Commentary by Jim Litten
With 1,941 home sales in October in central Indiana, overall year-to-date home sales are up 16.2 percent compared to this time period last year, according to statistics compiled by F.C. Tucker Company.
On a monthly basis, October 2013 home sales fell 11 percent compared to October 2012, a decrease of 240 homes sold in the nine counties that F.C. Tucker tracks.
Similarly, in Hamilton County, October sales slipped 21.7 percent compared to October 2012. However, year-to-date sales are strong, up 18.1 percent.
Though a decrease in home sales is typical as we move deeper into the year, consumers may also be hesitant to jump in as they cautiously watch the potential for increasing interest rates.
- Specifically, in Noblesville, home sales in October 2013 dipped 22.7 percent – a decrease of 20 homes compared to October 2012.
- Inventory continues to tighten in Noblesville. Last month, 334 homes were on the market, down 108 homes from October of last year.
- Homes in Noblesville are staying on the market for shorter periods of time – an average of 28 fewer days – compared to October 2012.
- For the first 10 months of the year, the average sales price in Noblesville increased 11 percent from last year to $207,890.
Despite a dip in sales, we expect prices to continue rising due to the smaller supply of homes across central Indiana – an encouraging sign of market stabilization.
