MIBOR’s latest housing data released shows an increase in sales prices in the central Indiana housing market with a decrease in closed and pending sales.
Here are some numbers:
-The average sales price of homes increased by 8.7 percent to $165,595 in the three-month comparison
-The median sales prices increased by 7.5 percent to $129,000 in the three-month comparison
-Existing-home sales fell in February compared to February of last year although solid growth was seen in prices
-The median existing-home price for all housing types in February was $189,000, up 9.1 percent above February 2013
-The number of closed sales in central Indiana decreased by 4.8 percent in the three months ending in February 2014 when compared to the same three-month period last year
-In February alone, closed sales decreased by 12.8 percent
-Pending sales decreased by 15.4 percent for the quarter and decreased by 12.5 percent in the one-month comparison
-New listings decreased 19.9 in February compared to February 2013 and inventory stands at 4.3 months
-The average rate for 30-year mortgages rose slightly from 4.45 percent to 4.5 percent for the week ending March 13
-The rate for 15-year mortgages rose from 3.46 to 3.51 percent
The Spring market has sprung. Whether you’re on the hunt for your first home or are ready to make a move up to your dream home, I am here to focus on finding the right home for your long-term and short-term needs. Contact me to answer any of your questions about our local market, the houses available, the trends and the home buying and/or selling process. I look forward to talking with you!