No matter how you figured it, June sales in Central Indiana were strong. Closed sales were up 18% over June 2014, and were up 7% year over year.
However, new listings did not come on line at the same pace. Listings were up only 4% compared to June 2014 and year over year. So, strongly increasing sales + fewer new listings = tighter inventory. Inventory, or the supply of houses buyers have to choose from, was down 12% over June 2014, to just a 4.9 month supply. That’s a limited supply of houses available, and as might be expected in a situation where demand is accelerating faster than supply, prices are up… 5% over a year ago. The median average sale price now stands at $144,000.
So, with prices rising, why aren’t more home owners planting For Sale signs in their front yards?