The final 2015 numbers are in, and they show that both sales numbers and sales prices rose in central Indiana.
The number of sales reported by the MLS increased 8.5% over 2014; with 32,190 houses being sold in the region. That’s a big increase.
The median sales price rose 5.1% over the preceding year, finishing at $147,000. (The median price is the middle price, with half of all homes selling above or below this number.) Prices have now risen for the past seven years, and this year’s prices were even higher than the bubble prices of a decade ago. Now, I’m not sure whether that’s good or bad for the market, but it definitely was good for those who were selling.
New listings did not keep pace with the run up in sales, increasing only 3.2%. With new sales outpacing new listings, the inventory of houses with For Sale signs decreased 6.6%. The current menu of 10,390 houses for sale is what you might call a limited supply. In fact, it’s the lowest supply relative to sellers in over a decade.
So, I have to ask, “Where are the sellers?” To a certain degree it doesn’t make any sense. Demand is outpacing supply, prices are rising, and the fear of rising interest rates scaring buyers to the sidelines looms larger following the Fed’s recent rate hike. So, help me out, tell me, why aren’t more people selling?
If I can be of help, let me know. “I work harder to make good things happen!” -Bob