Column: Trending towards a balanced market
Central Indiana continues to trend towards a more balanced market as fewer homes become available and selling prices rise. For August 2015, Tucker’s data revealed an 11.1 percent decline in home sales compared to August 2014. However, average year-to-date home sale prices climbed 4.9 percent to $186,087.
All nine central Indiana counties F.C. Tucker tracks experienced varying declines of inventory. Hamilton County saw a 7.5 percent decline in inventory while the average year-to-date sale price for the county climbed 3.4 percent to $278,093.
- In Carmel, the average year-to-date home sale price remained nearly level to this time last year, increasing a modest 0.5 percent to $351,087.
- Of the pended home sales in Carmel last month, 16 were priced $500,000 to $999,999; 39 were priced $300,000 to $499,999; 40 were priced $200,000 to $299,999; 25 were priced $100,000 to $199,999; and one was priced at $99,999 or less.
- Inventory moved at a slower pace in Carmel in August 2015. Overall, homes sold in 67 days – four more days than this time last year.
- Buyers in Carmel had slightly fewer options available to them. Last month, 565 homes were available for sale, which were 18 fewer homes compared to August 2014.
- Pended home sales have slipped in Carmel. In August 2015, 121 homes sold – a decline of 13 homes compared to August 2014.
The residential real estate story in the Indianapolis area continues to be declining inventory and increasing prices, which is attractive for home sellers. Although we saw a slight decline in home sales in August, the overall trend is positive. Interest rates and unemployment remain low, and consumer confidence is relatively strong.