March revealed it’s a sellers’ market in central Indiana residential real estate. The amount of available listings decreased 13.5 percent compared to this time last year, and this has helped raise the average selling price of a home 2.7 percent across the region. The number of pended home sales have also increased year to date by approximately 1.6 percent compared to 2015.
March 2016 was a slower month for Hamilton County compared to this time last year. Pended sales declined 8.5 percent, or 57 homes, compared to March 2015. Inventory also tightened by approximately 6 percent, a decrease of 102 houses. In addition, average sale prices inched up 0.5 percent to $272,524.
- In Westfield, the average year-to-date home sales price increased 0.6 percent, now at $313,252.
- Inventory moved at the same pace in Westfield in March 2016 compared to March 2015. Overall, homes sold in 79 days.
- Buyers in Westfield had more options available to them. Last month, 232 homes were available for sale – an increase of 31 homes compared to March 2015.
- Pended home sales have slipped in Westfield. In March 2016, 82 homes sold – a decline of 10 homes compared to March 2015.
- Of the pended home sales in Westfield last month, eight were priced $500,000 to $999,999; 16 were priced $300,000 to $499,999; 23 were priced $200,000 to $299,999; and 35 were priced $100,000 to $199,999.
It is a prime time to be a seller. Sellers do not have as much competition, as buyer options at all price levels – starter, trade-up and premium – are dropping, especially in the starter category. And, the pacing of sales continues to accelerate month over month.