Sales Strengthen in Spite of Low Inventory Woes
(INDIANAPOLIS, IN) — The Indiana Real Estate Markets Report today released by the state’s REALTORS® shows that statewide, when comparing March of 2016 to March of 2015, the following occurred:
- The number of pending home sales increased 14.3% to 8,125
- The percent of original list price received increased 1% to 94.6%
- Average days on market through March was 74 days
- The number of new listings increased 2.3% to 10,962
“New listings saw the usual seasonal increase this month, but strong sales kept inventory tight,” said Shelbyville’s Nancy Smith, 2016 President of the Indiana Association of REALTORS®. “After holding out, more would-be sellers are realizing now is an excellent time to get their homes on the market. Even more would-be buyers are moving quick if they find a home they love. With consumer confidence high and interest rates low, our members can expect a bustling summer season.”
The latest IAR Sentiment Survey digs deeper into what REALTORS® are predicting market-wise: 70% of respondents stated that over the next 3 to 6 months they see their market improving for sellers; 71% stated they think single family home prices will increase. The survey is conducted quarterly by the Indiana Business Research Center within the Kelley School of Business at Indiana University.