The fall housing season looks to be off to an impressive start according to a recent report of September homes sales activity in central Indiana as closed sales shot up 13 percent – the first increase of the year.
The report issued earlier this week for September 2014 by the Metropolitan Indianapolis Board of REALTORS® (MIBOR) shows significant growth in the housing market with encouraging increases in new listings, pending sales, closed sales and sale prices.
The report was welcome news to Janet Jernigan, 2014 MIBOR president who stated, “pocket areas of our market have been quite strong in 2014, but overall the region hasn’t seen activity like this. Double-digit growth in sales activity means buyers and sellers are seeing the real advantages of this market.”
In September, closed sales increased by 13.1 percent; closed sales saw a slight dip in the three-month spread where it minimally dropped by 0.5 percent. New listings increased by 8.4 percent in the one month comparison and 1.2 percent in the three month comparison giving potential buyers more to choose from.
Pending sales also increased, jumping 13.6 percent in the September-only look and 2.3 percent in the three month spread. Pending sales reflect signed purchase agreements that have yet to close. Housing experts pay special attention to the pending home sales as they are a leading indicator of what will appear as closed sales in the following month.
Jernigan added, “consumer confidence shines through in these pending sales numbers. It could make for could make for a really active housing scene in the fourth quarter.”
Median sales price saw an increase of 5.1 percent to $141,900 when comparing September 2014 to the same period in 2013. In the year-over-year, three month comparison of July through September, median sales price grew 2.9 percent to $144,000. Average sales price also increased, moving up 2.9 percent to $172,319 in the month-by-month comparison and 3.6 percent to $179,900 in the three month comparison.
Jernigan cautions buyers and sellers from leaning on data alone. She stated that one of a professional REALTORS®’ key roles is to act as advisor who can interpret so consumers don’t get swept up in a sea of numbers.