Fourth Quarter Housing Sales Soar!
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In our newest edition of Carpenter Reports, detailing market activity in the previous quarter, we see that pended housing sales increased 13.0% in the fourth quarter of 2014 over the same period in 2013 across central Indiana. December recorded the strongest holiday housing market in the history of the Metropolitan Indianapolis Board of Realtors. That was coupled with growth in the Average Sales Price (ASP) of 4.2% over the fourth quarter of 2013. It is clear, housing has recovered in central Indiana.
Leading the fourth quarter sales spike were Hancock, Morgan, Marion, Hendricks, Boone and Hamilton Counties. All experiencing double-digit gains over 2013.
The inventory of homes for sale slowed a bit and is virtually “flat’ with the inventory levels from a year ago. While inventories “sold off “ compared to last year, we believe the “mix” of properties has strengthened with fewer bank-owned and potential short-sale homes on the market. Of the eleven (11) counties in our survey, only Hamilton, Marion, Morgan and Putnam Counties saw any increase in inventories. The largest decline in homes for sale was in Johnson County.
Looking forward, with the economy in central Indiana gaining momentum, consumer confidence continuing to grow and continued very low mortgage rates, we believe home sales will continue rebound if not at the rates reflected in this past quarter.
We hope you find these quarterly editions of Carpenter Reports and the data it provides helpful in your understanding of the central Indiana housing market.
