Local properties sold last month at 94.4% of their ORIGINAL asking price, and at 97.7% of their FINAL asking price (ie. a selling price of $94,400 on a property listed at 100k). That means that many sellers reduced their asking price at least once. The numbers were a pullback from the April-June seasonal peak, when competition is the hottest and prices don’t get reduced as much. The 94.4% was the highest for any October in the past decade, reflecting the tight inventory conditions we’re currently experiencing. Want your money to work for you? EZ- call me. I work harder to make good things happen!
MIBOR just released sales figures for the month of October, showing that house sales in central Indiana are holding strong. 2844 houses sold during the month, up 6% from a year ago. New listings were down 5%, with the combination pushing the median average price to $153,000 (or 8% more than a year ago). The Realtor association commented, “As older Americans start to retire and downsize, single family listings will rise, giving us that inventory boost that has been long awaited.” I gotta’ admit, I wouldn’t mind seeing a few more properties on the menu!
Looking to buy or sell in this market, ask me how to make the best deal! ‘Nuff said!!
MIBOR reports the number of foreclosures listed for sale has continued to shrink. The number available at the end of Q3 was 456; which is down 21% from a year ago. As with the rest of the market, new listings are not keeping up with closed sales, resulting in shrinking inventory.
While the rest of the market has been seeing a rise in prices, the average price of the sold foreclosures was down 10% from a year ago. Foreclosure listings are largely concentrated under 75k, with almost none available above 175k.
Can you still find a good deal in the foreclosure market? Yes, but… you may need to do more than carpet and paint, and most definitely you will need to move fast. The good ones don’t last long. If a foreclosure is what you’re looking for, say the word. I can certainly help you get a good one. ‘Nuff said.