All signs point to a strong start to 2015 for the Indianapolis housing market. Compared to last year’s extreme weather impacts, home seller and buyers are on the move this year.
MIBOR released home sale and market data for February 2015 and the three-month review period. Indicators for a strong Indianapolis market include:
Listings in February 2015 increased by 13.4 percent over February 2014.
From December 2014 to February 2015, listing increased 17 percent.
Closed sales increased by 12.6 percent in February and by 12.8 percent in the three-month review.
The average sales price increased by 8.4 percent in February 2015 over the same month the prior year.
“Concerns over February’s chilly weather were unfounded as these numbers show,” said Kathy Hall, 2015 MIBOR president. “Clearly buyers and sellers were still active. The promising aspect of this report is that even more new listings and pending sales occurred in February. The added inventory is really needed in our market and all signs point to an eager pool of buyers ready to snap it up.”
What this means for sellers and buyers
With relatively low inventory of homes on the market, buyers and sellers can expect homes to move quickly and competitively. Buyers should have financing in order before beginning a serious search and be prepared to make a timely offer on homes of interest. Houses will likely move quickly on and off the market.
To find out more details on how the strong real estate market will impact your Indianapolis listing or purchase, contact Ted O’Donnell today!
By Ted O’Donnell, talktotucker.com/ted.odonnell