There are still many unknowns in terms of how the COVID-19 pandemic will affect the real estate market long-term, but one thing’s for certain, our local market here in Indianapolis is remains strong, steady, and busy.

Here are some important takeaways (YOY stats) from MIBOR’s May 2020 Market Report:

• Median Sales Price increased 9.2% to $215,000

• Closed Sales are down 23.3% to 2,703

• New Listings are down 21.2% to 3,744

• Active Inventory is down 34.7% at 3,563

So, what does this mean for you?

If you’ve been thinking about selling your home, now could be an excellent time to do so.

Last month’s Median Sales Price of $215,000 is a record high, meaning prices are increasing across the entire local market. Lack of inventory and motivated buyers are driving prices up and creating a hot, competitive, and fast-paced market.

From my own first-hand experience out in the field, I can tell you that I’ve seen homes sell in just a day or two after they hit the market, for well above asking price, and with multiple offers to purchase on the table. It’s a great time be a seller, and it can be a challenging market to navigate as a buyer.

Because of that, working with an agent who can keep up with the fast pace, clearly advocate for you under pressure, and manage the numerous nitty-gritty details of a transaction all at once is more important than ever.

How am I guiding buyers and sellers through the current climate?

For my buying clients, I’ve had to get creative in finding ways to help make my buyers as competitive as possible. I’m constantly scanning the market for new listings that meet my buyers’ criteria so we can schedule showings as quickly as possible after a home goes live. When it’s time to write an offer, I’m focused on winning—writing a strong, strategic offer with terms that stand out to sellers yet are advantageous to my buyers.

For my listings and upcoming sellers, I’m all about strategic, data-driven pricing that gets buyers’ attention right out of the gate. I’m also focused on high-quality photography and marketing to help generate significant activity the first weekend we hit the market. Coordinating a high volume of showings, working with multiple offers, and negotiating the best terms are also crucial elements of representing sellers at any time, but especially right now.

While no one can predict the future, I don’t expect the market to cool off anytime soon. Mortgage rates are lower than ever, Indianapolis continues to grow, and inventory is projected to remain tight.

With all that in mind, there are a million and one ways to slice up the data and weight the pros and cons of buying or selling now vs. later. If you want to geek out, I’m always down to talk numbers. You know where to find me!

Cheers,

Ally

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*Indianapolis housing data sourced from MIBOR May 2020 Market Insights Report // https://www.mibor.com/marketinsights