Home Sales Up But Inventory Low March 23 2016

Home Sales Up But Inventory Low March 23 2016

          (from the Indiana Association of Realtors)


Statewide closed and pending sales continued to pick up during February, while available inventory dipped by 10.6% to the lowest point in recent years, according to the Indiana Real Estate Markets Report just released.


Statewide year-over-year comparisons (February 2016 vs. 2015) show:

Pending home sales increased 16.4%.

Closed home sales increased 9.9%.

Median sale price increased 4.2% to $125,000.

Average sales price increased 3.1% to $148,978.

Number of new listings increased 9.5% to 8,244

Percentage of original list price received increased 1.1% to 93.8%.

   (Here's the biggie)

Inventory of homes for sale DECREASED 10.6% to 32,353.


"Strong buyer demand and a limited supply of homes for sale keep pushing prices up, so some homeowners might decide to sell.  If they do, that would be good, because it would help relieve the inventory shortage.  We're optimistic about the increase heading into spring," says Nancy Smith, 2016 president of the Indiana Association of Realtors.

 


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Dated: March 23rd 2016
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