Indiana Real Estate – What’s Happening in 2014?

While real estate is a very hyperlocal business, it helps to take a step back from that and reall get a good idea of what’s happening on a state and national level. Today, we wanted to talk about what is happening in Indiana real estate market to help you get a better grasp on how the market is doing.

Indiana Real Estate

Indiana Real Estate - Indiana Association of REALTORSAccording to the Indiana Association of REALTORS®, June of 2014 marked the fifth month in a row that the number of closed home sales increased from the previous month (as they quoted an Indiana Real Estate Markets Report). Indiana Real Estate then is seeing an increase in the number of home sales occurring. We’re also seeing that Indiana real estate is reflecting a higher median and average sales price from previous months as well.

The median sales price has risen four percent higher (from May to June) and the average sales price went up five percent from May. This is a clear mark that home values are rising. With interest rates still remaining low, we’re seeing a high level of demand and a short supply, causing a low-inventory issue across the state.

The data shows that inventory actually decreased by .6% from what Indiana real estate showed in 2013. We also saw that the average sales price to list price ratio increased by 1.7%. This is really good news in many ways.

What Indiana Real Estate Stats Are Telling Us

Indiana real estate stats are showing us that now is a great time to sell. With a low inventory problem, low interest rates, and home values on the rise, you’re going to have a good selection of buyers who have a lot of purchasing power (due to low inventory) and not as many options to choose from. This is likely to result in your home being worth a great deal more than it would have been or may be in the future. And with a higher sales price to list price ratio, you’re likely to get more of what you’re asking than you would have last year.

The struggle ends up falling on buyers. Buyers, you have the most difficult part, as you have to find the home you want! You have a lot of purchasing power as compared to last year, but you certainly are going to have a hard time getting a good deal and finding what you want. Why not have a buyer’s consultation with one of our buyer’s agents and have someone who is going to get what you want at a great price?

 


Try out our housing search engine here. Thinking about selling your home? Then request a FREE comparative market analysis on your home to find out what it is worth!

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