Realtor Sentiment Survey
Third Quarter 2017: Strong Buyer Traffic Dampened by Lack of Inventory
Indiana Realtors report that demand for existing homes remained healthy this summer, with 56 percent of respondents to the latest Indiana Realtors Sentiment Survey stating that buyer traffic was stronger than average in July. Compared to the past three sentiment surveys conducted at this point in the year, this is the largest proportion of Realtors to respond that demand was better than usual. Unfortunately, an almost equal share of respondents stated that the level of available inventory was disappointing. Fifty-four percent of Realtors reported that seller traffic was weaker than normal this summer—a mark which also breaks new ground relative to past third-quarter sentiment surveys.
This lack of inventory could explain why fewer Realtors are reporting improved pending sales numbers. Thirty-nine percent of those surveyed said that their current pending sales were higher than at the same time one year ago, down from 49 percent responding similarly in July 2016 and 54 percent at the same point in 2015.
Few Realtors expect to see any shifts in market dynamics in the near-term, as only 21 percent of respondents said they think that conditions will improve for buyers over the next six months.
Note: This survey is conducted by the Indiana Association of REALTORS® and the Indiana Business Research Center. All survey respondents are members of the Indiana Association of REALTORS®. View the archives page to access other releases.
Survey Results
How would you characterize the level of buyer traffic for single-family homes over the past 30 days?
N=431
Values above 50 indicate traffic is viewed as stronger than average.
How would you characterize the level of seller traffic for listing single-family homes over the past 30 days?
N=427
Values above 50 indicate traffic is viewed as stronger than average.
Compared to one year ago, is your number of pending sales:
N=426
Values above 50 indicate pending sales are higher.
Over the past 30 days, is the time for a home staying on the market until it is sold:
N=428
Values above 50 indicate length of time is increasing.
Over the next 3 to 6 months, do you think that single-family home prices will:
N=414
Values above 50 indicate prices are expected to increase.
Over the next 3 to 6 months, do you think that single-family home sales volume will be:
N=413
Values above 50 indicate volume is expected to be strong for the time of year. (Note: Question wording changed in 2014 Q4.)
Over the next 3 to 6 months, do you see the market:
N=415
Values above 50 indicate the market is expected to improve for buyers.
What do you think are the most important factors driving the residential real estate market currently and/or in the future?
N=349