Central Indiana Soon to be a Seller’s Market?

If you read the headlines or watch the evening news, some days you may think the world is coming to an end.  However, if you delve into the statistics you find some information that just might surprise you.  For calendar year 2006 Metropolitan Indianapolis Board of Realtors (MIBOR), which covers nearly all of central Indiana, reported 65,110 transactions completed, the highest number on record  (Note: one sale = two transactions).  Last year there were 46,460 transactions – down nearly 29% from the peak.  The first part of last year the market was artificially stimulated with the federal tax credit for home buyers.  In second half of last year without that stimulus the market ran at a pace of 42,500 transactions.  That may sound like bad news, but 2011 is on pace to be up 10% from that level and conditions continue to improve.  Was the second half of last year a bottom for the market?

Now for the interesting part…as of November 1st there were just over 15,250 residential listings for sale in the MIBOR system.  That’s down 28% from the same time in 2007 and 4% below the same time in 2004!  A healthy correction of supply and demand is nearly complete.  With the number of homes available for sale on the market shrinking and the tide of sales activity rising by 10%, you may be seeing a swing from a buyers’ to a sellers’ market.   Just don’t hold your breath to see it in the headlines yet…

Wondering what things are like in your specific neighborhood?  Contact a Carpenter agent and they can provide you with statistics and insight into the value of your home.

Posted by:  Ryan Carrell

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