Good Monday Morning!

Snow!!! Our central Indiana weather is not predictable in early April!

There is some light beginning to flicker in our real estate market.  The number of homes for sale is declining significantly and there are all of a sudden many more people out there looking seriously.  Our historically low mortgage interest rates and  the very affordable price of homes out there is finally getting people to take a hard look at purchasing a home right now. 

Has the market hit bottom?  Only time will tell. As I have said many times over that you will never know that we have hit bottom until we begin climbing up the other side.  I would think that there is a good chance that we have hit bottom and if we see homebuyer activity levels continue their increase we could quickly begin the climb out of this. Last week in Marion County 273 homes went under contract while Hamilton County saw 88 homes go under contract. 

The chart below details the relationship between inventory and price in Carmel. Click for real estate price charts for Fishers, Noblesville and surrounding areas. Note: this is the median price and an early upward trend is evident as more expensive homes begin to sell. Most encouraging is the downward trend in inventory. 

Have a great week!

altoschart45.png