Home prices up more than 7 percent

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Commentary by Jim Litten 

With home prices across central Indiana reaching $155,886 in February 2014, home sales prices are up 7.2 percent compared to February 2013.

Eight of the nine counties that F.C. Tucker tracks experienced slightly higher home sales prices in the first two months of 2014 compared to the same time period last year. Hamilton County is among the areas that experienced an uptick; year-to-date home prices rose 7.6 percent to $252,643.

  • In Noblesville, home prices are also trending up. In the first two months of this year, the average home price spiked 7.8 percent to $198,649 from $184,334 from the same time period last year.
  • Fewer homes sold in Noblesville last month. Sixty homes sold, 37 fewer homes than in February 2013.
  • Of the home sales in Noblesville last month, three were priced $500,000 to $1 million; eight were priced $300,000 to $499,999; 17 were priced $200,000 to $299,999; 24 were priced $100,000 to $199,999 and eight were priced at $99,999 or less.
  • Inventory continues to tighten in Noblesville. Last month, 312 homes were available for sale, down 17.9 percent compared to February 2013.
  • Homes in Noblesville are selling at a much faster rate. Overall, homes were on the market for an average of 82 days, 16 fewer days than this time last year.

This prolonged winter weather has certainly affected the housing market, just as it has for other sectors. But spring is around the corner, and with the improving weather will come a revival in home sales.

 



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