Indiana Association of Realtors Press Release

iar

YEAR-TO-DATE INDIANA HOME SALES WELL AHEAD OF LAST YEAR
Pent Up Demand Sustains Post-Summer Boost in Contract Signings

 

 Check out the information provided this week by the Indiana Association of Realtors.  What this means: if you’re thinking about selling your home, you don’t have to wait until spring.  Consider what the data below is saying about pent-up demand.  There are ready, willing and able buyers right now.  Whether fall or spring is the best time for you, please call any time I can help!
(INDIANAPOLIS, IN) — At the end of the third quarter, Indiana existing-home sales are up 7.4 percent (4,559 sales) compared to Q3 2015. This data is found within the Indiana Real Estate Markets Report today released by the state’s REALTORS®.

Other statewide year-to-date comparisons (Q3 2016 vs. Q3 2015) show:

  • Closed home sales increased 7.4 percent to 66,068
  • Pending home sales increased 6.0 percent to 67,454
  • Median sales price of homes increased 4.4 percent to $139,900
  • Average sales price increased 3.7 percent to $166,585
  • Percentage of original list price received increased 1.0 percent to 95.3 percent
  • Number of new listings decreased 3.3 percent to 91,153

“Between pent up demand and favorable interest rates, we expected the post-summer selling season to start off stronger than last year; and it did,” said Shelbyville’s Nancy Smith, 2016 president of the Indiana Association of REALTORS®. “However, statewide pending sales are up by just 2.4 percent. This is a sign the all-too-familiar supply crunch stuck around in September, and many would-be buyers haven’t been able to get their foot in the door yet.”

The traditional statewide monthly review (September 2016 vs. September 2015) includes inventory information:

  • Closed home sales increased 6.2 percent to 7,736
  • Pending home sales increased 2.4 percent to 7,072
  • Median sales price increased 7.8 percent to $142,900
  • Average sales price increased 8.2 percent to $171,854
  • Percentage of original list price received increased 1.1 percent to 95.4 percent
  • Number of new listings decreased 0.1 percent to 9,319
  • Inventory of homes for sale decreased 16.7 percent to 33,539 units
  • Months supply of homes for sale decreased 23 percent to 4.7 months

The Indiana Real Estate Markets Report obtains data from 11 of the state’s 12 Multiple Listing Services (MLSs), including the Broker Listing Cooperative® (BLC®) in central Indiana. To date, the report represents 98 percent of the housing market statewide and 91 of 92 Indiana counties.

IAR represents just over 16,500 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.

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