The Market is Moving, Be Ready to Act Fast
Housing data out this week shows that central Indiana buyers and sellers are on the move! Closed sales rose 12.6 percent in February 2015 and increased 12.8 percent for the three months ending in February. Sales prices, which have been stable over the last year, rose to an even greater degree in February. Median sales price increased by 5.3 percent in February, bringing the three month increase to 2.3 percent. Average sales price rose 8.4 percent for the month and 2.8 for the three months ending in February.
REALTORS® also saw a new batch of listings in February. New listings rose 13.7 percent over February of last year and by 17.0 percent for the three months ending in February. However inventory in our market has been so low over the last year that despite all the new listings, there are still more buyers than sellers.
REALTORS® are seeing the new properties entering the market moving quickly and multiple offers are not uncommon. If you want to buy this season, agents say make sure you are pre-qualified for a loan and confine your search to the properties within that price range. Be ready to make an offer. Wait too long to decide and someone will be right behind you with their offer.