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 also have 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 Westfield, the average year-to-date home sales price increased 4.3 percent to $304,517.
- Inventory moved at a slower pace in Westfield in August 2016. Overall, homes sold in 62 days – 13 more days than this time last year.
- Buyers in Westfield had more options available to them. Last month, 255 homes were available for sale – 20 more homes compared to August 2015.
- Pended home sales declined in Westfield. In August 2016, 72 homes sold – a decrease of 14 homes compared to August 2015.
- Of the pended home sales in Westfield last month, nine were priced $500,000 to $999,999; 16 were priced $300,000 to $499,999; 27 were priced $200,000 to $299,999; and 20 were priced $100,000 to $199,999.
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.