My View of Local Housing Market Trends.

The housing market in Hamilton County is booming more than it has in years. Houses are selling quickly, often within days, regardless of the price point and often over list price.

This Spring, I have had ten pending transactions ranging from $195,000 to $1,195,000. Six will close in May.

f_21407308

One listing example was in Bridgewater. The home was listed on March 31st at $525,000. After lots of showings and three weeks’ time, the home had multiple interest and offers. The home had an accepted offer within 30 days.

Another example is a listing of mine which hit the market on Thursday, April 21st at $250,000. The home had three showings on Friday, April 22nd, with offer one on Friday evening and two additional offers the next day (Saturday). I told all Realtors who were showing the house that weekend to send their highest and best office by noon on Monday. My sellers reviewed the offers, chose one and we had an accepted offer on Tuesday.

An interesting scenario happened on a Carmel listing which was originally listed with a flood plain disclosure and sat a bit idle on the market. After diligent work by the sellers, the flood plain disclosure was able to be removed (which also eliminated the need for flood plain insurance). The home was reduced in price on April 28th, with the amendment of the now unnecessary flood plain disclosure and saw tremendous interest with showings and offers. I advised all Realtors the sellers would be accepting the highest and best offer; we had an accepted offer on April 30th.

Recently the Indianapolis Star ran a story regarding the housing market boom. Citing the rebounding market as having resumed three years ago, Realtors are seeing home sell as quickly now as they have in their careers. Notably, Hamilton County is leading the trend in the shortening supply versus demand for homes, outpacing other suburbs in Indiana in the number of listings, pendings, closed sales and median sales price.

According to the Star article, “Closings were up 6.3 percent to 1,229 homes sold in the first quarter in Hamilton County, according to MIBOR. An additional 2,033 home sales were pending. The homes averaged $222,000, the highest in the region in the first quarter and a 2 percent increase from a year prior. Sellers could expect to receive almost 96 percent of their asking price, also the highest in the area. A decade ago, the median home price was roughly $200,000.”

Click here to read the entire Star article.

If you’re in the market to buy or sell a home contact me. Let’s get your home sold during this incredible housing market.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s