April 17, 2019
Three things stand out to me after reviewing the recording statistics for the first quarter. First, none of us are as busy as we were six years ago, the last refi market. (chart page 7) Second, the purchase market is in its fourth consecutive year of steady volume. (chart page 13) Third, the lower price sector for non-residential property, mostly lots and land, is more active than last year. But property to be used as a primary residence is showing valuation increases. (charts pages 14 & 15)
With interest rates at 15 month lows, the second quarter is positioned to be remarkably similar to the last three years. I also noticed more vacant lot sales than in recent years. They’re mostly in Ellettsville or property platted some time ago.
After finally getting our internal reporting squared away, I am delighted to confirm what I was sure that I knew. Our team continues to do great work. In March we issued title commitments in four or fewer days from receiving the order 89% of the time. Our closing team provided seller side closing statements two or more days prior to closing for 91% of our transactions. We helped 343 people buy, sell or refinance their properties.
May 7th will mark one year since we relocated to our new office. We truly enjoyed being able to focus solely on the title business this past winter. We improved our capabilities through training and fine tuning our internal workflow. I am proud of what we accomplished and you will be experiencing the benefits as we head into the spring home buying season.
Enjoy the warming (finally!) weather!
~ John Bethell