In the 14-county region F.C. Tucker tracks, approximately 10,000 homes were on the market in July, a 16.5 percent drop, or approximately 2,000 fewer homes for sale, compared to July 2015. Although July 2016 saw fewer pended sales than July 2016, year-to-date sales are still ahead of last year by 3 percent. And average home prices continue to inch upwards, now 1.3 percent ahead of 2015.
In July, Hamilton County had 1,897 active listings, a decrease of 5 percent from this time last year. Pended sales also declined 8.2 percent in July, but sales remained consistent with 2015. The average sales price also rose 1.8 percent, now at $282,131.
- In Westfield, the average year-to-date home sales price increased 1.9 percent to $299,354.
- Inventory moved at a slower pace in Westfield in July 2016. Overall, homes sold in 52 days – seven more days than this time last year.
- Buyers in Westfield had fewer options available. Last month, 253 homes were available for sale – three fewer homes compared to July 2015.
- Pended home sales increased in Westfield. In July 2016, 83 homes sold – an increase of eight homes compared to July 2015.
- Of the pended home sales in Westfield last month, four were priced $1,000,000 to $1,999,999; four were priced $500,000 to $999,999; 26 were priced $300,000 to $499,999; 28 were priced $200,000 to $299,999; and 21 were priced $100,000 to $199,999.
We’re seeing the effects of low inventory throughout central Indiana. Low inventory affects affordability, which is a crucial part of the housing market. When more affordable homes proliferate throughout the market, then we’ll see more positive gains for everyone overall.