Column: Home inventory down 14.2 percent

Commentary by Jim Litten

 

April was the 52nd consecutive month of increasing year-to-date home sale prices, growing an average 1.9 percent in central Indiana. While prices grew, home inventory stayed tight, as available homes were down 14.2 percent from this time last year.

In Hamilton County, the rise in prices and decrease in inventory were more relaxed than the 13-county region. F.C. Tucker data revealed prices rose 0.2 percent while inventory tightened by 6.6 percent. Pended sales in April were lower than the same time last year, as pended sales in the county fell 10 percent compared to April 2015. However, year-to-date sales were relatively flat, down just 0.1 percent.

  • In Noblesville, the average year-to-date home sales price increased 1.5 percent to $233,193.
  • Inventory moved at a slightly slower pace in Noblesville in April 2016. Overall, homes sold in 77 days – six more days than this time last year.
  • Buyers in Noblesville had fewer options available to them. Last month, 274 homes were available for sale – 89 fewer homes compared to April 2015.
  • Pended home sales have slipped in Noblesville. In April 2016, 101 homes sold – a decline of eight homes compared to April 2015.
  • Of the pended home sales in Noblesville last month, one was priced $1,000,000 to $1,999,999; three were priced $500,000 to $999,999; 18 were priced $300,000 to $499,999; 29 were priced $200,000 to $299,999; 44 were priced $100,000 to $199,999; and six were priced below $99,999.

The rate at which the average sale price is increasing is strong, but it’s also showing signs of tapering. From 2013 to 2015, prices grew rapidly, but now, they’re beginning to level off, similar to the beginning of 2012.

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