Home Sales Up, Low Inventory Continues to Bully Housing Markets

April 18, 2016

(INDIANAPOLIS, IN) — Statewide closed and pending sales continued to pick up pace during February, while available inventory dipped by 10.6 percent to the lowest point in recent years. This is according to the Indiana Real Estate Markets Report today released by the state’s REALTORS®.

Other statewide year-over-year comparisons (February 2016 vs. February 2015) show:

  • The number of pending home sales increased 16.4% to 6,471
  • The percent of original list price received increased 1.1% to 93.4%
  • Average days on market through February was 98 days
  • The number of new listings increased 9.5% to 8,244

“The biggest risk to the 2016 market could be a shortage of homes for sale, especially in the entry-level price range,” said Shelbyville’s Nancy Smith, 2016 President of the Indiana Association of REALTORS®. “Strong buyer demand and a limited supply of homes for sale keep pushing prices up, so some homeowners might be enticed to sell. If they want to sell, that would be a good development because it would help relieve the inventory shortage. We’re optimistic about the increase in new listings as we head into spring.”

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