(INDIANAPOLIS, IN) — As more house hunters eye their real estate prizes in markets with stunted inventory, Indiana’s home prices are on the upward move according to the Indiana Real Estate Markets Report today released by the state’s REALTORS®.
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.
Statewide year-over-year review (March 2018 vs. March 2017) with inventory information:
• Number of new listings decreased 5.7 percent to 9,677
• Closed home sales decreased 5.2 percent to 7,043
• Pending home sales increased 14.6 percent to 9,191**
• Median sales price of homes increased 7.9 percent to $150,500
• Average sales price of homes increased 7.2 percent to $178,039
• Percentage of original list price received increased 0.6 percent to 95.8 percent
• Inventory of homes for sale decreased 19.3 percent to 21,858 units**
• Months supply of homes for sale decreased 18.9 percent to 3.0 months
Statewide year-to-date comparisons (Q1 2018 vs. Q1 2017):
• Number of new listings decreased 8.0 percent to 23,056
• Closed home sales decreased 0.6 percent to 16,525
• Pending home sales increased 4.3 percent to 20,677**
• Median sales price of homes increased 10.4 percent to $149,000
• Average sales price of homes increased 7.5 percent to $174,511
• Percentage of original list price received increased 0.7 percent to 95.4 percent
“Despite the lower inventory, Indiana REALTORS® maintained the pace of sales and closed on more than 16,000 homes this quarter,” noted 2018 IAR President John De Souza of South Bend. “In this competitive market, sellers commonly receive multiple offers. Serious buyers, more than ever, rely on REALTORS® to craft and negotiate the offer that will get them the house.”
More millennials are reaching the prime years to buy their first home, which is adding to the strong housing demand. NAR’s latest Home Buyer and Seller Generational Trends Report found millennials represent 36 percent of all homebuyers while 65 percent of these buyers were also first-timers.
Check out LaPorte County Market Report: