Inventory is low in our market, but buyers are still buying.
In addition to the latest market update from our Louisville/Southern Indiana area, today I’ll provide a highlight reel from a recent visit I took to the restaurant bringing a taste of New York City to the Midwest.
First and foremost, the latest news surrounding our real estate market is good, but one question still hangs over everything: Will there be enough homes on the market for people to find?
This has been a problem lately; year-over-year inventory levels are as low as we’ve ever seen. Normally, we see somewhere between 3,000 and 4,000 homes on the market during this time, but at the moment, we’re only averaging between 1,800 and 1,900.
Meanwhile, the number of buyers looking for homes has remained strong. After the onset of the pandemic at the beginning of the spring selling season, home showings spiked and continue to remain strong. In fact, the Housing Market Recovery Index is better than anticipated. Quicken Loans has been quoted as saying, “The pandemic has not stopped consistent home price growth we have witnessed in recent years.”
Since there are fewer homes coming on the market month over month, the price of homes has risen higher than expected. Even with this increase in homes prices, purchase applications have gone up as well. All of this is being driven by—yes, you guessed it—lower interest rates. Right now, rates are about as low as we’ve ever seen. Between now and the second quarter of 2021, they’re projected to rise slightly from 3.1% to 3.15%.
Now, onto my favorite subject: food. Despite COVID-19, there are still restaurants opening in the Louisville/Southern Indiana area. The one I recently visited at the Simpsonville outlet mall is sure to excite anyone who’s ever lived in or visited New York City: Nathan’s Famous.
You may have seen the Nathan’s Hot Dog Eating Contest from afar, but if you live in our area, you now have the chance to see for yourself what all the hoopla is about. In addition to the great taste of the hot dogs, the Simpsonville location is adding some extra items to the menu you’re sure to love!
If you’d like more information about this new Nathan’s Famous location or you’re thinking of buying or selling a home soon, give me a call or send me an email. I’d love to speak with you.