Column: Prices rise but market doesn’t

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Commentary by Jim Litten

As a result of fewer homes on the market, average home prices in Central Indiana reached $176,863 in November 2014, a 6.5 percent jump compared to November 2013.

Available homes for sale in the nine-county region decreased 3.7 percent in November 2014 with 10,285 homes on the market, 395 fewer than in November 2013. In Hamilton County, 1,663 homes were listed for sale, a modest reduction of .5 percent compared to November 2013. Hamilton County is also among the areas reporting pricing gains in November 2014, with sales rising 6 percent to $267,635 from $252,515 from November 2013.

  • In Noblesville, the year-to-date average sale price in November 2014 climbed 2.1 percent to $213,033 from $208,670.
  • Of the pended home sales in Noblesville last month, two were priced $500,000 to $999,999; 10 were priced $300,000 to $499,999; 13 were priced $200,000 to $299,999; 37 were priced $100,000 to $199,999; and six were priced at $99,999 or less.
  • Homes in Noblesville are moving at a stable rate. Last month, homes stayed on the market 72 days, which is one less day compared to November 2013.
  • Inventory across the region is tightening. In Noblesville, 325 homes were on the market last month compared to 315 homes in November of last year.

We expect the shrinking inventory to continue driving up prices and contribute to this seller’s market that we’ve been experiencing in recent months. We are still positioned to finish the year on a healthy note although sales appear to be sluggish compared to last year – the fourth best year in real estate history.




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Column: Prices rise but market doesn’t

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As a result of fewer homes on the market, average home prices in Central Indiana reached $176,863 in November 2014, a 6.5 percent jump compared to November 2013.

Available homes for sale in the nine-county region decreased 3.7 percent in November 2014 with 10,285 homes on the market, 395 fewer than in November 2013. In Hamilton County, 1,663 homes were listed for sale, a modest reduction of .5 percent compared to November 2013. Hamilton County is also among the areas reporting pricing gains in November 2014, with sales rising 6 percent to $267,635 from $252,515 from November 2013.

  • In Carmel, the year-to-date average sale price in November 2014 climbed 7.8 percent to $344,767 from $319,812.
  • Of the pended home sales in Carmel last month, 13 were priced $500,000 to $999,999; 26 were priced $300,000 to $499,999; 29 were priced $200,000 to $299,999; 18 were priced $100,000 to $199,999; and three were priced at $99,999 or less.
  • Homes in Carmel are moving quickly. Last month, homes stayed on the market 66 days, which is eight fewer days compared to November 2013.
  • Inventory across the region is tightening. In Carmel, 461 homes were on the market last month compared to 497 homes in November of last year.

We expect the shrinking inventory to continue driving up prices and contribute to this seller’s market that we’ve been experiencing in recent months. We are still positioned to finish the year on a healthy note although sales appear to be sluggish compared to last year – the fourth best year in real estate history.




Share.

Column: Prices rise but market doesn’t

0

As a result of fewer homes on the market, average home prices in Central Indiana reached $176,863 in November 2014, a 6.5 percent jump compared to November 2013.

Available homes for sale in the nine-county region decreased 3.7 percent in November 2014 with 10,285 homes on the market, 395 fewer than in November 2013. In Hamilton County, 1,663 homes were listed for sale, a modest reduction of .5 percent compared to November 2013. Hamilton County is also among the areas reporting pricing gains in November 2014, with sales rising 6 percent to $267,635 from $252,515 from November 2013.

  • In Westfield, the year-to-date average sale price in November 2014 climbed 5.7 percent to $286,342 from $253,837.
  • Of the pended home sales in Westfield last month, five were priced $500,000 to $999,999; nine were priced $300,000 to $499,999; 11 were priced $200,000 to $299,999; 22 were priced $100,000 to $199,999; and one was priced at $99,999 or less.
  • Homes in Westfield are moving quickly. Last month, homes stayed on the market 61 days, which is six fewer days compared to November 2013.
  • Inventory across the region is tightening.  In Westfield, 199 homes were on the market last month compared to 190 homes in November of last year.

We expect the shrinking inventory to continue driving up prices and contribute to this seller’s market that we’ve been experiencing in recent months. We are still positioned to finish the year on a healthy note although sales appear to be sluggish compared to last year – the fourth best year in real estate history.




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