Tuesday, January 21, 2014 / by Carlos J Higareda
(INDIANAPOLIS, IN) – The Indiana Real Estate Markets Report today released by the state's REALTORS® shows that 2013 outperformed 2012 in every measure of statewide housing data.
The number of existing, single-family homes sold last year in Indiana increased 14 percent when compared with the year before. The median sale price of those 75,849 homes increased 3.4 percent to $122,000. Other year-end, statewide comparisons from the report reveal -
- The average sale price of existing, single-family homes increased 4.3 percent to $146,008
- The percent of original list price received increased 1.5 percent to 92 percent
- The number of pending sales increased 10.1 percent to 71,603
- The number of new listings increased 4.5 percent to 117,147
"Last year proved the fundamentals of most housing markets across the state strong," said Kevin Eastridge, 2014 President of the Indiana Association of REALTORS® and Owner/Principal Broker of the Evansville-based F.C. Tucker Emge REALTORS®. "Significant gains in both sales and prices were made, and consumers have felt empowered by that and the fact that interest rates continue to be relatively low.
"Members report that consumer confidence and demand have remained high as we have moved into 2014," continued Eastridge. "While that is great news, we know to expect some fluctuation in market performance given a lack of inventory in many markets, rising interest rates and the implementation of federal policy that will make mortgage qualification difficult for some. And like always, we will be waiting for real employment and wage growth to fuel this slow and steady housing recovery."
Traditionally reported year-over-year (December 2013 vs. December 2012), statewide comparisons from the report are as follows:
- The number of existing, single-family homes sold increased 10.5 percent
- The median sale price of those 5,498 homes increased 2.6 percent to $119,000
- The average sale price increased 4.8 percent to $146,732
- The percent of original list price received increased 0.8 percent to 91.1 percent
- The number of pending sales decreased four percent to 3,687
- The number of new listings decreased 1.2 percent to 5,139
Eastridge concluded, "Anyone looking to buy or invest should start with the sortable county tables of this report and then talk to a local REALTOR® who can give the most insight into what's happening in a neighborhood, city or school district."
IAR represents approximately 15,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of America's largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.