Last week the Indiana Association of REALTORS®, Inc. released data on home sales in its April Markets Report, comparing March 2013 to March 2014.
Consider this: Although the number of home sales, the pending number of home sales and the number of new listings saw a decrease, the median and average home sales price as well as the percent of the original list price received increased.
- Median sales price increased 4.3 percent to $119.900
- Average sales price increased 5.2 percent to $142,259
- Percent of original list price rose 1.1 percent to 91.6 percent
- Home sales decreased 11.2 percent to 5,243
- Pending home sales decreased 0.6 percent to 6,381
- New listings decreased 0.3 percent to 10,261
What does this mean?
Available properties are fetching a good price. “Buyers want homes, which is clearly supported by their willingness to pay top dollar, but low inventory continues to hold home sales back,” says Kevin Eastridge, President of the Indiana Association of REALTORS® in a recent press release.
Illustrating this sentiment is the specific Marion County data: The number of homes sold was down 9.7% from March 2013 to March 2014, but median sales price was up 9.8%. Hamilton and Boone counties also saw their median home sales prices rise. (See the detailed Indiana Housing Market Update for data on all 92 Indiana counties.)
What does this mean? Well, if you’re thinking of selling your home this year, you hold the reins. Potential sellers will chart the course of the market in the next few months. If more decide to make the leap and actually put their home up for sale, they’ll give the market exactly what it needs: more inventory. (If you find yourself willing to make that leap, be sure to learn how to stage your home correctly.)
Location isn’t the only important thing in real estate – timing is paramount too. We can help you decide if the time is right for you to put out that “For Sale Sign.” Give us a call at 317-578-1141.