MARCH ENDS FIRST QUARTER WITH IMPRESSIVE HOUSING NUMBERS
Sales Strengthen in Spite of Low Inventory Woes
(INDIANAPOLIS, IN) — The Indiana Real Estate Markets Report today released by the state’s REALTORS® shows that statewide, when comparing the first quarter of 2016 to the first quarter of 2015, the following occurred:
Closed home sales increased 9.3 percent to 15,745
Pending home sales increased 12.9 percent to 19,815
Median sales price increased 5.8 percent to $129,000
Average sales price increased 3.9 percent to $152,883
Number of new listings increased 0.9 percent to 26,272
Percentage of original list price received increased 0.9 percent to 94 percent
The traditional monthly review (March 2016 vs. March 2015) includes inventory information:
Closed home sales increased 11.1 percent to 6,615
Pending home sales increased 14.3 percent to 8,125
Median sales price increased 5.6 percent to $134,000
Average sales price increased 3.1 percent to $157,116
Number of new listings increased 2.3 percent to 10,962
Percentage of original list price received increased 1 percent to 94.6 percent
Inventory of homes for sale decreased 11.8 percent to 32,679
Months supply of homes for sale decreased 17.2 percent to 4.8 months
“New listings saw the usual seasonal increase this month, but strong sales kept inventory tight,” said Shelbyville’s Nancy Smith, 2016 President of the Indiana Association of REALTORS®. “After holding out, more would-be sellers are realizing now is an excellent time to get their homes on the market. Even more would-be buyers are moving quick if they find a home they love. With consumer confidence high and interest rates low, our members can expect a bustling summer season.”
SOURCE: INDIANA ASSOCIATION OF REALTORS
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