The year finished on a high note, with 2015 showing an 8 percent increase in pended home sales over 2014 in the nine-county central Indiana region. It was a strong year for sellers, as sale prices increased each month while available homes decreased during 11 months in 2015 when compared to 2014. December 2015 also saw growth in pended sales and average sales prices by 0.6 percent and 4.4 percent, respectively.
Hamilton County’s inventory declined 8.1 percent while the average year-to-date sales price for homes in the county climbed 3.9 percent to $278,163.
- In Carmel, the average year-to-date home sales price increased 1.3 percent compared to this time last year, rising to $348,555.
- Inventory moved at a faster pace in Carmel in December 2015. Overall, homes sold in 76 days – 11 fewer days than this time last year.
- Buyers in Carmel had fewer options available to them. Last month, 373 homes were available for sale – 46 fewer homes compared to December 2014.
- Pended home sales have increased in Carmel. In December 2015, 91 homes sold – an increase of 19 homes compared to December 2014.
- Of the pended home sales in Carmel last month, 16 were priced $500,000 to $999,999; 36 were priced $300,000 to $499,999; 21 were priced $200,000 to $299,999; 16 were priced $100,000 to $199,999; and two were priced at $99,999 or less.
2015 was marked by modest growth, but the nine-county central Indiana region has performed as well as and, in some respects, better than the national trends in home sales. We expect 2016 to emulate last year, as interest rates and affordability affect the industry. However, we’re optimistic that homeownership is still appealing to the majority of millennials, as reported by the National Association of Realtors, which indicates 94 percent of current renters younger than 35 want to buy a home.