October 27, 2016
(INDIANAPOLIS, IN) — Indiana homebuyers scooped up 8,524 existing singlefamily homes in August, 10.7 percent more than a year earlier, according to the Indiana Real Estate Markets Report today released by the state’s REALTORS®.
Other statewide year-over-year comparisons (August 2016 vs. August 2015) show:
- The number of pending home sales increased 7.2% to 7,902
- The percent of original list price received increased 0.8% to 95.6%
- 85 average days on market through September
- The number of new listings decreased 2.0% to 10,395
“Earlier this year it was predicted that low inventory could be the biggest risk to the 2016 market,” said Shelbyville’s Nancy Smith, 2016 president of the Indiana Association of REALTORS. “What’s remarkable is statewide sales have managed to outpace last year in 7 of 8 months so far, rebounding in August to offset the dip in sales reported in July.
“Many potential buyers were sidelined this summer as strong sales activity ate supply,” Smith continued. “Given the pent up demand, it may be enough to delay the usual slowdown that happens as the weather cools off and schools start back up.”