Commentary by Jim Litten
Approximately 1,000 more homes have sold in central Indiana during the first five months of 2016 than the same time period last year, according to data from the 13-county region F.C. Tucker tracks. In a monthly comparison, approximately 3,059 homes pended in May 2016, which was a 3 percent increase over May 2015. Homes priced above $300,000 contributed to the majority of last month’s growth in pended sales.
In Hamilton County, pended sales are up 2.6 percent year-to-date and up 7.6 percent month-to-date. Approximately 45 more homes pended throughout the county than May 2015. The average sales price rose 1.4 percent compared to last year, now at $276,505. Meanwhile, inventory tightened 9.3 percent year to date.
- In Noblesville, the average year-to-date home sales price increased 2.5 percent to $228,986.
- Inventory moved at a slower pace in Noblesville in May 2016. Overall, homes sold in 67 days – 15 more days than this time last year.
- Buyers in Noblesville had fewer options available to them. Last month, 299 homes were available for sale – 107 fewer homes compared to May 2015.
- Pended home sales grew in Noblesville. In May 2016, 103 homes sold – an increase of five homes compared to May 2015.
- Of the pended home sales in Noblesville last month, eight were priced $500,000 to $999,999; 27 were priced $300,000 to $499,999; 22 were priced $200,000 to $299,999; and 46 were priced $100,000 to $199,999.
May was a busy month for our sales associates, but the demand exists for more homes to be on the market. Central Indiana has approximately 2.3 months of inventory. Typically, if inventory falls below four months, we know it’s a seller’s market.
