The latest housing stats are out and WOWZA! I don't know when they've ever been like this, even in the early 2000's.
August 2020's single family home market stats show a median sold price from $225,000 in July to $228,000 in August, a 1.3% increase.
Days on market have continued to decrease, from 32 in July to 29 in August.
Units sold decreased from 3,969 in July to 3,675 in August, a 9.3% decrease in activity.
Speaking of which...let's talk some serious scarcity. Active inventory for the July 2020 was 2, 933, which is a whopping 53% DECREASE from this same time last year and and incredible 9.8% decrease from the month prior.
Not surprisingly, percentage of asking price received by sellers is STILL rising! It's a solid 99.1%, which is higher than last month's record of 98.8%--and still climbing!
Would it be safe to say the law of supply and demand in full effect?
New listings rose to 4,158 from June's 3,847, which is only slightly higher than last month at 2.2%. This is down nearly 10% from this time last year. They are selling as fast as they hit the market, or so it seems.
With numbers like these, it's safe to say that we are still in a robust seller's market with no signs of slowing down. Low interest rates and low inventory heavily favor sellers right now.
Buying is still a good choice too, given historically low interest rates. Ever thought about buying a brand new home? Especially if you have a house to sell and want to either upsize or downsize?
Now would be the time.
Does selling your home during this historic seller's market make sense to you?
There's never been a better time!
Miriam Odegard, Broker/Sales Director, Herg Group Indianapolis
Keller Williams Realty
8555 North River Road, Suite 200
Indianapolis, IN 46240
text/mobile: (317) 220-5397