Column: Selling prices up 2.7 percent
March revealed it’s a sellers’ market in central Indiana residential real estate. The amount of available listings decreased 13.5 percent compared to this time last year, and this has helped raise the average selling price of a home 2.7 percent across the region. The number of pended home sales have also increased year to date by approximately 1.6 percent compared to 2015.
March 2016 was a slower month for Hamilton County compared to this time last year. Pended sales declined 8.5 percent, or 57 homes, compared to March 2015. Inventory also tightened by approximately 6 percent, a decrease of 102 houses. In addition, average sale prices inched up 0.5 percent to $272,524.
- In Carmel, the average year-to-date home sales price decreased 0.3 percent to $348,802.
- Inventory moved at a slightly slower pace in Carmel in March 2016. Overall, homes sold in 93 days – 11 more days than this time last year.
- Buyers in Carmel had fewer options available to them. Last month, 482 homes were available for sale – 62 fewer homes compared to March 2015.
- Pended home sales have slipped in Carmel. In March 2016, 160 homes sold – a decline of 18 homes compared to March 2015.
- Of the pended home sales in Carmel last month, three were priced $1,000,000 or higher; 21 were priced $500,000 to $999,999; 57 were priced $300,000 to $499,999; 50 were priced $200,000 to $299,999; 27 were priced $100,000 to $199,999; and two were priced below $99,999.
It is a prime time to be a seller. Sellers do not have as much competition, as buyer options at all price levels – starter, trade-up and premium – are dropping, especially in the starter category. And, the pacing of sales continues to accelerate month over month.