Here’s a quick update on our June and mid-year market.
I have a quick update for you today on the Southwest Indiana real estate market for June 2020 and the first half of the year recap.
To say the first half of 2020 has been a unique time is a massive understatement. Obviously, COVID-19 has impacted all of our lives and many businesses, but believe it or not, our real estate market has remained strong.
In fact, sales were up 8% in June compared to where they were in 2019. As a whole, sales are down about 3% from January to June 2020 compared to the same period in 2019. I believe that sales would have been higher had there been more homes listed. When the pandemic hit, a lot of sellers held off on listing while buyers continued to buy.
Right now, we have as strong of a seller’s market as you can imagine. While a balanced market has about five to seven months’ worth of inventory, right now we’re down to just a one-month supply. If you’re thinking about selling, now is a great time to do it. Homes are selling with multiple offers and, in some cases, for much more than their list price.
Listings are up 7% in June 2020 from June 2019, which is no surprise. However, listings are down 11% in the first half of 2020 than the first half of 2019.
The average sale price has remained pretty steady at around $169,500. Historically, home appreciation has been about 4% annually, and we’re right on that path this year with a 5% appreciation in value. Homes are selling a day or two quicker right now than they did last year as well.
Interest rates are helping to keep demand up. Right now, you can get a 30-year mortgage for just a 3% interest rate.
If you have any questions for me about the real estate market in your neighborhood or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.