Today, I want to take a couple minutes to give you an update on the first quarter of 2018.
Homes were selling at a good pace, with a little over 900 homes sold during the first quarter here in Southwest Indiana. However, that is down 8% compared to the first quarter of 2017, where we had about 1,000 home sales.
That said, I believe the reason for that is the lack of inventory in our market. There just aren’t enough homes for sale. This is also reflected in home prices. In the first quarter of 2018, the average sales price was a little over $150,000 compared to $144,000 in 2017, so homes escalated in price by about 4%, which is kind of the norm.
The average days on market right now is around 65 days, so that’s right in line with the first quarter of 2017.
Overall, there are no huge shakeups when you compare the first quarter of 2017 to the first quarter of 2018.
2017 was one of the strongest years in real estate that we’ve had in a while, and it looks like 2018 is on pace to follow suit.
The biggest problem this year is the number of homes on the market. We had between three and four months of inventory for most of 2017, which is a strong seller’s market. Anything under six months is a balanced market, and anything over six months is a buyer’s market. However, now we have less than two months of homes on the market.
We need more homes to come on the market. If you are curious about what your home is worth or are thinking of making a move, let us know. We would be happy to talk about what you can expect in the market as a seller.
If you have any other real estate questions or topics you would like to see covered in our next video, just give us a call or send us an email. We would be happy to help you!