Commentary by Jim Litten
Central Indiana’s residential real estate sales continue to grow, according to statistics compiled by F.C. Tucker Company. In October, despite having 2,299 fewer homes on the market from which to choose, pended home sales increased 4.4 percent compared to October 2015. The average sales price increased 2.9 percent year-to-date to $187,867. In the 15-county region, only three counties showed a slight dip in average home prices.
Hamilton County’s pended sales increased 11.6 percent in October 2016 compared to October 2015. Prices have also increased by 3.2 percent over last year to an average of $285,825. The number of available homes for sale, however, continues to decline in the region; inventory in Hamilton County slid 10 percent in October, a drop of 189 homes available compared to this time last year.
• In Carmel, the average home sales price increased 2.2 percent year-to-date to $357,479.
• Inventory moved at a faster pace in Carmel in October 2016. Overall, homes sold in 57 days – six fewer days than this time last year.
• Buyers in Carmel had fewer options available to them. Last month, 516 homes were available for sale – 12 fewer homes compared to October 2015.
• Pended home sales have grown in Carmel. In October 2016, 111 homes sold – an increase of 20 homes compared to October 2015.
• Of the pended home sales in Carmel last month, one was priced $2 million or higher, five were priced $1 milllion to $1,999,999; 14 were priced $500,000 to $999,999; 41 were priced $300,000 to $499,999; 28 were priced $200,000 to $299,999; 21 were priced $100,000 to $199,999 and one was priced $99,999 or less.
Attractive pricing and financing options have contributed to steady sales month over month. We’re optimistic about the future and don’t anticipate significant changes in either of those areas under a new administration.