July 2017 Mortgage Market Report

August, 2017

This month?s report includes the quarterly market recap that I was unable to include last month.

The purchase market is a bit down from 2016, but not significantly. (chart page 7) Existing housing inventory is still tight, and that?s probably what?s holding the market back. Given the low inventory levels, it?s somewhat remarkable that sales are not off more. Sales of non-owner occupied properties were actually better that a year ago. (chart page 9) After a closer examination of the sale disclosure data though, that appears to be a result of an increase in higher end vacant lots being sold this year.

Overall the market for the last two years seems to have arrived at a point of equilibrium between transactions and inventory. (Factoring in seasonal differences, of course). As always, our market is at risk from events happening outside of Bloomington, in Indianapolis, Washington D. C. or elsewhere. But absent any such shocks, it looks to me like its ?steady as she goes.? That?s good thing!

We are delighted to have helped 1089 people buy, sell, or refinance their properties during June and July. For all of 2017 we?ve helped over 2700 people so far. During the same two-month span, our closing team produced seller side closing statements two or more days prior to closing for more than 95% of our transactions. Just outstanding! Our title team kept up too and averaged 5.4 days turn time on Monroe County transactions in June, and 4.5 days in July.

~ John Bethell