With average central Indiana home prices reaching $165,238 in April 2014, home sales prices are up 8.2 percent compared to April 2013.
Seven of the nine counties that F.C. Tucker tracks experienced slightly higher home sales prices in the first four months of 2014 compared to the same time period last year.
Hamilton County was one of the areas that saw improvements with a 10.4 percent increase bringing the average price to $260,670, year-to-date.
- In Carmel, the overall average sales price rose by 9.6 percent to $336,096 from $306,611 compared to the same time period last year.
- Of the home sales in Carmel last month, 19 were priced $500,000 to $1 million; 56 were priced $300,000 to $499,999; 45 were priced $200,000 to $299,999; 25 were priced $100,000 to $199,999; and 10 were priced at $99,999 or less.
- Prospective homebuyers in Carmel have more homes from which to choose. Last month, there were 572 homes available for sale, while there were 533 homes on the market April 2013.
- Homes in Carmel are selling at a slightly faster pace. So far this year, homes have stayed on the market an average of 86 days compared to 92 days last year.
- Home sales have been slow to thaw from the harsh winter conditions. In April 2014, 155 homes in Carmel sold, which is a decrease of 49 homes compared to April of last year.
While we would have expected to see sales increase, given the low interest rates, it’s difficult to directly compare last month’s home sales against April 2013. It’s an apples-to-oranges comparison because April 2013’s sales were the highest we’ve seen in central Indiana.
Still, we’re encouraged that April 2014’s sales marked the fourth month-to-month improvement, an indication the market is moving in the right direction.