2013 Housing Market Improved from 2012!

According to the Indiana Real Estate Market Report released by the state’s REALTORS, 2013 outperformed 2012 in every measure of housing data statewide. This gives further evidence that the housing market is strong, and much on the rebound.

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In fact, the average sale price of existing, single-family homes increased 4.3 percent to $146,008. number of existing, single-family homes sold in 2013 increased by 14 percent. Of those 75,849 homes, the median price increased by 3.4 percent to $122,000. 

Here are some highlights:

-The percent of original list price received increased 1.5 percent to 92 percent

-The number of pending sales increase 10.1% to 71,603

-The number of new listings increased 4.5% to 117,147

Overall, gains were made in both sales and prices, allowing consumers to take advantage of a rebounding market and the interest rates which have remained relatively low.

If you’re into numbers, here are some comparatives for you (December 2013 vs. December 2012):

-The number of existing, single-family homes sold increased 10.5%

-The median sales price of those 5,498 homes increased 2.6% to $119,000

-The average sale price increased 4.8% to $146,732

-The percent of original list price received increased .8% to 91.1%

-The number of pending sales decreased 4% to 3,687

-The number of new listings decreased 1.2% to 5,139

This provides an optimistic picture into our state’s overall trends and our housing market improvement. While we still have to note lack of inventory in many of our markets, rising interest rates and the federal policy which will tighten mortgage qualification standards, the market is markedly improved.

If you’re in the market to look for a new home, or sell your existing home, contact me to get started. We will sit down and review your goals in a new home (or selling yours), the market, the current listings and more. 

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