Housing market trends continue upward
The Central Indiana housing market continues to show improvement as we move further into the second quarter. Through the first five months of the year, 10,666 homes pended – an increase of 13.2 percent – compared to the same time period last year in the nine counties that F.C. Tucker tracks. In May 2012, pended home sales rose to 2,330 – an increase of 7 percent compared to May 2011. In Hamilton County, the housing market is gradually improving.
- Through the first five months of the year, 2,236 pended in Hamilton County, which is an increase of 238 homes compared to the same time period last year.
- In Westfield, 68 homes pended in May 2012 – a 21.4 percent increase from May 2011.
- In Westfield, the average sales price for a home in May 2012 was $231,540 – an increase of $44,042 compared to May 2011.
- Inventory is tightening. In May 2012, there were 328 homes on the market, which is 38 fewer homes compared to May 2011.
- The big picture in Westfield looks encouraging. Through the first five months of this year, 271 homes closed, which is an increase of 75 homes compared to the same time period last year. The average sales price of those closed homes dipped modestly to $222,683 – down $1,384 year-to-date.
We remain cautiously optimistic as we enter the second half of the year. Interest rates remain at historic lows, and there are plenty of affordable houses on the market. Now is the time to buy for homeowners looking to make their dollars go further.