Pent Up Demand Sustains Post-Summer Boost in Contract Signings
(INDIANAPOLIS, IN) — At the end of the third quarter, Indiana existing-home sales are up 7.4 percent (4,559 sales) compared to Q3 2015. This data is found within the Indiana Real Estate Markets Report today released by the state’s REALTORS®.
- The number of pending home sales increased 2.4% to 7,072
- The percent of original list price received increased 1.1% to 95.4%
- 89 average days on market through October
- The number of new listings decreased 0.1% to 9,319
The traditional statewide monthly review (September 2016 vs. September 2015) includes inventory information.
“Between pent up demand and favorable interest rates, we expected the post-summer selling season to start off stronger than last year; and it did,” said Shelbyville’s Nancy Smith, 2016 president of the Indiana Association of REALTORS®. “However, statewide pending sales are up by just 2.4 percent. This is a sign the all-too-familiar supply crunch stuck around in September, and many would-be buyers haven’t been able to get their foot in the door yet.”