Happy Friday, peeps!
Valentine's Day is Monday and I got you just what you wanted: the latest market report from the Metropolitan Board of Indianapolis Realtors (MIBOR)!
What...you were expecting something else?*
*Why, yes. Yes, we were.
So, not a lot has changed from last month in terms of scarcity. Active inventory is still down, some 16% from last month and 11% from the same time a year ago. Inventory was low then, too. While new listings are up--not unusual after the start of the new year--they go off the market just as quickly. Median sales price has continued to climb steadily since the pandemic began. In January 2021, median sold price in the metro was $212,000. A year later, we're looking at a median of $245,000. That's an increase of $33,000 in a year, all for just waiting it out.
Prices are climbing at a brisk, yet steady, pace. Inflation is here to stay, but so are your equitable gains.
But Miriam...aside from not giving us chocolates, what does this mean to me?
So glad you asked!
*Seriously, woman. I was told there would be chocolates involved? You cannot give statistics as a gift!
If you are a seller, now is the time to capitalized on your equitable gains. The market is hot but won't stay this way forever. If you've ever thought about scooping out some of that equity to buy an investment property--or even use it to contribute to your 401(k)--the time is now. You're more than likely sitting on a giant pile of cash, and home equity line of credit funds are not taxable as income.
If you're a buyer, listen and listen good: all is not lost. Want a house? Be smart about it. Hire a strong agent who knows how to get an offer accepted. Be clear on what you want--be it location, amenities and features. Use a local lender. And stockpile some cash, because you're going to need it.
Remember, I can personalize this report to your specific area anytime. These stats are average throughout the Indy Metro, which covers a 110-township, 16 county area. In some areas ('sup, McCordsville! I see you, Fishers, Geist Reservoir and Carmel!), Days on Market (DOM) is even lower and percentage of ask received is higher.
If you ever want your own report, just ask and I'd be delighted to help.
With chocolate-covered, statistical gratitude,
Miriam
Miriam Odegard
Real Estate Broker
United Real Estate Indianapolis
1425 East 82nd Street, Suite 200
Indianapolis, IN 46240
text/mobile: (317) 220-5397