Pended home sales are gaining momentum in Central Indiana. Although February 2016’s data shows pended sales were down 3.5 percent compared to this time last year, January 2016 sales had been down 9.5 percent. Available inventory continues to tighten across the region, while average sales prices grew modestly by 2.7 percent, now at $171,932.
In Boone County, the average sale price climbed 6 percent to $270,681. Two additional homes were for sale in February compared to last year, bringing the total to 359 homes. However, pended sales in Boone County dipped 10.5 percent.
- In Zionsville, the average year-to-date home sale price increased 6.2 percent compared to this time last year, now at $416,993.
- Inventory moved at a slightly slower pace in Zionsville in February 2016. Overall, homes sold in 106 days – 19 more days than this time last year.
- Buyers in Zionsville had more options available to them. Last month, 189 homes were available for sale – an increase of 11 homes compared to February 2015.
- Pended home sales stayed flat in Zionsville. A total of 38 homes pended.
- Of the pended home sales in Zionsville last month, eight were priced $500,000 to $999,999; 16 were priced $300,000 to $499,999; 11 were priced $200,000 to $299,999; and three were priced $100,000 to $199,999.
The Spring buying season will heat up the market, but the low level of inventory will keep demand in check. As this trend continues, it’s more apparent average sale prices will only continue to rise.