October 26, 2018
The most striking thing about the 2018 Monroe County purchase and mortgage markets is their overall sameness to 2017. The page 7 chart shows third quarter mortgage numbers identical to last year. The conforming loan picture on pages 9 and 10 shows a third quarter decline of a minuscule 8 transactions. Recorded sale transactions on page 13 and sales of primary residences on page 14 also reflect this sameness to 2017.
A first glance at the chart for non-primary residence sales, one might notice those numbers are up on a third quarter comparison. However, that market appears to only be making up for lost time as the total year to date number for nine months is 633 compared to 631 last year. It is notable that the distribution of sales prices shown on this analysis is trending up ? an expected result given the lack of inventory in the market.
So despite the many conversations I?ve had with clients telling me things are slower, the transaction numbers do not reflect that. This year?s volume is about the same as last. And based upon what I?ve read recently about the national market, next year is expected to be the same. The trends of higher prices coupled with mortgage rates around 5% instead of last year?s 4% do not seem to be slowing our market.
For the six weeks ending October 12th, our team helped 504 people buy, sell or refinance their property. We averaged 3.7 days to issue title commitments on new Monroe County orders. And, we delivered seller side closing statements two days or more before closing in 94% of our sale transactions.
Today John Bethell Title was selected as one of Bloomington?s Best Places to Work. The assessment was done by Dimension Mill, the Bloomington Economic Development Corporation and the Herald Times based upon surveys conducted of our management and team members. I feel honored by the selection and consider it one of the highlights of my career. I?ve always believed Richard Branson of the Virgin Group when he says, ?If you take care of your employees, they?ll take care of your customers.?
~ John Bethell