Statewide Prices and Contract Signings Rise Despite Fewer Available Listings
(INDIANAPOLIS, IN) — As temperatures started to rise, Indiana home hunters hit the open house trail in droves to find fewer homes available for sale in the traditionally busiest buying season, as found in the Indiana Real Estate Markets Report today released by the Indiana Association of REALTORS® (IAR).
Statewide year-over-year comparisons (March 2017 vs. March 2016) show:
- The number of pending home sales decreased 0.4% to 8,090
- The percent of original list price received increased by 0.6% to 95.2%
- 71 Average days on market through March
- The number of new listings decreased 5.4% to 10,374
“March’s seasonal uptick in new listings — although still below 2016 levels — was enough to fuel an increase in contract signings throughout most of the state,” said 2017 IAR President Cheryl Stuckwish of Vallonia. “But, the bottleneck low inventory issue keeps impacting buyers’ home searches in many markets. If they’re serious about buying real estate, folks should think hard about locking in a rate and price sooner rather than later. Quality listings are going fast. When demand is as high as it is now, buying will likely get more expensive and competitive going forward.”