Southern Indiana Real Estate Market Flashes Positive Signal
Buyers and sellers in the Southern Indiana real estate market have endured a red hot market that spilled over from 2020 into 2021.
For several consecutive months now, there have been more houses that go "pending" each week, than new listings that hit the market for sale. The housing shortage has been well documented on this blog over the last couple of years and the lack of housing inventory continues to create a difficult environment for buyers. But that may be changing.
The 812 Living Group tracks housing data across a 72-hour period looking for a change in short-term trends that may indicate broader long-term changes in the overall market. For the first 4.5 months of the year we've seen an almost 2-to-1 rate of homes that go under contract (pendings) verses new homes coming to market (new listings).
However, today we got an alert that for the first time in recent memory, the number of new listings outpaced "pendings".
The chart below shows 76 new homes came up for sale in our local market and only 72 went under contract between buyer and seller. We continue to see the number of homes that officially made it to the closing table (solds) outpacing new inventory, but generally this should be viewed as a positive sign for current buyers as we move into the summer selling season.
The 812 Living Group will continue to monitor this trend to see if it continues and will update our clients and blog subscribers accordingly.
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And if you're in the market to buy a home or sell your current one, our experienced team of Realtors would love to help. Message us at 812Living@gmail.com for more info.
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