April 8th 2008

How is Central Indiana doing in Home Sales?

I have been tracking now for some times the pending (in escrow) home sales for Central Indiana and surrounding counties and as of today it has been stable in its output.

Why pending? When you are pending, or in escrow you have found a buyer and a seller that are agreeing on the price of the home. With this the current possible market value of  this particular home.

The actual closings will detriment the final pricing but for right now this will give me a good indication what the possible price could be. This morning we had about 50% of the pending  (in escrow) homes that where either HUD or REO (Bank owned/ cooperate owned) homes.

This has been the trend now for quite sometimes. The area I have not looked in to are the closed homes and new listings in compare to the pending (in escrow), but this will be a future project. The HUD and REO pending are now on  regular basis 50% of the total pending (in escrow) amount.

I think we are getting to be in  a more stable market at this time. As I started tracking the pending (in escrow), I found that over 70% of homes that pended (in escrow) where HUD or REO (Bank owned/ cooperate owned) homes at the very beginning and now we are getting less.

Bettina Settles