Commentary by Jim Litten
F.C. Tucker Company’s monthly real estate market stats indicated a strong finish to 2016, with home sales up 5.2 percent for the year and December 2016 sales up 5.3 percent, compared to December 2015. Likewise, the average year-to-date home price for the 15-county Central Indiana region rose 3.4 percent to $188,616.
Hamilton County’s pended sales increased 5 percent in December 2016 compared to December 2015. Prices have also increased by 3.7 percent over last year to an average of $288,336. The number of available homes for sale, however, continues to decline in the region; inventory in Hamilton County slid 4.9 percent in December, a drop of 69 homes available compared to this time last year.
- In Noblesville, the average home sales price increased 3.7 percent year to date to $240,934.
- Inventory moved at a quicker pace in Noblesville in December 2016. Overall, homes sold in 65 days – two fewer days than this time last year.
- Buyers in Noblesville had fewer options available to them. Last month, 268 homes were available for sale – nine fewer homes compared to December 2015.
- Pended home sales increased in Noblesville. In December 2016, 70 homes sold – an increase of 21 homes compared to December 2015.
- Of the pended home sales in Noblesville last month, six were priced $500,000 to $999,999; nine were priced $300,000 to $499,999; 17 were priced $200,000 to $299,999; 34 were priced $100,000 to $199,999; and four were priced below $99,999.
Positive consumer confidence has buoyed home sales through the end of 2016. Looking ahead to 2017, we expect to see 50 percent of the market made up of first-time homebuyers and anticipate many of the boomerang buyers, who lost their houses in the Great Recession, will step back into home ownership.