape when they plant a For Sale sign in the front yard. And those thinking about selling may want to do more than think about it! The market is hot right now- be there!

Foreclosure inventory near 10 year low

At the end of the first quarter, there were 664 foreclosures listed for sale in Central Indiana. That number was not a noticeable change from a year ago. However, It was just a third of the inventory available back in 2005, and less than half of 2010 levels. Foreclosures now make up less than one in twenty houses listed for sale, with them having the highest concentration level in Madison and Shelby Counties.

Overall, foreclosure sales were down 15% in Q1 versus the same time a year ago. Foreclosures sold for 87% of their original list price. Of course, many cut their asking price before they ultimately brought offers.

First Quarter

The Metropolitan Board of Realtors just released numbers for the month of March and Quarter 1. As is customary, new listings have been coming onto the market as warmer weather stirs. While there were about 2800 new listings that came on board during both January and February, March saw nearly 4000 new for sale signs put in front yards across Central Indiana. Meanwhile, a good number of listings were taken off the market, thus resulting in no real inventory gain from January to March. It’s possible that some of those pulled from the market are merely taking a breather, and will reappear to plump up the inventory level just in time for the summer selling season. Future home buyers would certainly like for that to happen.

Sales have been increasing month by month this year, and are up 14% from the same time a year ago. Whether this momentum can be maintained or not- well, the proof will be in the pudding.

The median sales price (where half of all sales are either above or below) sits smack on $140,000 (up about 4% from a year ago). That’s generally good news for sellers.