Commentary by Jim Litten
Across central Indiana, low inventory remains a large factor in the real estate market.
Compared to last year at this time, active listings have declined almost 19 percent. Fortunately, this has not deterred buyers too much, as pended home sales rose 4.8 percent and average home prices have grown 2 percent year to date.
In June, Hamilton County’s active listings were down 10.5 percent, while pended sales have grown 2.2 percent year to date and 2.9 percent month to date. The average sales price also rose 2.1 percent compared to last year, now at $281,521.
- In Fishers/Geist, the average year-to-date home sales price increased 1 percent to $262,700.
- Inventory moved at a slower pace in Fishers/Geist in June 2016. Overall, homes sold in 56 days – 11 more days than this time last year.
- Buyers in Fishers/Geist had relatively the same amount of options available to them. Last month, 580 homes were available for sale – one less home compared to June 2015.
- Pended home sales decreased in Fishers/Geist. In June 2016, 209 homes sold – a decline of eight homes compared to June 2015.
- Of the pended home sales in Fishers/Geist last month, two were priced $1,000,000 to $1,999,999; 13 were priced $500,000 to $999,999; 49 were priced $300,000 to $499,999; 63 were priced $200,000 to $299,999; 79 were priced $100,000 to $199,999; and three were priced below $99,999.
During this time of low inventory, demand for available homes has picked up. June has been an incredibly busy time for buyers eager to move and sellers taking advantage of rising prices.