Column: Homes sales down 3.5 percent
Pended home sales are gaining momentum in Central Indiana. Although February 2016’s data shows pended sales were down 3.5 percent compared to this time last year, January 2016 sales had been down 9.5 percent. Available inventory continues to tighten across the region, while average sales prices grew modestly by 2.7 percent, now at $171,932.
Hamilton County saw decreases in all categories – average sales price, available inventory and pended sales. In February, the average sales price inched down 0.3 percent to $268,678, listings declined by four houses, and pended sales dipped 16 percent compared to this time last year.
- In Carmel, the average year-to-date home sales price stayed flat at $349,402.
- Inventory moved at a slightly slower pace in Carmel in February 2016. Overall, homes sold in 97 days – 16 more days than this time last year.
- Buyers in Carmel had fewer options available to them. Last month, 473 homes were available for sale – two fewer homes compared to February 2015.
- Pended home sales have slipped in Carmel. In February 2016, 113 homes sold – a decline of 11 homes compared to February 2015.
- Of the pended home sales in Carmel last month, two were priced $1,000,000 or higher; 16 were priced $500,000 to $999,999; 28 were priced $300,000 to $499,999; 38 were priced $200,000 to $299,999; 24 were priced $100,000 to $199,999; and five were priced below $99,999.
The Spring buying season will heat up the market, but the low level of inventory will keep demand in check. As this trend continues, it’s more apparent average sale prices will only continue to rise.