WATCH: Home Sellers, It's Your Market

Posted: Updated:
INDIANAPOLIS -

The weather may not feel like it, but the spring home selling season is here and realtors say available inventories are the lowest they've seen in decades. Berkshire Hathaway HomeServices Indiana Broker Greg Cooper calls it an inventory drought, unlike anything he's see in his 30 years in the business, and it appears to be accelerating. "We have houses in different places in Indiana getting six, seven, eight, nine offers," said Cooper. "We are in the peak of the season so that absolutely means the maximum number of home buyers competing for the minimum number of properties."

In an interview on Inside INdiana Business with Gerry Dick, Cooper talked about what is driving the market and what might be next.

According to Cooper, the inventory squeeze has put unusual upward pressure on home prices in dozens of Indiana counties. Data show the state's median home price increased 12.9 percent in the first three months of 2018, compared to the same period in 2017. "You never see in Indiana where median housing prices go up 12 percent in a quarter," said Cooper. "Dozens of Indiana counties in the first three months of 2018 saw double digit median price escalations from 2017."

To illustrate the scale of the shrinking home inventory in Indiana, Cooper points to data that shows on March 1, 2016 there were 32,012 homes for sale statewide. On March 1, there were 23,175 homes on the market, a more than 28 percent drop in just 24 months.

Cooper says the situation has also inflated the cost of new construction, which has been exacerbated by a shortage of skilled labor and materials.

  • Perspectives

    • Richardson is a practice lead with Centric Consulting.

      How to Create Consistent and Positive Customer Experiences with Your Brand

      Everyone knows that keeping the consumer happy is the first priority. The importance of considering the customer’s experience in all areas of engaging with your business, not just customer service is becoming even more clear. I’m seeing an increasing number of my peers in the marketing world take ownership of the customer experience with their brands. As a result, we’re all learning how to borrow and...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (image courtesy of The Times of Northwest Indiana)

      U.S. Steel Updates Layoff Notice to State

      Pittsburgh-based U.S. Steel Corp. (NYSE: X) has updated the State of Indiana regarding its previously announced layoffs at the East Chicago Tin Mill. The company says 314, rather than 307, workers will be displaced when the mill is idled this fall. 

    • Red Star announced plans to expand and add 18 jobs.

      Larwill Medical Device Maker to Expand, Add Jobs

      A Whitley County-based medical device maker has announced plans to expand its facility in Larwill which should mean new jobs. Red Star Contract Manufacturing Inc. says it will invest $1.6 million in real estate improvements and additional equipment and will create 18 new jobs by 2022. 

    • Regal Beloit is closing in Valparaiso. (photo courtesy; The Times of Northwest Indiana)

      Valpo Bearings Plant to Close, Eliminating 160+ Jobs

      Wisconsin-based Regal Beloit Corp. and the union representing workers have reached an agreement about the closing of a helicopter bearing factory in Valparaiso. According to our partners at The Times of Northwest Indiana, the decision will cost between 160 to 170 workers their jobs. 

    • (WISH-TV Photo)

      Clif Bar Expands Indy Bakery

      California-based Clif Bar & Co. has completed a $10 million expansion of its commercial bakery in Indianapolis. The company says the project involved a more sustainable redesign of the facility for its employee-owners with a greater focus on energy efficiency.

    • AM General & Fiat Chrysler announce plans to build military grade Jeep Gladiator pickup trucks.

      AM General, FCA Collaborate on New Military Grade Jeep

      Nearly 80 years since the first jeep rolled off the assembly line, and helped support American soldiers throughout World War II, it appears the trusted four-wheel-drive machine may be making a comeback in the U.S. military. South Bend-based AM General LLC has teamed up with Fiat Chrysler Automobiles to build military-grade versions of the 2020 Jeep Gladiator pickup truck.