People frequently ask me, “How is the market?” It sometimes feels like I’m a Day Trader in the Financial District of New York City. The market is…what you make it. That’s right, you’re in control. When I tell people that the inventory of homes is low, they shake their heads. Any fire they had burning within them to buy a home, is extinguished.
Every year presents new challenges in the real estate industry. Buyers and Sellers alike slide into their recliners at home and start watching HGTV in the winter. As the sun starts to shine in the Spring, they hatch from their cocoons and spread their wings. In December, I mentioned that it is a great time to sell; if you’re able to find a home to move to. In February, it’s still a Seller’s market in Indiana.
When March arrives, my business is a madhouse. Buyers and Sellers alike flood the market. When consumers flood the market, you can expect multiple offers on most homes. We’ll discuss navigating multiple offer scenarios this week. See the statistics below which support exactly what I just explained.
Rest-assured if you are planning to buy or sell; inventory will increase and Buyers are already shopping.
- Percent of original list price received at sale decreased 0.4 percent to 94.6 percent
- Closed home sales decreased 8.6 percent to 4,178
- Pending home sales increased 8.2 percent to 5,837
- New listings increased 3.9 percent to 6,677
- Inventory of homes for sale decreased 3.7 percent to 23,130
- Months supply of homes for sale decreased 6.1 percent to 3.1 months