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It’s called supply and demand
The central Indiana population growth rate is slowing. Too many
people moving to the sunbelt region.
It is supply and demand, but it is not because there are fewer people moving here. The problem is that there are not enough homes for sale for people to buy. People are not putting their homes on the market and we have more buyers than homes. The inventory currently stands at around one month of available homes. The usual inventory is around 4-6 months. Were we to have fewer people moving here, it would ease the problem.
I really think the IBJ and just about everyone else who reports on residential real estate does a disservice by the head line “Sales of existing homes in central Indiana reach two-year slump” It makes it sound to the consumer like the residential market is actually down. And the question is from whose perspective. To me the headline ought to be “Low Inventory continues to dominate the residential market.” It sounds like prices are down…i know u state they are not but one has to get past the head line…and it is still a hugely great market for sellers. In areas of high effective demand there are still situations in which there are multiple offers. There are more than a few paid over list price deals. Tons of paid 100% ask. A full 30-40% (again depending on the market and level of effective demand) selling in 10 days or less.
Merrill is correct!
Exactly and well said!