Central Indiana continues to trend towards a more balanced market as fewer homes become available and selling prices rise. For August 2015, Tucker’s data revealed an 11.1 percent decline in home sales compared to August 2014. However, average year-to-date home sale prices climbed 4.9 percent to $186,087.
All nine central Indiana counties F.C. Tucker tracks experienced varying declines of inventory. Hamilton County saw a 7.5 percent decline in inventory while the average year-to-date sale price for the county climbed 3.4 percent to $278,093.
- In Westfield, year-to-date home sale prices increased by 9.5 percent compared to the same time last year to $292,065.
- Of the pended home sales in Westfield last month, one was priced above $1,000,000; six were priced $500,000 to $999,999; 19 were priced $300,000 to $499,999; 27 were priced $200,000 to $299,999; and 36 were priced $100,000 to $199,999.
- Inventory moved at a faster pace in Westfield in August 2015. Overall, homes sold in 49 days – five days faster than this time last year.
- Buyers in Westfield had slightly fewer options available to them. Last month, 235 homes were available for sale, which were 14 fewer homes compared to August 2014.
- Pended home sales have slipped in Westfield. In August 2015, 89 homes sold – a decline of six homes compared to August 2014.
The residential real estate story in the Indianapolis area continues to be declining inventory and increasing prices, which is attractive for home sellers. Although we saw a slight decline in home sales in August, the overall trend is positive. Interest rates and unemployment remain low, and consumer confidence is relatively strong.