The Almost Mid Year Report For the 46033...

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It's been an unusual year in housing in the 46033. Low inventory, a terrible first two months due to weather, new housing sprouting near River Road and a snake in a toilet.  I missed on every one of these in my January 1 predictions except the snake in the toilet. 

The headlines will read how hot things are with sales at or above list price. When you hear these stories remember these anecdotes are history...not the present. The today reality of the market is that while some price points are very active in east Carmel, many price ranges are softening. We had a two week stretch from race weekend through June 7 where it was crickets above $500,000.  Early in May $500K was a feeding frenzy. It has picked up some since then but is not what we would  expect for mid June in a seasonally driven market. 

The data reads a lot like 2013.  Homes under contract through June 1, 2014 - 258. One year ago through June 1 - 262.  Active inventory in the 46033 - 205 properties. In 2012 on June 1 active inventory - 213. The most expensive home in east Carmel to sell in 2014 was at $1,200,000 just off Gray Road. The least expensive was an $82,000 condo. 

The new construction market has improved significantly and the Legacy area west of River Road and North of 131st is poised for a complete transformation over the next five years. I wonder long and hard if we have the capacity at Prairie Trace, Cherry Tree, et all to handle another mini population boom. I'm sure our friends @myccs will figure that out. 

The next few weeks will be the peak for our real estate market with most people who want to be in by the time school starts making a purchase by early July.  The market will then begin a slow decline into the Fall in terms of homes sold. Interest rates remain the key with predictions of higher home mortgage rates coming from many voices this week.  

Home sellers need to be realistic to get closed. Home buyers need to be ready and aggressive more due to the lack of newer inventory. Home owners who have outdoor restroom facilities near their pool need to make sure they don't have any unwelcome visitors like the above picture. That image was taken in early May when the nights were still cool. That homeowner won't soon sit down again without peering in first. The year is nearly half over....and we're hoping for a slow two months ahead to enjoy our Summer.
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