Commentary by Jim Litten
April was the 52nd consecutive month of increasing year-to-date home sale prices, growing an average 1.9 percent in central Indiana. While prices grew, home inventory stayed tight, as available homes were down 14.2 percent from this time last year.
Boone County saw growth across the board. Average home prices were up 7.3 percent to $279,603. Inventory saw a slight gain of 0.7 percent with 418 homes available as of April 30. The number of pended sales is also one of the highest in the 13-county region F.C. Tucker tracks. Compared to last year, month-to-date pended sales are up 10.5 percent, while year-to-date sales are up 15.5 percent.
- In Zionsville, the average year-to-date home sales price increased 16.6 percent to $394,184.
- Inventory moved at a slightly faster pace in Zionsville in April 2016. Overall, homes sold in 71 days – three fewer days than this time last year.
- Buyers in Zionsville had more options available to them. Last month, 198 homes were available for sale – 18 more homes compared to April 2015.
- Pended home sales slipped in Zionsville. In April 2016, 42 homes sold – nine fewer sales compared to April 2015.
- Of the pended home sales in Zionsville last month, one was priced $1,000,000 to $1,999,999; seven were priced $500,000 to $999,999; 22 were priced $300,000 to $499,999; nine were priced $200,000 to $299,999; and three were priced $100,000 to $199,999.
The rate at which the average sale price is increasing is strong, but it’s also showing signs of tapering. From 2013 to 2015, prices grew rapidly, but now, they’re beginning to level off, similar to the beginning of 2012.