Local Housing Market Ends Year on a High Note
Buyers and sellers were an active bunch in December closing out the year with a very busy month. In fact, closed sales increased by 13 percent in December and by 7.8 percent for the 4th quarter compared to the same time period in 2013.
Stable pricing was a main theme of central Indiana’s housing market in 2014 and that trend proved true in the 4th quarter. Median sales price rose by 3.7 percent and average sales price jumped 3.8 percent in the 4th quarter of the year. Prices for December were flat with median up 0.1 percent and average down .06 percent. The current average sales price for a home in central Indiana is $175,522.
Looking ahead to 2015, local REALTORS® are encouraged by new listing activity. The volume of new listings, which often serve as a sign for consumer confidence, increased in December and the quarter. New listings increased by 13.1 percent in December and by 4.0 percent for the three months ending in December.
When asked about the latest numbers, MIBOR President Kathy Hall stated, “The end of year jump in new listings and pending sales gives us a great launching point into 2015. The 2014 housing market showed a lot of promise with stable pricing and a return to healthier inventory levels. If mortgage rates remain low as expected, we have all the ingredients for a great market for buyers and sellers.”