Commentary by Jim Litten
With 1,643 home sales in November in central Indiana, overall year-to-date home sales are up 15.4 percent compared to this time period last year, according to statistics compiled by F.C. Tucker Company.
On a monthly basis, November 2013 home sales declined 9.4 percent compared to November 2012, a decrease of 170 homes sold in the nine counties that F.C. Tucker tracks. In Hamilton County, home sales are on pace to end in positive territory despite a drop in sales last month.
- Based on the past 11 months, home sales in Hamilton County have increased to 6,202 from 5,277 – a spike of 17.5 percent compared to the same time period in 2012..
- In November 2013, 326 homes sold in Hamilton County – 50 homes fewer than in November 2012.
- In Noblesville, home sales dropped slightly. Last month, 61 homes sold, a decrease of seven homes compared to November 2012.
- As the market continues to stabilize in Noblesville, year-to-date sales prices have increased 11.1 percent. In November 2013, the overall average sales price was $208,590 – up $20,899 from November 2012.
- As inventory tightens, homes aren’t staying on the market as long. Overall for the past 11 months, homes in Noblesville have remained on the market an average of 73 days, which is 29 fewer days than the same time last year.
As the year comes to a close, home sales are poised to end in the positive territory on a year-to-year basis in central Indiana. We also expect the shrinking inventory to continue driving prices up, contributing to this seller’s market that we’ve been experiencing in recent months.