Build, buy or sell?
This week marks the beginning of December and consequently, the end of 2017. Historically this is a slower time of year for the Indianapolis real estate market. However, this has been an exceptionally productive year for the team and our business has been anything but slow. Just this week, we have five closings scheduled and many more coming up.
In reviewing the data recorded by MIBOR REALTOR® Association, the market is strong. Unemployment is at the lowest rate (4.1%) since December 2000 and interest rates are holding at or near 3.9%. This is great news for buyers and sellers alike, as well as a positive indicator for what to expect in 2018.
Another encouraging trend, is the average list price per square foot has steadily risen since 2016. In addition, the number of pending and closed sales has increased over 4.5% each in the past year. At the end of October 2017, the average sales price for Indianapolis and the surrounding counties was $199,874, up from $188,706 in 2016. This reflects an increase in real estate value and overall market strength.
We are excited for the growth and prosperity that our city is experiencing and if you are considering buying, building or selling a home or know someone who is, please share this information. Now is truly a great time to invest in real estate and in your future!
– Josh Monteith