Central Indiana’s real estate market remains a balancing act between available inventory and sale prices. Sale prices rose 4.3 percent last month compared to October 2014, while active listings declined 7.6 percent. In addition, the nine-county region saw a 15.3 percent dip in pended home sales last month. However, home sales are still up 7 percent for the year.
Mirroring Central Indiana’s trend of few homes on the market and higher sale prices, Hamilton County saw a 6 percent decline in inventory while the average year-to-date sale price for the county climbed 6.4 percent to $277,048.
- In Westfield, the average year-to-date home sale price rose 7.4 percent compared to this time last year, increasing to $289,390.
- Inventory moved at a faster pace in Westfield in October 2015 compared to October 2014. Overall, homes sold in 75 days – three fewer days than this time last year.
- Buyers in Westfield had more options available to them. Last month, 261 homes were available for sale – 40 more homes compared to October 2014.
- Pended home sales increased slightly in Westfield. In October 2015, 55 homes sold – an upturn of five homes compared to October 2014.
- Of the pended home sales in Westfield last month, one was priced $1,000,000 to $1,999,999; one was priced $500,000 to $999,999; 14 were priced $300,000 to $499,999; 19 were priced $200,000 to $299,999; and 19 were priced $100,000 to $199,999.
Declines in the fourth quarter of the housing market should be expected, but there are several other factors impacting the overall picture of October. According to the Consumer Confidence Index, we know consumer confidence declined in October, yet Indiana’s job market and average salaries are growing, signaling a promising end to 2015.