Carmel, IN — 46032

Hi neighbor,

I've been watching something interesting unfold in our 46032 market — homes are moving incredibly fast right now. The median time on market dropped to just 4 days, which is 57% faster than three months ago. That's a pretty dramatic shift for what's technically still a buyer's market.

Here's what I mean by that: with 6.3 months of inventory available, buyers have plenty of options to choose from, but when they find what they want, they're acting quickly. I saw this firsthand with recent sales like 44 Rogers Rd, which sold for $365,000 in just 2 days, and 3291 Homestretch Dr, which went for $1.279 million in 3 days.

The price story is mixed but telling. Our median sale price of $525,000 is still down 2.6% from last year, but price per square foot is up 13.7% over that same period. Even though median price dipped, buyers are paying more per square foot than last year — that suggests the mix of homes selling has shifted toward smaller properties.

There's some good news on the mortgage front too. Rates dropped to 6.11% from 6.22% three months ago. A buyer with a $2,500 monthly budget can afford about $515,131 today — that's $5,981 more than 90 days ago thanks to the rate move.

What's also worth noting is that we're seeing far fewer new listings than last year — 46 this month compared to 84 a year ago. That could explain why homes that are priced right are moving so quickly despite the buyer-friendly inventory levels.

I'm curious if you're seeing this activity in your neighborhood too. Are you noticing homes moving faster than expected?

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