CHECK. THE. STATS.
How would I describe last month's market? Would I call it a seller's market?
Sure, but that doesn't do enough to adequately describe what we're seeing out there.
Here's how I would describe our current market:
This market is on fire.
Throughout the 16-county Metropolitan Board of Indianapolis Realtors (MIBOR) service area, April's 2021's single family home market stats show a median sold price of $237,500, which is up 4.9% from March 2021 and up 13.1% from this time last year.
Average Days on Market (DOM) is 19 days, down 13.4%, and down 47.2% from this time last year. Again, we are STILL seeing strong demand for homes throughout our the 16-county, 110-township MIBOR service area.
Units sold increased to 3.033, up 7.4% from last month AND up 17.1% from this time last year.
Active inventory has, unsurprisingly, continued to be scarce. I don't want to say "harder to find than the last Coca-Cola in the desert", but we are seeing it continue to plummet. Though active inventory is up 12.9% from March, it's still down 54.6% from this time last year.
Here's the most stunning part of all this:
Percentage of asking price received by sellers is now 100.6% city-wide.
This includes ALL counties in the MIBOR service area. Last year, only a select few counties commanded this (hey there, HamCo...how you doin'?)
What does all this mean?
If you have a home to sell, do it now.
If you want to buy a home, start at ask price and go from there. At least we do if you want your offer accepted.
If you are currently renting, stay there until the market cools down or you have at least 10% over asking price to add to your offer.
The stats don't lie. This is where we are and how this will develop is still anyone's guess.
What are your thoughts? How is this market affecting you?
Drop me a line and let me know.
Real Estate Broker/Owner, Odegard Real Estate Group
United Realty Indianapolis
1425 East 82nd Street, Suite 200
Indianapolis, IN 46240
text/mobile: (317) 220-5397