Buyer Demand Has Sales Up & Quality Listings Selling Near Asking Price
(INDIANAPOLIS, IN) — Statewide housing inventory still hasn’t gotten the full boost it needs, but home sales are hardly slowing down since a year ago, according to the Indiana Real Estate Markets Report today released by the Indiana Association of Realtors® (IAR). Statewide year-over-year comparisons (May 2017 vs. May 2016) show:
- The number of pending home sales increased 5.5% to 8,851
- The percent of original list price received increased by 0.6% to 96.5%
- 66 Average days on market through May
- The number of new listings decreased 0.4% to 11,471
“The current housing market is one of the most competitive I’ve seen,” said 2017 IAR President Cheryl Stuckwish of Vallonia. “Submitting an offer that sticks takes careful planning and quick action, and the invaluable guidance of a Realtor®. When houses are selling fast, you’ve got to be faster than rival buyers and pull out all the stops. Unless it’s a cash offer, getting preapproved for a mortgage is an absolute must for anyone trying to buy real estate this summer.” Every quarter IAR partners with the Indiana Business Research Center to conduct the Realtor® Sentiment Survey. Of those IAR members surveyed, 62 percent believe buyer traffic has been stronger than average for the past 30 days for single-family homes.