Central Indiana’s residential real estate market showed steady growth in September, according to statistics compiled by F.C. Tucker Company. Compared to September 2015, overall pended sales rose 6.1 percent despite homebuyers having 2,118 fewer homes on the market from which to choose. The average sales price increased 2.5 percent to $188,145. Statistics for the 15-county region indicate 2016 pended home sales are on track to exceed last year’s results.
Hamilton County’s pended sales jumped more than 17 percent in September 2016 compared to September 2015. Prices have also increased by 2.8 percent over last year to an average of $285,496. The number of available homes for sale continues to decline in the region; inventory in Hamilton County slid 8.4 percent in September, a drop of 162 homes available compared to this time last year.
- In Westfield, the average year-to-date home sales price increased 5.5 percent to $306,262.
- Inventory moved at a slower pace in Westfield in September 2016. Overall, homes sold in 61 days – nine more days than this time last year.
- Buyers in Westfield had more options available to them. Last month, 240 homes were available for sale – seven more homes compared to September 2015.
- Pended home sales increased in Westfield. In September 2016, 75 homes sold – an increase of 18 homes compared to September 2015.
- Of the pended home sales in Westfield last month, one was priced $1,000,000 to $1,999,999; four were priced $500,000 to $999,999; 24 were priced $300,000 to $499,999; 27 were priced $200,000 to $299,999; and 19 were priced $100,000 to $199,999.
Despite the drop in homes for sale, home buyers are snatching up available homes rather quickly. Low mortgage rates and appropriately priced homes should keep positive momentum in home buying through the end of 2016.