Looking to Buy a Home in Indiana? You May Have Noticed You’re Not Alone.
(INDIANAPOLIS, IN) — Inventory crunches almost caught up to sales gains in July when closed transactions narrowly edged up by just 1.1 percent from a year ago, according to the Indiana Real Estate Markets Report released by the state’s Realtors®. Statewide year-over-year comparisons (July 2017 vs. July 2016) show:
- The number of pending home sales increased 4.8% to 7,852
- The percent of original list price received increased by 0.3% to 96.4%
- The number of new listings decreased 0.2% to 10,512
“Many potential buyers have been sidelined this summer as strong sales activity ate supply,” said Vallonia’s Cheryl Stuckwish, 2017 President of the Indiana Association of Realtors® (IAR). “Given the pent-up demand, it may be enough to delay the usual slowdown that happens as schools start back up and the weather thinks about cooling off.”
To put the supply shortage into perspective, statewide inventory was down 4,522 units at the end of July compared to a year ago; yet 91 more properties sold and 358 more are now under contract.