It is truly mind-boggling to be a Realtor in Greater Lafayette right now. I never would have thought our little Indiana town would be such a hotspot for real estate activity. The going is tough right now, and some days there is a lot of hard work and just not a whole lot to show for it.
But the hard work is worth it when a buyer’s offer is accepted, and despite the challenges, it is happening. So, let’s break down some numbers, shall we?
Average Days on Market
The average days on market for Q2 was just 10. 10! Mind-blowing, especially when you compare it to the days on market in 2020, which was 19. That’s a pretty big dip. For the whole first half of this year, the average number of days on the market is 16.
If you’re a buyer and you’re interested in a home, you likely aren’t going to have a whole lot of time to think about whether or not you’d like to make an offer. It won’t be long before that decision has been made for you.
Average Sales Price
The average sales price this quarter was $258,714, a substantial increase from Q2 of 2020, which was $221,252. The average sales price for the first half of this year is sitting at $248,898.
This follows trends we’re seeing around the country (though perhaps not so dramatically in Indiana). According to the Case-Shiller index, single-family home prices rose nationally by 13.2% in the year ending in March 2021. This is great news for homeowners, who are seeing some awesome increases in home equity right now.
The average price per square foot during this past quarter was $138.52, whereas last year it was $121.61.
Total Number of Home Sales
As for total number of sales, there were 624 this past quarter, which is a big jump from the first quarter of the year, when there were only 435 home sales. During the second quarter of 2020, for comparison, there were 572 home sales.
Inventory seems to be picking up, and we’re going to continue to hope for that because we need more homes! Here’s my constant refrain: if you’re thinking of selling your home, now is a fantastic time to do it, and give me a call. Just make sure you know where you’re headed first because it’s probably going to sell fast.
As our economy continues to grow and Millennials continue to enter the housing market (and investors continue to want a slice of the real estate pie), it’s not likely demand is going to abate anytime soon, but I’m hopeful that things won’t always be quite as crazy as they are right now. A girl can dream, anyway!
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