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INDIANA HOME SALES, PRICES ON THE RISE AT SUMMER’S END

Tuesday, September 27, 2016   /   by Karen McGail

INDIANA HOME SALES, PRICES ON THE RISE AT SUMMER’S END

(INDIANAPOLIS, IN) — Indiana homebuyers scooped up 8,524 existing single-family homes in August, 10.7 percent more than a year earlier, according to the Real Estate Markets Report today released by the state’s REALTORS®.

Other statewide year-over-year comparisons (August 2016 vs. August 2015) show:

  • Pending home sales increased 7.2 percent to 7,902

  • Median sales price increased 2.2 percent to $140,000

  • Average sales price increased 3.4 percent to $169,473

  • Percentage of original list price received increased0.8 percent to 95.6 percent

  • Number of new listings decreased 2.0 percent to 10,395

  • Inventory of homes for sale decreased 16.9 percent to 34,283 units

  • Months supply of homes for sale decreased 21.0 percent to 4.9 months




“Earlier this year it was predicted that low inventory could be the biggest risk to the 2016 market,” said Shelbyville’s Nancy Smith, 2016 president of the Indiana Association of REALTORS®. “What’s remarkable is statewide sales have managed to outpace last year in 7 of 8 months so far, rebounding in August to offset the dip in sales reported in July.

“Many potential buyers were sidelined this summer as strong sales activity ate supply,” Smith continued. “Given the pent up demand, it may be enough to delay the usual slowdown that happens as the weather cools off and schools start back up.”

To put the supply shortage into perspective, statewide inventory was down 6,957 units at the end of August compared to a year ago; yet 821 more properties were sold and 531 more are now under contract.

The Indiana Real Estate Markets Report obtains data from 11 of the state’s 12 Multiple Listing Services (MLSs), including the Broker Listing Cooperative® (BLC®) in central Indiana. To date, the report represents 98 percent of the housing market statewide and 91 of 92 Indiana counties.

source: IAR
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Carlos Higareda
719 Virginia Ave, Suite 101
Indianapolis, IN 46203
317-590-2901
317-881-3700

The source of the Licensed Listings is BLC® listing service. The Licensed Listings are confidential information of BLC® listing service. The BLC® listing information is provided by the Metropolitan Indianapolis Board of REALTORS® from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2020 Metropolitan Indianapolis Board of REALTORS® All Rights Reserved. The information provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
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