HOME SALES UP, LOW INVENTORY CONTINUES TO BULLY HOUSING MARKETS
(INDIANAPOLIS, IN) — Statewide closed and pending sales continued to pick up pace during February, while available inventory dipped by 10.6 percent to the lowest point in recent years. This is according to the Indiana Real Estate Markets Report today released by the state’s REALTORS®.
Other statewide year-over-year comparisons (February 2016 vs. February 2015) show:
Pending home sales increased 16.4 percent to 6,471
Closed home sales increased 9.9 percent to 4,831
Median sale price increased 4.2 percent to $125,000
Average sale price increased 3.1 percent to $148,978
Number of new listings increased 9.5 percent to 8,244
Percentage of original list price received increased 1.1 percent to 93.8 percent
Inventory of homes for sale decreased 10.6 percent to 32,353
“The biggest risk to the 2016 market could be a shortage of homes for sale, especially in the entrylevel price range,” said Shelbyville’s Nancy Smith, 2016 President of the Indiana Association of REALTORS®. “Strong buyer demand and a limited supply of homes for sale keep pushing prices up, so some homeowners might be enticed to sell. If they want to sell, that would be a good development because it would help relieve the inventory shortage. We’re optimistic about the increase in new listings as we head into spring.”