What’s #trending in central Indiana Housing?
We’ve seen some positive activity in the fall market here in central Indiana, and while closed sales only jumped a little in November, sales prices remain strong as they have throughout 2014.
The median sales price increased 4.5 percent in the quarter ending in November to $140,000 compared to the same quarter last year and grew 4.2 percent in November only data to $137,500 compared to November 2013. Average sales price also fared well with a 4.8 percent increase in the quarter to $175,237 over the last time period last year and up to $176,603 for November only – a 4.9 percent increase over the same month last year.
When it comes to closed sales, November’s numbers, while still positive, were not as strong as those in September and October. That two-month surge did help improve the three, six and 12-month analysis. Closed sales rose only 0.7 percent in November, but increased 8.1 percent for the three months ending in November. Indications of future activity were again encouraging with pending sales increasing 8.3 percent in November over November of 2013 and 11.1 percent for the three months ending in November.
“The steady growth in prices all year has provided stability to the market and that trend continued in November,” said Janet Jernigan, 2014 MIBOR president. “Closed sales in November did not follow the spike we had in September and October, but we leveled out to a traditional fall into winter cycle this November. As we head into 2015 we believe that our strong pricing foundation and continued consumer interest will combine for a healthy balancing point for central Indiana’s housing market.”
Keep in touch with your REALTOR® as we round out the rest of 2014 and look ahead to the coming year!