Commentary by Jim Litten

With average home prices reaching $168,669 in May 2014, home sales prices are up 7 percent compared to May 2013.

Seven of the nine counties that F.C. Tucker tracks experienced slightly higher home sales prices in the first five months of 2014 compared to the same time period last year.

In Hamilton County, prices were up 8.7 percent reaching $259,578.

The average sale price continues to climb in Noblesville. For the first five months of this year, homes sold for $201,173 on average – an increase of 1.9 percent compared to 2013.
Of the home sales in Noblesville last month, one was priced $500,000 to $1 million; 11 were priced $300,000 to $499,999; 25 were priced $200,000 to $299,999; 59 were priced $100,000 to $199,999; and five were priced at $99,999 or less.
Home sales have declined in Noblesville, down to 101 homes in May 2014, a decrease of 34 percent compared to May 2013.
Inventory has increased in Noblesville. In May 2014, 415 homes were on the market. In May 2013, 354 homes were available for sale.
Homes in Noblesville are selling at a faster pace. For the first five months of this year, homes stayed on the market an average of 75 days, which is eight fewer days than the same time period last year.

Though sales have been slow to grow this year, we’re still optimistic.

Affordability and low interest rates have been favorable for buyers looking to make smart purchases, so we hope to see more positive momentum in the coming months.