Lack of Inventory Impacts Number of Home Sales in February
(INDIANAPOLIS, IN) — As the industry gears up for the spring home-buying season, diminished supply levels led to a lull in contract and new listing activity in February as found by the Indiana Real Estate Markets Report released by the state’s REALTORS®. Statewide year-over-year comparisons (February 2017 vs. February 2016) show:
- The number of pending home sales decreased 0.8% to 6,422
- The percent of original list price received increased by 1.0% to 94.7%
- 62 days average days on market through February
- The number of new listings decreased 3.4% to 7,960
“To anyone thinking about listing their home soon: now is a great time to make your move,” said Cheryl Stuckwish, the 2017 president of the Indiana Association of REALTORS. “Buyer demand is overtaking supply and consumers are feeling confident in real estate as a good investment. Hopeful buyers should seriously consider locking in a rate and price sooner rather than later. When demand is high like this, it is likely going to get more expensive and competitive going forward.”