07/12/2024
June of 2024 Market Reports are up! Click the links to see the full reports.
Bedford, IN Report: https://is.gd/PtgBbb
Bloomington, IN Report: https://is.gd/XJE17K
The market is leaning towards a seller's market and for this month's market report, I want to share a little bit about what these stats mean for sellers.
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As a seller, it is important to understand the correlation between various real estate metrics in order to make informed decisions when listing your property.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the market. With a current value of 4.16, this suggests that there is a relatively low inventory of homes available for sale compared to the level of demand.
The 12-Month Change in Months of Inventory, which has increased by +49.64%, indicates a significant shift in market conditions over the past year. This could be due to a variety of factors such as changes in buyer demand, new construction, or economic conditions.
The Median Days Homes are On the Market, at 26 days, reflects the average amount of time it takes for a home to sell once it is listed. A lower number indicates a faster-moving market, which can be beneficial for sellers looking to sell quickly.
The List to Sold Price Percentage, at 98.1%, indicates that on average, homes are selling for very close to their list price. This suggests that the market is relatively stable and that sellers are pricing their homes accurately.
Finally, the Median Sold Price of $373,500 provides an indication of the average selling price of homes in the market. This can be a helpful benchmark for sellers when determining the listing price for their own property.
Overall, the combination of these metrics suggests that the market is currently favorable for sellers, with low inventory, a relatively fast pace of sales, and homes selling close to their list price. Sellers should take advantage of these conditions to maximize their selling potential.
Facebook message or email us if you have any questions about listing your home!
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Molly Staggs, Hoosier Homefinders Inc.
Nate Staggs, Hoosier Homefinders Inc.