Inventory Free-Fall Continues in Hendricks County
I've compiled data on the number of active existing homes for sale in the six Hendricks County school districts that show an increasing lack of inventory from which home buyers can choose. The numbers are pretty startling.
Take a look at this graph:
Across the school districts, the number of homes for sale has fallen an average of 59% since 2006, and over 26% since just August of last year.
Here's the kicker - In this same period, average sale price has increased twenty percent since 2006 - this includes the housing bubble years (and its popping).
And get this: in just the past twelve months, average sale price has increased an astounding nine percent.
To say the market has come back is an understatement.
Will this last? I don't tend to think so. The increases in value we've seen in the past couple of years is directly related to the lack of homes for sale. Buyers still want to buy but they have to compete for fewer homes, which naturally drives prices up.
Typical appreciation in the housing market is around 3% per year. I anticipate that we will see a softening of the market. I just don't know when that will happen, so I plan to keep a sharp eye on this.
Hendricks County home owners - New property assessments are being delivered to you which might show an increase in your home's value. Rise in average sale price is big part of the reason. If you are in the position where you could benefit from selling your home, now may be the perfect time. If you're not sure what your home is worth in today's frenetic market (don't confuse assessed value with market value), please give me a call and let's figure it out together. You might be very surprised.