US Home Sales statistics shows 5 1/2 Year High!
What do these US Home Sales Statistics mean for Heritage Lake and West Central Indiana Real Estate Markets?
According to CNBC and Reuters, U.S. home resales surged to a 5-1/2-year high in May of 2015. The National Association of Realtors announced on Monday that existing home sales increased 5.1 percent to an annual rate of 5.35 million units, the highest level since November 2009, that’s nearly 6 years!
Sales have now increased year-over-year for eight consecutive months and are 9.2 percent above a year ago (4.90 million). Lawrence Yun, NAR chief economist, said “Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and therefore provided greater choices for buyers,” he said. “However, overall supply still remains tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation. Without solid gains in new home construction, prices will likely stay elevated — even with higher mortgage rates above 4 percent.”
What does this mean for all of us here in West Central Indiana and my friends and neighbors at Heritage Lake? According to NAR, in the Midwest, existing-home sales rose 4.1 percent to an annual rate of 1.27 million in May, and are 12.4 percent above May 2014. The median price in the Midwest was $181,900, up 9.4 percent from a year ago. Also, while the average commitment rate for a 30-year, conventional, fixed rate mortgage went up in May to 3.84% from 3.67% in April according to Freddie Mac, it still remained below 4.00 percent for the sixth straight month. People are buying now before the interest rates increase.
If you are considering the sale of your Heritage Lake home or property in West Central Indiana, this might be a great time for you to list. First, you need to call Darrel or Teresa Brouhard at RE/MAX Centerstone Brouhard Realtors to arrange for a visit your property and so they can complete a CMA, or Comparative Market Analysis. This is a free, no-obligation service they offer as a part of their business. After a quick visit to your home, they return in a few days with a spreadsheet showing homes comparable to yours that have sold in the past year. They will walk you through the report, showing you the specifics of how your home compares and a financial breakdown that leads to an average range for a list price. The Brouhards have been doing this locally for over 28 years and they know the comparable properties well, having sold the majority of homes at Heritage Lake and in Putnam County for several years running. They will show you the active homes that are on the market and that will compete with your potential listing in an effort to price your home optimally. Don’t worry if you’re not ready to sale at present, the CMA booklet they leave with you will be a good resource as you plan to list at some point in the future. The Brouhards also offer practical tips and specific suggestions for optimizing your listings’ presentation on the market.
Whether you own an Indiana waterfront home, rural home with acreage, or small home in the town of Danville, the Brouhards are your top selling Re/Max Centerstone Indiana team in May and have sold over $7 million in real estate year to date in 2015. Contact Darrel or Teresa today.