Market Report For the Month of March 2018
April 25, 2018 |
It is no news that the market is still very much on fire! Mibor recently released a snap shot of the housing market that revealed some pretty interesting statistics about our market here in central Indiana. The number of newly listed properties in March
2018 was 3,932, an 8.8% decrease from March of 2017. The average sales price as of the time this report was published is $209,313, up 10.6% in the last year. We can infer from this information that we have a shortage of homes on the market, so the
homes that are available are selling for top dollar. The average time a house was on the market was 66days ( the DeBoor Group averages only 21 days on the market).
However this information doesn't necessarily indicate that it is an inopportune time to buy. The average rate for a 30-year mortgage right now is about 4.42 which is expected to rise substantially in the next year, so now would be a good time to
lock in a mortgage rate before the rates rise , this may even come in the form of refinancing.