Indianapolis Real Estate Update
Here are a few of the highlights from our Indianapolis Real Estate Update for May 2017:
- Number of homes for sale in Indianapolis: -17%
- Number of closed home sales: +21%
- Median Sales Price of Indianapolis homes: +7%
We are beginning to sound like a broken record on this one, but here in central Indiana and throughout the nation, the biggest force driving the housing market continues to be constrained inventory or number of homes available for sale. Inventory in the Indianapolis metro area for the first quarter was down almost 21% year over year and closed sales were up 10% for the month of March (most recent statistics). As a whole, the nation’s economy has improved for several quarters in a row. This has led to a rise in consumer confidence. In turn, home sales continue flourish.
What does this mean for you as a buyer or seller? Indianapolis homes are typically selling quicker and for a higher percentage of list price. Price points below $300,000 continue to move quickest if priced correctly. The hottest real estate location continues to be Hamilton County.
This doesn’t mean buyers can’t find what they want in the market. Buyers must be ready to go see homes the day they go on the market, make quick decisions, and present decisive offers. We come prepared with comps for our buyers to review and make sure our buyers can make educated decisions!