Commentary by Jim Litten
With the New Year came new resolutions of home ownership as evidenced by F.C. Tucker Company’s monthly real estate market stats, with 2,109 homes sold in Central Indiana, an increase from 1,851 in December. Also positive for sellers, the average year-to-date home price for the 15-county region rose 7.1 percent to $180,866, compared to January 2016.
Hamilton County’s pended sales increased a staggering 28.5 percent in January 2017 compared to January 2016. Prices have also increased by 1.8 percent over last year to an average of $276,256. The number of available homes for sale, however, continues to decline in the region; inventory in Hamilton County slid 9.9 percent in January, a drop of 143 homes available compared to this time last year.
- In Noblesville, the average home sales price increased 17.7 percent year to date to $231,279.
- Inventory moved at a quicker pace in Noblesville in January 2017. Overall, homes sold in 68 days – 14 fewer days than this time last year.
- Buyers in Noblesville had slightly fewer options available to them. Last month, 251 homes were available for sale – seven fewer homes compared to January 2016.
- Pended home sales increased in Noblesville. In January 2017, 94 homes sold – an increase of 22 homes compared to January 2016.
- Of the pended home sales in Noblesville last month, two were priced $500,000 to $999,999; 23 were priced $300,000 to $499,999; 24 were priced $200,000 to $299,999; 41 were priced $100,000 to $199,999; and four were priced below $99,999.
Home prices have surpassed pre-Great Recession levels. Although mortgage rates are projected to rise to 5 percent in 2017, we don’t expect this minimal increase to have a huge impact on the market as a whole.
