Here’s a quick midyear market update for the first half of 2019. Stay tuned for the details!
Based on the numbers we’ve seen, the real estate market has been doing well in the first half of 2019.
The number of homes sold throughout Southwest Indiana is up by 1% compared to the first half of 2018. This is slightly different to what the experts had expected; they had actually expected sales to be down a little this year.
However, these additional sales are likely due to the fact that more homes were being listed for sale. The number of listings was also up by 1% over last year, even though there were only 2 months of inventory available, making ours a strong seller’s market. Historically, a six-month supply of homes is considered to be a balanced market—if there’s more than that, then it’s a buyer’s market, and if there’s less, it’s a seller’s market.
Interest rates for 30-year mortgages hovered between 4.125% and 3.875%. We’re not expecting that to change much throughout 2019, so it looks as though this year will be really good for real estate.
For those thinking about making a move, the average sales price this year rose by just 3% over last year. In the first half of 2018, the average sales price had increased by 5% over the previous year. This shows that we’re trending toward a more normalized appreciation rate.
Homes are selling quicker this year than they were last year—currently, the average days on market is 55 days, which is faster than last year’s average of 58 days.
Overall, if you’re looking to sell, this is a very good market to do so. If you’re looking to buy, the good news is that there are more homes hitting the market this year.
For any questions you have about the market or your specific situation, feel free to reach out to us. We’d be glad to help you!