Every month, a bunch of data floods the market - how many homes sere sold, listing prices, days on market, etc. For real estate agents, this information is vital to understand how to best advise buyers and sellers.
But for consumers, it can just be confusing. Without the context of previous years and general market knowledge - that useful data can look more like a bunch of dry, irrelevant numbers. So let's take a look at what the October 2017 market report means for you (source: realtor.com)
The National Level
Over 1.5 million homes were for sale in the United States last month. This might seem like a huge number - but this is actually 8% less than October of last year.
The average days on market were 73. Once again, this is a 8% decrease from last year - which means homes are selling 6 days faster!
The last piece of good news for sellers is that listing prices are up 10% - with the median home in the U.S selling for $274,000.
To review, inventory is down, prices are up, and homes are selling faster than this time last year. It's a good time to be a seller!
The Local Level
In Indianapolis/Carmel area, about 8,000 homes were on the market last month. This is a 12% decrease from this time last year, shrinking faster than the national average.
Also noticeably faster is the days on market - 58! This is 7 days quicker than last year, and 15 faster than the national average.
While the price of homes is only at 210,000 - you should remember that Indiana has a cheaper cost of living then some of the states considered in the country-wide report. And the local market is seeing double the growth - that's 20% higher than last year.
To review, inventory is lower, prices are higher, and homes are selling faster here in Indiana than the national average! So it's a GREAT time to be a seller in Indiana.
None of this should dissuade buyers - home rates are still expected to grow 4.9 percent in 2018. This means buying is still a great investment.
Thinking about selling your home? Click here to learn why Keys to Fine Homes is the best choice here in Central Indianapolis.