Commentary by Jim Litten
According to statistics compiled by F.C. Tucker Company, August was the busiest month in 2016 for central Indiana’s real estate market so far. Compared to this time last year, pended sales grew more than 15 percent in August, and eight of the 14 counties Tucker tracks recorded double-digit percentage growth in sales. This growth helped raise overall year-to-date sales, which are now 6.3 percent ahead of this time last year.
Hamilton County’s pended sales jumped more than 5 percent in August 2016 compared to August 2015. Prices have also increased by 2 percent over last year to an average of $284,539. Low inventory continues to challenge the market. Fortunately, Hamilton County experienced the least amount of declining inventory in August – down 9.7 percent, representing roughly 200 fewer homes available compared to this time last year.
- In Noblesville, the average year-to-date home sales price increased 2.1 percent to $235,871.
- Inventory moved at a faster pace in Noblesville in August 2016. Overall, homes sold in 45 days – 14 fewer days than this time last year.
- Buyers in Noblesville had fewer options available to them. Last month, 291 homes were available for sale – 113 fewer homes compared to August 2015.
- Pended home sales stayed flat in Noblesville. Ninety-one homes pended in August 2016 and August 2015.
- Of the pended home sales in Noblesville last month, five were priced $500,000 to $999,999; 17 were priced $300,000 to $499,999; 27 were priced $200,000 to $299,999; 40 were priced $100,000 to $199,999; and two were priced below $99,999.
Realtors definitely felt the momentum in August. Buyer demand is still strong, and we could see stronger sales if inventory returns to the level it was two or three years ago. We expect 2016 to be our best year since the housing market began its recovery.