Happy end of summer!! For many of us, it means back-to-school for our kiddos, but that looks a little different this year than past years. Also, for many parents with school-aged children, we have been with our kiddos since mid-March. Yikes! If you are fortunate enough to be able to send your kiddos back to school, congratulations! If not, we commiserate with you.
This year has been tough on all of us, but especially parents with school-aged children who are forced to play full-time, all-day, all-week caregiver, teacher, nurse, entertainer, and food service worker. If you also work, good luck! We hope you navigate the back-to-school storm (whatever that looks like for you) as smoothly as possible and stay happy and healthy.
Steve and his family just returned from their first vacation since last October. They went to the Poconos and stayed in a condo and had an adjoining unit for Brigid’s brother and his family, his wife’s sister and husband and her mom. They also each brought their dogs. It turned out to be a great week, very relaxing with amazing weather, swimming, a white water rafting trip, 26-mile bike ride, kayaking, hiking, tennis, soccer games, and for the adults late-night Euchre games (Steve and his partner waxed everyone else!) :-) It was so nice (and needed) to get away and get a change of scenery. We hope that you have been able to take a trip this summer to just get a break as well. Those are so needed right now.
Jack and Mary Anne continue to do well and stay healthy. They are doing a reasonably good job at social distancing, but they did just return from Branson and saw some shows. Some were good at social distancing and some not so much, but they had a good time and enjoyed getting away.
Steve’s sister Michelle had a delayed graduation party for her oldest Caleb and it was nice to see some people we haven’t seen in many years. We wish Caleb good luck next Fall at IUPUI.
On our team, Patti had a HUGE accomplishment in passing her real estate exam and is applying for her license. This is especially big since she had to drive to Cincinnati to take the exam and finished her class in March. That gap made it really difficult, but she made it and we are so happy for her. Every member of our team will be licensed by next week.
Kylie was able to take some time off and spend with her family going to the zoo, pool, Wolf Park and relaxing at home. She needed a bit of a break since we have been working so much lately.
Speaking of working a lot, Thea has been rocking it lately helping 6 clients just in the past few weeks secure a home. This market has been brutal for buyers and buyer agents and she is has been doing such a great job working so hard for our clients winning multiple offer situations repeatedly.
Thank you to the over 400 of you who came for our FREE Shred Day a few weeks ago. We filled an entire truck as well as electronic recycling truck. We are planning another one for September, so stay tuned for the date.
Happy Hours are attempting to be re-started this month. We have August 20th on the books. Please come if you feel comfortable. Matt The Miller’s from 5-7pm. We would LOVE to see you again!!!!!
The market is the hottest on record. We are down below 1-month of inventory right now, which is insane and down over 30% from last month alone! Mortgage rates have hit all-time lows as well with rates for many of our clients in the low to mid-2%! Home prices are going up faster than ever and inventory keeps shrinking. If you or someone you care about is remotely thinking of buying, selling, or building, please call us. We would be happy to share all of the facts and data that are relevant to your specific situation so you can make an informed decision. If you are not as worried about selling your house as you are with finding a new one, we have a program designed specifically for you to address that very concern. Our 3-day, Free Look Marketing Program has netted sellers more money in a faster time with fewer hassles than any other marketing program out there. Give Steve a call at 317-573-1880 to learn about both of these programs and how we are addressing our clients’ concerns during this challenging market.
Here are some MIBOR stats showing the changes from May 2020 to June 2020. They are remarkable:
Median Sales Price-$219,000-UP 1.9%
Closed Sales-3,518 units-UP 28.2%
New Listings-3,848 units-UP 2.2%
Pending Sales-4,269 units-UP 10.5%
Days on Market-35-DOWN 7.9%
Price per s.f.-$125-UP 3.3%
% of Ask Received-98.4%-UP 0.5%
Active Inventory-3,210 units-DOWN 10.2%
Absorption Rate-0.9 months-DOWN 30.8%
Look at the how the pending sales is more than new listings. This is an indicator of what to expect next month-even lower inventory levels. Sellers are getting over 98% of asking price! That is crazy! Active inventory is down over 10% and the absorption rate (how long it will take all of the current listings to sell with the current buyer demand) is down over 30% to less than one month. Are you kidding me?? These numbers are nuts and we have never seen anything like it before. The election MAY cause a real estate contraction. We don’t know for sure, but every economist I have heard lately has been warning of that, so if you are thinking of selling, NOW is the time!
Thank you for reading and for your continued trust and loyalty. We couldn’t do what we do without you.
Enjoy this month’s newsletter!
Read the August newsletter here
Download the most powerful real estate app here
Watch a quick video discussing the real estate market in 1-minute here
Read what our clients have to say about us here
Watch an intro video of our team here
Your friends in real estate, Steve, Kylie, Thea, Patti
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