Central Indiana finds itself in an extremely competitive spring market evidenced by strong prices, multiple offers and fast selling times. The biggest struggle for this positive market continues to be tight supply. While inventory levels did creep up to 5.0 months in April and New Listings increased 1.2 percent, potential buyers still outnumber available properties.
Median and Average Sales Prices continue to march higher - Median Sales
Price was 5.6 percent for the three months ending in April while Average Sales Price increased 5.3 percent. April only followed a similar trend with Median Sales Price increasing 4.6 percent and Average Sales Price 5.5 percent.
Closed Sales decreased for the quarter and month, although at a slower pace. Closed Sales were down 9.6 for the three months ending in April compared to the same time period in 2013 and dropped 8.3 percent in April compared to a year ago. Pending Sales followed a similar pattern, down 8.6 percent for the quarter and 6.8 percent in April alone.
Housing experts will watch job and wage growth as indicators for a healthy market. Potential sellers would be wise to capitalize on the current low inventory situation and buyers should be prepared, ready to act quickly.
Information contained herein was obtained from sources deemed reliable, no liability for errors or omissions is assumed. Data obtained from the Metropolitan Indianapolis Board of Realtors / Broker Listing Cooperative (BLC)