Home prices expected to rise

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The housing market in Central Indiana is off to a strong start in 2013. Nearly 1,900 homes pended in January, with all but one Central Indiana county reporting increased sales compared to the same time last year, according to statistics compiled by F.C. Tucker Co. Overall, January 2013 pended home sales rose 17.2 percent over January 2012, an increase of 278 homes sold in the nine counties that F.C. Tucker tracks.

Hamilton County is among the areas experiencing increased sales. In January 2013, the number of pended homes jumped to 364 from 322 in January 2012. Even within the county, the housing market varies by city:

• In Westfield, pended home sales dipped slightly from 51 homes in January 2012 to 50 homes in January 2013.

• The inventory outlook in Westfield continues to improve. In January 2013, available homes for sale slipped to 191, a decrease of 108 homes compared to January 2012.

• Buyers continue to find competitive prices. In January 2013, the average sales price was $223,917, declining 7.2 percent compared to January 2012.

• Of the pended home sales in Westfield last month, one was priced $1,000,000 to $1,999,999; one was priced $500,000 to $999,999; 11 were priced $300,000 to $499,999; 16 were priced $200,000 to $299,999; 20 were priced $100,000 to $199,999 and one was priced at $99,999 or less.

The market is slowly trending up, both nationally and here in Central Indiana. We anticipate prices will continue to creep up as investors and first-time homebuyers compete for bargain-priced homes.


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