So, it's not a secret that I watch the market like Cookie Monster watches the Keebler Elves.
*actual picture of me watching the folks at MIBOR calculate the stats.
And what I'm seeing is a cooling down of the market. A slight cool down, yes...but still, percentage of ask is continuing to drop.
If you are a buyer, this may be a good time to get back in the game.
Median sales prices have dropped to nearly what they were in May 2021, though they are still up nearly 13% from this time last year.
While active inventory has risen slightly from last month, it still remains low from this time a year prior.
Don't get too comfortable, though. Days on Market (DOM) are at a whopping single digit SIX days. That's the lowest DOM this entire year.
Why is a shortened DOM notable?
Because it means buyers are snapping up properties as soon as they hit the market. They're not fooling around, they're not kicking tires and they're not playing games. Sellers are STILL getting over 100% of what they ask for...just not 102%, as in the months beforehand. But your house has to be in the right condition (e.g., cleaned and professionally staged) and priced right.
What does this mean to you?
If you're a buyer, get back in the game. You should know by now what your target property is; it's time to make a strategic, surgical move with your best offer. You might just get it this time.
If you're a seller, the market remains very, very, very favorable for you. You're still holding all the cards. Get your home in market ready condition and let's list it. If it's priced right, you're going under contract lightening fast.
You can always contact me here if you want to continue the conversation.
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