Commentary by Jim Litten
With average home prices reaching $161,191 in March 2014, home sales prices in central Indiana are up 6.1 percent compared to March 2013.
Eight of the nine counties that F.C. Tucker tracks experienced slightly higher home sales prices in the first three months of 2014 compared to the same time period last year. Hamilton County is among the areas seeing strong year-to-date average sales prices, up 10.9 percent to $255,747.
- In Noblesville, prices experienced a small decline. For the first three months of 2014, the average price of a home was $194,816, a 0.5 percent decrease compared to the same time period last year.
- Of the home sales in Noblesville last month, one was priced $500,000 to $1 million; eight were priced $300,000 to $499,999; 28 were priced $200,000 to $299,999; 61 were priced $100,000 to $199,999; and eight were pried $99,999 or less.
- Home sales remain pent up from the slow winter months. In Noblesville, 106 homes sold in March, a decrease of 18 homes compared to March 2013. Similarly, sales in Hamilton County fell 31.1 percent to 462 homes.
- The number of homes for sale in Noblesville fell. In March 2014, 331 homes were on the market, which is a decrease of 45 homes from March 2013.
- For the first three months of this year, homes in Noblesville remained on the market an average of 89 days, three fewer days compared to the same time period last year.
Now that harsh winter conditions have finally lifted, we expect warmer weather will attract more potential buyers to open houses. As we move into the second quarter, we believe home sales will increase and prices will remain strong.