Local Housing Market Most Active Since 2006
The Indy-area housing market is definitely on the move. It’s been nearly a decade since this many homes sold in central Indiana. In fact in July, closed sales were 14.1 percent higher than one year ago which produced the highest number of closed sales in central Indiana since 2006.
Pending sales, which represent a situation where the purchase agreement is signed but the transaction hasn’t closed, also increased 10.6 percent from July 2014 to 2015. Historically most pending sales end up closing so it’s a good sign of activity for the next few months.
All that positive movement goes hand in hand with the fact that new listings decreased by 5.0 percent in July keeping inventory very low. When inventory is low, buyers need to move fast to make their buying decision and sellers tend to have high expectations that their house will sell quickly because seemingly everyone else’s house is flying off the market.
Local REALTOR® Kathy Hall explains why that dynamic means you need a REALTOR® the most.
Hall states, “low inventory still dogs us and buyers and sellers need help navigating that dynamic. Buyers in this market should take notice of the unchanging low inventory level as it relates to the rise in closed sales. That combination points to the need for quick decision-making on the part of buyers. Likewise, sellers can be encouraged by fast selling times.”
However she cautions sellers that fast selling times occur when homes are priced appropriately. She encourages sellers to listen to their agent about comps in the area. REALTORS® know the current market conditions and are experts at helping you price your home in the best range for a fast sale.