This week’s rundown:

• May’s Market Review: Looking in the rearview mirror at May to learn what to anticipate in June and beyond.

• Community Event: If you are nearby Plainfield there is a Free Event coming-up this weekend.

• Weekly Giveaway: Free Eggs… homegrown, cage-free, and delivered; details below!

Discover: Find and track the value of your home

MARKET REVIEW | LOOKING BACK AT MAY

Key Metrics Overview:

1. Median Sales Price:

   • $312,000 – This is the median sales price for May 2024, showing a 5.8% increase compared to the previous month (April 2024) and an 11.6% increase compared to May 2023.

   • This indicates a robust rise in home prices, suggesting a strong demand or a potential decrease in inventory.

2. Closed Sales:

   • 3,131 homes were sold in May 2024.

   • This represents a 4.3% increase from April 2024 but a 3.0% decrease compared to May 2023.

   • The monthly increase suggests a seasonal boost in sales, but the year-over-year decline could point to a cooling market in comparison to last year.

3. Active Inventory:

   • 3,943 properties were available on the market.

   • There was an 8.4% increase in active inventory compared to April 2024 and an 11.7% increase compared to May 2023.

   • The rising inventory levels may be giving buyers more options, potentially easing upward pressure on prices.

4. New Listings:

   • 4,199 new listings were added to the market in May 2024.

   • This is a 1.3% increase from April 2024 and a significant 25.0% increase compared to May 2023.

   • An influx of new listings can help balance supply and demand, possibly stabilizing price increases in the future.

5. Median Sold $/SqFt:

   • The median price per square foot is $160, which is up by 3.9% from April 2024.

   • This metric highlights the value buyers are placing on living space and can be an indicator of how much they are willing to pay for additional space.

6. Median Days on Market:

   • The median time a property stays on the market before being sold is 10 days, showing a sharp 66.7% decrease from April 2024.

   • This rapid turnover indicates a high demand and a seller's market, where properties are being sold quickly once listed.

7. List Price Received:

   • Sellers are receiving 98.6% of their list price on average, which is a 0.2% decrease from April 2024.

   • While slightly lower than the previous month, it still suggests that homes are selling very close to their asking prices, reinforcing strong market conditions.

8. Months Supply of Inventory:

   • The inventory supply stands at 1.3 months, with a 3.0% increase from April 2024.

   • This metric is crucial for understanding market balance; a supply of 6 months typically indicates a balanced market. The current figure suggests a strong seller's market with limited inventory.

Market Trends and Implications:

• Price Increases: The continuous rise in median sales price and price per square foot indicates strong market demand, possibly driven by factors like economic growth or a shortage in housing supply.

• Inventory Growth: The increasing active inventory and new listings are positive signs for buyers, offering more choices and potentially slowing the rapid price growth.

• Quick Sales: The significant decrease in median days on the market highlights a fast-paced market where homes are selling quickly, often necessitating prompt decisions from buyers.

• Stable Price Realization: Sellers are still able to command prices very close to their listings, reflecting sustained buyer interest and competitive bidding scenarios.

Conclusion:

The Central Indiana real estate market in May 2024 can be characterized by rising prices, increasing inventory, and quick sales. These dynamics indicate a strong, albeit competitive market for buyers and a favorable environment for sellers. The increase in new listings could eventually moderate the rapid price increases, balancing the market in the coming months.

COMMUNITY DAY EVENT | PLAINFIELD, IN