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I’ve found a more useful tool in determining the health of the real estate market is Months of Available Inventory. Take the number of homes currently for sale and divide by the number of homes that had accepted offers (not necessarily closed) in the previous thirty days. Indianapolis and the contiguous counties currently have just under one month (.95%) of inventory. A seller’s market is generally considered to be 0-3 months, a balanced market is 4-6 months, and a buyer’s market is anything above that. We are still in a seller’s market, just a little less so than last year.
100%, it’s so unbalanced right now.