Market Trends

Housing- a County by County look

Central Indiana housing numbers for March and Quarter 1 (“Q1”) are in, and there’s just one word to describe them— “UP!” Sales were up 8% for the twelve months just ended, prices up 6% and heck, even listings were up 2%.  However, inventory remains tight, with just a 3.8 months supply available for shoppers.  That’s for all of central Indiana.  But when you look at what’s going on inside each county you get a different result.  So, here’s a Q1 look at each county…

BOONE–  Sales were only up 2% but listings were up 19%.  You’d think prices would’ve lost ground, but no, they increased 16%.  Go figure.

BROWN–  New listings up a whopping 98% and sales up an amazing 53%.  With that many houses flooding the market, why should prices be up 51%?

DECATUR–  Sales down 10% and new listings down 14%.  Yet prices jumped up 13%.  None of this is making any sense!

HAMILTON–  Sales up 6% and new listings up 4%.  Prices gained 2%.  I’m actually surprised these prices didn’t jump more.

HANCOCK-  Sales up 7% but new listings down 5%.  Prices gained 8%.  Surprised it wasn’t more.

HENDRICKS–  Sales up 8%, new listings down 3%.  Prices down 1%.  You’d thought prices would’ve risen.

JOHNSON–  Sales up just 2%, while new listings were down 6%.  Prices rose 6%.  Makes sense.

MADISON–  Sales red hot at 20%.  New listings not keeping pace, up 11%.  Prices up 14%.  Again, makes sense.

MARION–  Sales up 6% and listings flat.  Prices up 6%.  Again, makes sense.

MONTGOMERY-  Sales up 14% and listings a tad stronger at +16%.  Yet prices fell 15%!  Crazy.

MORGAN–  Sales up slightly at 2%.  Listings down 4%.  Prices up 5%.  Makes sense.

PUTNAM–  Sales up 9% and new listings surging at +23%.  Prices fell 13% as might be reasonably expected with the surge in supply outstripping the pace of sales.

SHELBY– Sales down 10% and new listings even slower at -17%.  Yet prices rose 13%.  Makes no sense.

So, with 13 counties reporting— results for 7 made sense and 6 did not.  I’m confident that if I took enough time I could figure out why each county behaved the way it did.  And I guess that’s why I do research on each house I list for sale or that a client wants to write an offer on.  Now, if you’d like that level of service when you buy or sell, then call me.  Remember…

“I work harder to make good things happen!

Sales and Prices Continue to Make Gains

Both closed sales and the median average sales price continued to make gains across central Indiana during February.  Sales were up 10% over last February, and were up 8% for the 12 months just ended versus the same period ending February 2015.  Prices were up 3% over last February and 6% year-over-year.  The median average price now stands at $148,000 in the central Indiana market.  Btw, that’s the highest February number on record!

Meanwhile, the number of new listings continued to lag wKay behind the pace of sales.  Inventory is down 6% from a year ago, making available inventory for buyers slim, slim, slim.

All of that is great news for sellers.  Now, if you’d like to learn how to take advantage of this seller’s market— give me a call.

 “I work harder to make good things happen!!”
 

As Inventory Tightens Down Payments Increase

It’s basic supply and demand from Econ 101.  The number of homes for sale relative to the number of buyers, has been doing a steady march down in recent months.  That means there are fewer homes available for buyers to choose from and when they do find a good one they need to pull the trigger (if they truly want to become a home owner rather than a home shopper or renter).  On the flipside, those home owners who want to be home sellers— well, now is a good time to do just that.

One measure of the relative tightness of the market can be found in the amount of cash it takes to buy a home on contract (ie with seller financing).  A couple years ago, deals were occasionally put Ktogether with as little as $2 or 3,000.  Now, you can fuggedabout doing that.  Double the number.  $5000 is now the entry point for making a good deal work.

If you’d like to learn more about developing a winning strategy geared to today’s market— call me.

 “I work harder to make good things happen!!”
  -Bob