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 Boone County, 382 homes were listed for sale, a modest reduction of 2.6 percent compared to November 2013. Boone County is also among the areas reporting pricing gains in November 2014, with sales rising 12.1 percent to $281,555 from $251,206 from November 2013.
- In Zionsville, the year-to-date average sale price in November 2014 climbed 11.9 percent to $388,240 from $346,808.
- Of the pended home sales in Zionsville last month, seven were priced $500,000 to $999,999; 13 were priced $300,000 to $499,999; nine were priced $200,000 to $299,999; four were priced $100,000 to $199,999; and one was priced at $99,999 or less.
- Homes in Zionsville are selling at a stable rate. Last month, homes stayed on the market 79 days, which is one less day compared to November 2013.
- Inventory across the region is tightening. In Zionsville, 169 homes were on the market last month compared to 163 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.
