We’ve got a special Thanksgiving message to share with you today, but before we get to it, let’s take a peek into current conditions for our Louisville and Southern Indiana real estate market.
To check out the charts, graphs, and data that reflect our latest market update, check out the video above starting at 00:29.
Year over year, just 17 fewer homes sold last month compared to that same time last year. Active listings are down as well, but only by 2.2% year over year.
Of course, conditions vary by price point. Homes in the lower price range (between $100,000 to $350,000), are selling very quickly. Those above $350,000, though, are sitting on the market for months on end.
What’s behind this activity in the lower price point? Rising rental rates. As rental rates go higher and higher, an increasing number of people begin to consider a transition into homeownership. And with a number of listings currently sitting on the market, potential buyers have a fantastic opportunity to find their future homes among them.
Yet the decrease in activity hasn’t happened by chance. Fewer buyers are entering our market in general as a result of upward trending mortgage rates. In the next year, interest rates should cap out at 5% or 5.1% through the first half of 2019 so long as no unforeseen activity in Washington shakes things up. Sellers should be aware, though, that the long-standing seller’s market we’ve been experiencing is likely nearing its end.
Now, let’s move onto a more exciting topic: Thanksgiving. We at the Sokoler Medley Team have a tradition of giving out pies to our friends and clients for them to enjoy with their Turkey Day feast, and this year will be no exception.
On November 20 from 1 p.m. to 5 p.m., we invite you to come out to our office to pick up your choice of pumpkin, apple, or pecan pie. To secure yours, register in advance by visiting this link.
Last year we gave away hundreds of pies and had a blast meeting up with great clients like you, and we can’t wait for another successful event this year. You definitely won’t want to miss it.
If you have any other questions about this event or our market, feel free to give us a call or send us an email. We look forward to hearing from you soon.