June 2021 Market Statistics

Ever gone to an amusement park and hopped onto a roller coaster with all manner of twists and turns?

Ever looked at the dude running the roller coaster?

You know the one: unkempt hair, a stained Budweiser t-shirt three sizes too small and maniacal look in his eyes?

Artistic Rendering of the Insane Carnival Ride Operator

*artist's rendering of carnival ride operator, circa 1997

"This ride should have ended two minutes ago," you muse to yourself, as you go through loop after loop. "How long is this going to continue?"

"I don't know!", Gladys from the church retreat screams--well, in between screams. "Just hang on! We're never coming to King's Island AGAIN!"

But enough about my '80's childhood.

The housing market is a little (okay, a lot) like that right now.

To no one's surprise, percentage of ask received by sellers is, on average, 101.9%, city-wide. This has been happening for the past 90 days straight.

How can sellers ask this? Simple: the law of supply and demand. Take a closer look at the stats: the absorption rate is at 0.5%--that's less than half a month of inventory. That's 42% lower from June 2020 (hiss!) and inventory was low even then.

Days on market is down a whopping 60% from this time last year.

Let that sink in. To help, I've "edited" the graphic*:

Less than a month of inventory and percentage of ask sellers received in June 2021 is 101.9%

*I drew the screaming face myself.

What does this mean to you?

If you are a buyer in this market, you need to go in fast and go in strong. We start at list and go from there.

If you are a seller in this market, getting an offer accepted on your property will not be an issue. Keeping it under contract when the buyers have paid $XYZ over asking price? Well, that takes a little finesse...

I can help with that.

If starting your home search with an agent who knows the market and has some strategies up her sleeve interests you, call me...

I can help with that.

If selling your home with an agent who specializes getting you the most amount of money in the quickest amount of time, call me...

I can help with that.

If knowing the latest market stats in your area interests you, call me...

I can help with that.

With gratitude,

Miriam

Miriam Odegard

Real Estate Broker/Owner, Odegard Real Estate Group

United Realty Indianapolis