Coldwell Banker Holloway has the experienced agents you need...
Housing Inventory Disappearing
The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report which gives insight into today’s market conditions.
Inventory Levels & Demand
Sales of existing homes rose 5.1% month-over-month in March and are 1.5% higher than this time last year. Sales rose in all four major regions in March.
Total unsold housing inventory is 1.5% lower than March 2015 at a 4.5-month supply and remains well below the six months that is needed for a historically normal market.
Consumer confidence is at the highest level in over a decade. Pair that with interest rates still below 4%, programs available for down payments as low as 3%, and you have an attractive market for buyers.
Homes sold in March were on the market for an average of 47 days and 42% of properties sold in less than a month.
March marked the 49th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $210,700 (up 5.7% from 2015).
So What Does This Mean?
The chart below shows the impact that inventory levels have on home prices.
NAR’s Chief Economist, Lawrence Yun gave some insight into the correlation:
"Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures."
If you are debating putting your home on the market in 2016, now may be the time. The number of buyers ready and willing to make a purchase is at the highest level in years. Contact a real estate professional at Coldwell Banker Holloway to get the process started.
Thank you for visiting JustThinkSold! This is a one-stop real estate website for all your home buying and selling needs in Wells County Indiana. We are professional real estate agents who will help make your search for a new home an enjoyable experience.
Please feel free to contact us directly if you have any questions about the real estate market, or buying or selling a home in Bluffton, Indiana or the surrounding areas.
We are here to help you at Coldwell Banker Holloway!
©2015 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal
Opportunity Act. Each Office Is Independently Owned And Operated. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by
Coldwell Banker Real Estate LLC.