Column: Sales remain a balancing act
Central Indiana’s real estate market remains a balancing act between available inventory and sale prices. Sale prices rose 4.3 percent last month compared to October 2014, while active listings declined 7.6 percent. In addition, the nine-county region saw a 15.3 percent dip in pended home sales last month. However, home sales are still up 7 percent for the year.
Mirroring Central Indiana’s trend of few homes on the market and higher sale prices, Hamilton County saw a 6 percent decline in inventory while the average year-to-date sale price for the county climbed 6.4 percent to $277,048.
- In Carmel, the average year-to-date home sale price rose 0.9 percent compared to this time last year, increasing to $349,688.
- Inventory moved at a slightly faster pace in Carmel in October 2015. Overall, homes sold in 63 days – four fewer days than this time last year.
- Buyers in Carmel had slightly fewer options available to them. Last month, 528 homes were available for sale – nine fewer homes compared to October 2014.
- Pended home sales have slipped in Carmel. In October 2015, 94 homes sold – a decline of 26 homes compared to October 2014.
- Of the pended home sales in Carmel last month, one was priced $1,000,000 or higher; 12 were priced $500,000 to $999,999; 29 were priced $300,000 to $499,999; 30 were priced $200,000 to $299,999; 18 were priced $100,000 to $199,999; and four were priced at $99,999 or less.
Declines in the fourth quarter of the housing market should be expected, but there are several other factors impacting the overall picture of October. According to the Consumer Confidence Index, we know consumer confidence declined in October, yet Indiana’s job market and average salaries are growing, signaling a promising end to 2015.