Housing prices expected to rise

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The housing market in Central Indiana is off to a strong start in 2013. Nearly 1,900 homes pended in January, with all but one Central Indiana county reporting increased sales compared to the same time year, according to statistics compiled by F.C. Tucker Co. Overall, January 2013 pended home sales rose 17.2 percent over January 2012, an increase of 278 homes sold in the nine counties that F.C. Tucker tracks.

Hamilton County is among the areas experiencing increased sales. In January 2013, the number of pended homes jumped to 364 from 322 in January 2012. Carmel is one of the areas in Hamilton County benefitting from the improving market.

  • In Carmel, pended home sales in January 2013 increased to 88 homes, a slight increase of two homes compared to January 2012.
  • The inventory outlook in Carmel continues to improve. In January 2013, available homes for sale slipped to 463, a decrease of 127 homes compared to January 2012.
  • Home prices in Carmel remain stable. In January 2013, the average sales price was $281,242, relatively unchanged from $281,377 in January 2012.
  • Of the pended home sales in Carmel last month, nine were priced $500,000 to $999,999; 22 were priced $300,000 to $499,999; 28 were priced $200,000 to $299,999; 23 were priced $100,000 to $199,999; and six were priced at $99,999 or less.

The market is slowly trending up, both nationally and here in Central Indiana. We anticipate prices will continue to creep up as investors and first-time homebuyers compete for bargain-priced homes.

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