Okaayyy...
Welp, now we're seeing quite the market cool-down.
Median sales price has dropped to $285,000 'round the Metropolitan Indianapolis Board of Realtors (MIBOR) metro area (which is a 16 county, 110 township territory). While it's lower than last month by some 3%, don't let the drop fool you: it's STILL over 12% higher than it was last year.
Days on Market (DOM) has increased to ten, an increase by 42% over last month and a whopping 100% from August 2021.
But Miriam, everyone and their brother says it's a buyer's market now!
The bubble is bursting! We're headed into a recession! Gather the animals two-by-two and help me find the hatch to that "grain silo" I just bought!
Not so fast.
Remember my last post, when I advised against taking advice from hysterical diminutive fowl?
Yeah, I'm talkin' about YOU, my histrionic feathered friend.
Take a look at the absorption rate: yes, it's inching closer to pre-pandemic levels, but it's not there yet.
Remember, we're in a scarcity market that ain't goin' away anytime soon.
Don't let the headlines fool you. This is NO buyer's market. Sure, it's a softer market than it was six months ago, but sellers still have the advantage because we still don't have enough homes to go around.
We could speculate all day long--and believe me, we do--but still there is no one reason for the slowdown.
Increasing interest rates do play a part, as do the highest food prices since the 1970's...but is that all?
Is it time of year? As temperatures cool, so does the housing market--at least in Indiana, where seasonal trends are a thing.
Is it simply buyer fatigue? One can only be outbid so many times before one abandons their search completely.
Or is it rising fuel prices--which, like garlic, mirrors and sunlight to a vampire--will cause spending to come to a screeching halt?
Gas is HOW MUCH a gallon? No thanks, I'll just turn myself into a bat and commute to work.
Could it be all of the above?
Could it be none of the above?
Or is there more to the story and how will this play out?
Stay tuned and stay the course.
With gratitude,
Miriam
p.s. All jokes, aside, if you're a buyer, this may be the break you've been waiting for. The time to act is now, and I've spent the last 24 months sharpening my skills as a buyer's agent to best serve my clients.
Word.
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