Fall Housing a Welcome Surprise
Just because it’s not 75 degrees out doesn’t mean the house hunters aren’t out in force. In Indianapolis, like in many Midwestern markets, people tend to write off the fall and winter seasons assuming the only time to buy or sell a house is April through August.
Well…think again. September closed sales were the first positive jump in 2014 and October kept on rolling. In October, closed sales were up 9.4 percent compared to October of 2013 and increased 5.9 percent for the quarter. Pending sales were equally encouraging with pending sales increasing 11 percent in October over October and 7.3 percent for the three months ending in October. Pending sales reflect transactions where purchase agreements are signed, but the transaction has not fully closed.
Sales prices are strong too. The median sales price increased 5.5 percent in the quarter ending in October to $142,400 compared to the same quarter last year and grew 5.6 percent in October only data to $139,900. Average sales price also fared well with a 5.4 percent increase in the quarter to $177,727 over the last time period last year and up to $177,175 for October only – a 6.8 percent increase over the same month last year.
“October followed September’s breakthrough as buyers and sellers jumped back into the market with great confidence,” explained Janet Jernigan, 2014 MIBOR president. “The growing activity in pended sales and new listings over the last 60 days shows even more consumer faith in the market. While 2014 has been a good year for buyers and sellers, the market is really showing its muscle this fall. Both buyers and sellers are poised to benefit from numbers like these.”
Housing experts agree, fall is fabulous for central Indiana housing!