|(INDIANAPOLIS, IN) — Statewide closed and pending sales continued to pick up pace during February, while available inventory dipped by 10.6 percent to the lowest point in recent years. This is according to the Indiana Real Estate Markets Report today released by the state’s REALTORS®.
Other statewide year-over-year comparisons (February 2016 vs. February 2015) show:
- Pending home sales increased 16.4 percent to 6,471
- Closed home sales increased 9.9 percent to 4,831
- Median sale price increased 4.2 percent to $125,000
- Average sale price increased 3.1 percent to $148,978
- Number of new listings increased 9.5 percent to 8,244
- Percentage of original list price received increased 1.1 percent to 93.8 percent
- Inventory of homes for sale decreased 10.6 percent to 32,353
“The biggest risk to the 2016 market could be a shortage of homes for sale, especially in the entrylevel price range,” said Shelbyville’s Nancy Smith, 2016 President of the Indiana Association of REALTORS®. “Strong buyer demand and a limited supply of homes for sale keep pushing prices up, so some homeowners might be enticed to sell. If they want to sell, that would be a good development because it would help relieve the inventory shortage. We’re optimistic about the increase in new listings as we head into spring.”
IAR represents nearly 16,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange, or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of America’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.