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 3 percent year-to-date to $188,072.
Boone County’s pended sales increased drastically at 43.4 percent in November 2016 compared to November 2015. This mark is the highest among the 15-county region. Prices have increased by 8.1 percent over last year to an average of $291,395. The number of available homes for sale, however, continues to decline in the region; inventory in Boone County slid 12.8 percent in November, a drop of 49 homes available compared to this time last year.
- In Zionsville, the average year-to-date home sales price increased 8.2 percent to $403,487 – the highest average for the 15-county region.
- Inventory moved at a faster pace in Zionsville in November 2016. Overall, homes sold in 64 days – 13 fewer days than this time last year.
- Buyers in Zionsville had fewer homes available to them. Last month, 162 homes were available for sale – 13 fewer homes compared to November 2015.
- Pended home sales increased in Zionsville. In November 2016, 35 homes sold – an increase of 10 homes compared to November 2015.
- Of the pended home sales in Zionsville last month, two were priced $1,000,000 to $1,999,999; six were priced $500,000 to $999,999; 13 were priced $300,000 to $499,999; eight were priced $200,000 to $299,999; and six were priced $100,000 to $199,999.
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.
