New March Housing Data Shows Increase in Sales Activity and Prices
New housing data released this week shows an increase in closed sales across the region. March closed sales increased by double digits to 20.5 percent compared to March 2016.
For the eighth month, Bartholomew and Jennings counties are included in the central Indiana region covered by MIBOR bringing the data count from 13 counties to 15 counties. That addition in March does prevent a true March to March comparison, however, in March the total number of closed sales in both counties combined was 132 of the region’s 2,660 closed sales.
Sale prices for March continue to rise. The median sales price increased by 4.9 percent to $156,000 and average sales price up 4.0 percent to $189,237. For the quarter ending in March, median sales price is up 7.0 percent and average sales price increased 6.6 percent.
Months of inventory has slightly decreased to 2.9 months.
REALTORS® agree that the prospects in residential real estate in the immediate future is promising. In terms of overall activity, it was a strong month. Closed sales continue to grow by double digits, meaning the buyers are there. Sellers should take notice and take advantage of this hot market.