Mornin', peeps!
'Memba how, oh about a year ago, when I expressed severe--very severe--irritation with the many, many talking heads who went full blown Chicken Little when interest rates rose?
'Memba how I kept saying that we should stay calm and stay the course and use facts and data to make a decision, instead of the frenzied chatterlings of diminutive hysterical fowl?
'Memba how I said that we are facing a housing shortage and the law of supply and demand is still in effect?
This is what I'm talking 'bout.
Let's take a deep dive into these stats, along with a side-by-side comparison with where we were a year ago.
As you can see, ain't a whole heck of a lot changed--in fact, we're seeing some changes for the better.
Check this out:
Median sales price is actually higher than it was this time last year, at astonishing $300,000 median sales price throughout the entire Indy Metro area.
Closed sales are down, likely due to buyers being priced out of the market due to the rise in interest rates, but the difference is negligible.
Same goes for percentage of list price received; we're down to roughly 99% instead of the 100% (or more) to which sellers have grown accustomed.
And the kicker?
We're only seeing a scarce increase in monthly supply of inventory, from 1.2 months in July 2022 to 1.4 months in July 2023.
Tell me again how we're in a buyer's market?
Confound it! I can't!
Tell me again about that chitty-chattery hysterical diminutive fowl?
Actually, don't.
I'm not saying that I told you so...
...I'm just saying that I didn't not tell you so.
We do not--absolutely do not--come to conclusions based on insufficient evidence when it comes to your home's equity.
'Memba that.
With Gratitude,
Miriam
