Low inventory continues to demand fast action from buyers
(Indianapolis, IN - Indiana Association of Realtors®) – May Stats released: The number of homes sold statewide in May increased 15.8 percent from April and 2.8 percent from the same month of last year. This is according to the monthly Indiana Real Estate Markets Report today released by REALTORS®.
Here is the traditional year-over-year review from the report that shows housing outperformed May 2014 in all measures except inventory and new listings –
- The number of pending home sales increased 9.7 percent to 8,232
- The percent of original list price received increased 0.8 percent to 95 percent
- The average days on market through April was 79 days.
- The inventory of homes for sale decreased 5.6 percent to 39,917
“We thought last month’s uptick in listings might indicate that potential sellers were getting ready to meet buyer demand,” said Bruce Bright, 2015 President of the Indiana Association of REALTORS®. “That didn’t happen. In fact, new listings decreased 3.8 percent from April. So our advice remains. Low inventory means buyers should get ready to move fast if they find the right home. Get your financing plan in place now, before you begin a serious search.
“A fundamentally sound real estate market is essential to a healthy economy,” continued Bright. “If interest rates stay low and the job market, particularly wages, stays strong, real estate will have done its part to foster the vibrant communities in which we want to live and work.”
IAR represents approximately 15,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange, or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of America’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.