Michiana’s Current Market Report
There are changing market stats every day, and a lot of people are wondering what that will do to the housing market?
Indiana’s inventory continues to climb in June, with 12,040 new listings which is a 5.8% increase compared to June 2021. This is the first time monthly inventory has broken 12,000 since May 2019. However, closed home sales (9,192) fell 8% versus last June, but still finished above monthly totals from 2019 and 2020. Over the first half of 2022, new listings are 4.7 percent above 2021 while closed sales are down 2.4% year-to-date
Median sales prices were $215,000 in May 2022 increasing to $250,000 for June, rising 13.5% year-over-year. This represents a modestly slower year-over-year rate than May (14.8%) and year-to-date growth (15.5%).
“After two years of surging demand chasing fewer homes for sale, increasing inventory is good news for Hoosier homebuyers,” said Indiana Association of REALTORS® CEO Mark Fisher. “Sellers are still benefiting from rising prices, but June certainly shows a more balanced market than last summer.”
A nationwide survey of members released this month by the National Association of REALTORS® cited “lack of inventory” as the most common barrier preventing potential clients from purchasing a home (NAR 2022 Member Profile). However, Fisher noted that recent inventory gains are coming partially at the expense of buyers with more limited budgets rethinking housing plans.
It is still a seller’s market. It is a great time to sell a home. And if you’re looking to buy, now is the time to do it as those interest rates will keep going up. It’s a great market for both sellers and buyers.
May Market Statistics
St. Joseph County:
New listings: 471
Median Sales Price: $215k
Home Inventory: 306
Elkhart County:
New listings: 230
Median Sales Price: $206k
Home Inventory: 150
The market is ever-changing and knowing your options can be beneficial in helping you make a decision. With inventory changing, you may want to consider new construction and this blog post could help guide you in the right direction. As always, if you have further questions and concerns our team here at Irish Realty is ready and willing to help you through the process! Call us today at 574.360.2569 or email us at steve.smith@stevesmithteam.com
