Small inventory boosts home price

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With 2,857 sales in May in Central Indiana, overall year-to-date home sales are up 19 percent compared to this time last year, according to statistics compiled by F.C. Tucker Co.

By Jim Litten

On a monthly basis, May 2013 home sales rose 13.5 percent over May 2012, an increase of 339 homes sold in the nine counties that F.C. Tucker tracks. All nine counties reported increased sales or sales on par with May 2012.

The robust housing recovery is underway in Hamilton County. For the first five months of the year, sales rose 22.4 percent, an increase of 530 homes compared to the same time period last year. In May 2013, home sales increased 9 percent, raising the number of homes to 632 from 580.

In Noblesville, home sales rose 17.4 percent in May 2013, raising the number of sold homes to 135 from 115.

As home prices rise and inventory shrinks, Noblesville is becoming a competitive market. In May 2013, the average sales price increased to $201,055, up 4.7 percent compared to May 2012.

Competitive prices are due, in part, to the tightening inventory. Last month, 354 homes were available for sale in Noblesville, nearly 30 percent fewer compared to May 2012.

In Hamilton County, homes stayed on the market an average of 81 days in May 2013. In contrast, homes spent an average of 103 days on the market in May 2012.

Of the pended home sales in Noblesville last month, three were priced $500,000 to $999,999; 19 were priced $300,000 to $499,999; 29 were priced $200,000 to $299,999; 74 were priced $100,000 to $199,999 and 10 were priced at $99,999 or less.

The balance is tilting toward a seller’s market, but there are still great opportunities for buyers to find an array of houses at various price points.

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Small inventory boosts home price

0

With 2,857 sales in May in Central Indiana, overall year-to-date home sales are up 19 percent compared to this time last year, according to statistics compiled by F.C. Tucker Co.

On a monthly basis, May 2013 home sales rose 13.5 percent over May 2012, an increase of 339 homes sold in the nine counties that F.C. Tucker tracks. All nine counties reported increased sales or sales on par with May 2012.

The robust housing recovery is underway in Hamilton County. For the first five months of the year, sales rose 22.4 percent, an increase of 530 homes compared to the same time period last year. In May 2013, pended home sales increased 9 percent, raising the number of pended homes to 632 from 580.

In Westfield, pended home sales rose 13.3 percent in May 2013, raising the number of pended homes to 85 from 75.

As home prices rise and inventory shrinks, Westfield is becoming a competitive market. In May 2013, the average sales price increased to $257,149, up 9 percent compared to May 2012.

Competitive prices are due, in part, to the tightening inventory. Last month, 229 homes were available for sale in Westfield, which is 30 percent fewer compared to May 2012.

In Hamilton County, homes stayed on the market an average of 81 days in May 2013. In contrast, homes spent an average of 103 days on the market in May 2012.

Of the home sales in Westfield last month, one was priced more than $2,000,000; one was priced $1,000,000 to $1,999,999; seven were priced $500,000 to $999,999; 14 were priced $300,000 to $499,999; 23 were priced $200,000 to $299,999; 33 were priced $100,000 to $199,999 and six were priced at $99,999 or less.

The balance is tilting toward a seller’s market, but there are still great opportunities for buyers to find an array of houses at various price points.

Share.