Commentary by Jim Litten
With average home prices reaching $161,191 in March 2014, home sales prices in central Indiana are up 6.1 percent compared to March 2013.
Eight of the nine counties that F.C. Tucker tracks experienced slightly higher home sales prices in the first three months of 2014 compared to the same time period last year. Hamilton County is among the areas seeing strong year-to-date average sales prices, up 10.9 percent to $255,747.
- In Westfield, prices inched up slightly. For the first three months of 2014, the average price of a home was $252,307, a 0.6 percent increase compared to the same time period last year.
- Of the home sales in Westfield last month, three were priced $1 million to $2 million; six were priced $500,000 to $1 million; 10 were priced $300,000 to $499,999; 19 were priced $200,000 to $299,999; 24 were priced $100,000 to $199,999; and two were pried $99,999 or less.
- Though prices are up, sales declined. In Westfield, 64 homes sold in March, a decrease of 31 homes compared to March 2013. Similarly, sales in Hamilton County fell 31.1 percent to 462 homes.
- The number of homes for sale in Westfield increased. In March 2014, 251 homes were on the market, which is an increase of 28 homes from March 2013.
- For the first three months of this year, homes in Westfield remained on the market an average of 73 days, 14 fewer days compared to the same time period last year.
Now that harsh winter conditions have finally lifted, we expect warmer weather will attract more potential buyers to open houses. As we move into the second quarter, we believe home sales will increase and prices will remain strong.
