Floyd County Market Continues to Improve for Home Sellers

Market conditions continue an upward trend for Floyd County home sales. Below is a graphic from the Indiana Association of REALTORS®. It shows statistics for two different time frames; the last three months, or the last twelve months.

Looking at the last three months, you can see that the number of sales and the median sales price have actually fallen by 7.7% and 4.5% respectively, compared to the same time frame last year. Though, a closer look also reveals that the number of new listings dropped 7.7% as well.

It's my opinion though, that we get a better gauge of the market by looking at the previous twelve months. Looking at those numbers we can see that number of sales and the median sales price both increased, while the number of new listings decreased. So there are less homes to choose from, with more buyers in the market, creating more demand.

This got me thinking about Months of Inventory. Months of Inventory is how long it would take to sell all the current inventory based on the number of recent sales. To determine, I take the number of homes currently on the market, and divide it by the average number of sales each month, for the last six months. This helps us determine if we're in a buyers market or a sellers market. Many experts feel that a balanced market consists of 5-8 months. Floyd County as a whole currently has eight Months of Inventory.

Below, I broke down the four biggest towns in Floyd County.

• New Albany, Indiana
• Number of Sales - 667
• Median Sales Price - $96,250
• Months of Inventory - 7.93
• Floyds Knobs, Indiana
• Number of Sales - 133
• Median Sales Price - $248,000
• Months of Inventory - 10.74
• Greenville, Indiana
• Number of Sales - 77
• Median Sales Price - $195,900
• Months of Inventory - 7.27
• Georgetown, Indiana
• Number of Sales - 164
• Median Sales Price - $171,000
• Months of Inventory - 7.25

So what does all of this mean? If you've been on the fence about selling your home, now is a great time. There are more and more buyers looking everyday and there are less homes to compete with.

I also think if you're thinking of buying a house within the next six months, now is the time. As we get into spring and summer, the number of people looking to buy is only going to increase creating even more competition for good homes. Acting early could be the difference in you obtaining your dream home or having to settle.

Check back for more market updates, or if you have specific questions about your town or neighborhood, reach out to me! My contact information is below.

Call or Text me : (502) 641-1677

Email me: brett@yourindianamove.com