Commentary by Jim Litten
Central Indiana’s residential real estate sales stay steady, according to statistics compiled by F.C. Tucker Company. In November, despite having 1,899 fewer homes on the market from which to choose, pended home sales increased 7.6 percent compared to November 2015. The average sales price increased three percent year-to-date to $188,072.
Hamilton County’s pended sales increased 2.6 percent in November 2016 compared to November 2015. Prices have also increased by 3.3 percent over last year to an average of $286,374. The number of available homes for sale, however, continues to decline in the region; inventory in Hamilton County slid 7.2 percent in November, a drop of 121 homes available compared to this time last year.
- In Noblesville, the average home sales price increased 2.5 percent year-to-date to $238,820.
- Inventory moved at a slower pace in Noblesville in November 2016. Overall, homes sold in 62 days – two more days than this time last year.
- Buyers in Noblesville had fewer options available to them. Last month, 291 homes were available for sale – 29 fewer homes compared to November 2015.
- Pended home sales decreased in Noblesville. In November 2016, 65 homes sold – a decrease of 15 homes compared to November 2015.
- Of the pended home sales in Noblesville last month, three were priced $500,000 to $999,999; 15 were priced $300,000 to $499,999; 15 were priced $200,000 to $299,999; 31 were priced $100,000 to $199,999; and one was priced below $99,999.
Inventory will continue to be tight, and buyers will need to continue to be decisive. In this fast-paced market, multiple offers should be expected.
