Column: Homes sales down 3.5 percent

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.

Hamilton County saw decreases in all categories – average sales price, available inventory and pended sales. In February, the average sales price was down 0.3 percent to $268,678, listings declined by four houses, and pended sales dipped 16 percent compared to this time last year.

  • In Westfield, the average year-to-date home sale price stayed relatively flat compared to this time last year, now at $309,498.
  • Inventory moved at a slightly slower pace in Westfield in February 2016. Overall, homes sold in 85 days – five more days than this time last year.
  • Buyers in Westfield had more options available to them. Last month, 224 homes were available for sale – an increase of 30 homes compared to February 2015.
  • Pended home sales have slipped in Westfield. In February 2016, 58 homes sold – a decline of 23 homes compared to February 2015.
  • Of the pended home sales in Westfield last month, one was priced above $1,000,000; nine were priced $500,000 to $999,999; 19 were priced $300,000 to $499,999; 15 were priced $200,000 to $299,999; and 14 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.