Late Summer Housing Remains Active

Late Summer Housing Remains Active
Housing data released this week by the Metropolitan Indianapolis Board of REALTORS® (MIBOR) shows continued increases in pending sales, closed sales, new listings and sales prices. While all numbers are up, the pace of increases has slowed as we close out summer in central Indiana.

Pending sales increased 4.7 percent in the monthly comparison of August 2015 to the same period last year. In the quarter ending in August, pending sales climbed 7.8 percent. Closed sales increased by 3.9 percent as well in August and by 12.0 percent in the three-month review. New listings rose 4.7 percent in August after a decline the month before.

Sale prices also saw increases in both the one- and three-month reviews. The average sales price increased by 2.8 percent in August and 4.2 percent in the three-month review. Median sales price had a similar jump of 2.7 percent in August and 5.2 percent rise for the three months ending in August. Months of inventory stands at 4.9 months indicating the length of time it would take to sell all available inventory. A more balanced inventory level benefiting both buyers and sellers is closer to six months.

“Buyers and sellers should be encouraged by August housing activity. We are off the pace of the heavy activity we saw all spring and early summer and that’s to be expected in August,” said Kathy Hall, 2015 MIBOR president. She continued, “An unexpected jump in new listings in August is very encouraging however. We know tight inventory has been an issue all year so late summer optimism by sellers eager to list their homes demonstrates we still have a very active marketplace.”

By: MIBOR, Claire Belby

Advertisements

Indy-area Housing Market on the Move!


Local Housing Market Most Active Since 2006
The Indy-area housing market is definitely on the move. It’s been nearly a decade since this many homes sold in central Indiana. In fact in July, closed sales were 14.1 percent higher than one year ago which produced the highest number of closed sales in central Indiana since 2006.

Pending sales, which represent a situation where the purchase agreement is signed but the transaction hasn’t closed, also increased 10.6 percent from July 2014 to 2015. Historically, most pending sales end up closing, so it’s a good sign of activity for the next few months.

All that positive movement goes hand in hand with the fact that new listings decreased by 5.0 percent in July, keeping inventory very low. When inventory is low, buyers need to move fast to make their buying decision and sellers tend to have high expectations that their house will sell quickly because seemingly everyone else’s house is flying off the market.

Local REALTOR® Kathy Hall explains why that dynamic means you need a REALTOR® the most.

Hall states, “low inventory still dogs us and buyers and sellers need help navigating that dynamic. Buyers in this market should take notice of the unchanging low inventory level as it relates to the rise in closed sales. That combination points to the need for quick decision-making on the part of buyers. Likewise, sellers can be encouraged by fast selling times.”

However, she cautions sellers that fast selling times occur when homes are priced appropriately. She encourages sellers to listen to their agent about comps in the area. REALTORS® know the current market conditions and are experts at helping you price your home in the best range for a fast sale.

Call David Morris to list your home (that will sell very quickly in this housing market) or to find the perfect new home in the popular Indy-area.

317-289-3338

Posted by: Claire Belby