This last month saw a continued strengthening of the market in central Indiana. Overall number of sales were down slightly from last year at this time, but the average price of those homes selling were up…with some areas showing dramatic increases. Average sale price has been down in recent years, so this is a positive sign.
I’ve noticed that some home owners have mistakenly assumed that a lower average price indicates that the value of their own home has gone down too. That’s not necessarily true. A lower average sale price simply means that fewer expensive homes were sold and therefore not included and averaged into the other sales figures. Homes in the lower price ranges made up most of the sales. So last month’s figures show that more expensive homes are selling now too. What that means to me is that Buyers and Sellers of more expensive homes are beginning to feel more comfortable in the market again. For more detailed analysis of the local residential market with actual numbers, charts and graphs, view my latest Market Watch Newsletter.
The Market Watch Newsletter is published once every month and can be viewed on this website using the link provided. Or, just send a request to be added to our subscription list and we will email a link to each issue.
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