Central Indiana housing numbers for March and Quarter 1 (“Q1”) are in, and there’s just one word to describe them— “UP!” Sales were up 8% for the twelve months just ended, prices up 6% and heck, even listings were up 2%. However, inventory remains tight, with just a 3.8 months supply available for shoppers. That’s for all of central Indiana. But when you look at what’s going on inside each county you get a different result. So, here’s a Q1 look at each county…
BOONE– Sales were only up 2% but listings were up 19%. You’d think prices would’ve lost ground, but no, they increased 16%. Go figure.
BROWN– New listings up a whopping 98% and sales up an amazing 53%. With that many houses flooding the market, why should prices be up 51%?
DECATUR– Sales down 10% and new listings down 14%. Yet prices jumped up 13%. None of this is making any sense!
HAMILTON– Sales up 6% and new listings up 4%. Prices gained 2%. I’m actually surprised these prices didn’t jump more.
HANCOCK- Sales up 7% but new listings down 5%. Prices gained 8%. Surprised it wasn’t more.
HENDRICKS– Sales up 8%, new listings down 3%. Prices down 1%. You’d thought prices would’ve risen.
JOHNSON– Sales up just 2%, while new listings were down 6%. Prices rose 6%. Makes sense.
MADISON– Sales red hot at 20%. New listings not keeping pace, up 11%. Prices up 14%. Again, makes sense.
MARION– Sales up 6% and listings flat. Prices up 6%. Again, makes sense.
MONTGOMERY- Sales up 14% and listings a tad stronger at +16%. Yet prices fell 15%! Crazy.
MORGAN– Sales up slightly at 2%. Listings down 4%. Prices up 5%. Makes sense.
PUTNAM– Sales up 9% and new listings surging at +23%. Prices fell 13% as might be reasonably expected with the surge in supply outstripping the pace of sales.
SHELBY– Sales down 10% and new listings even slower at -17%. Yet prices rose 13%. Makes no sense.
So, with 13 counties reporting— results for 7 made sense and 6 did not. I’m confident that if I took enough time I could figure out why each county behaved the way it did. And I guess that’s why I do research on each house I list for sale or that a client wants to write an offer on. Now, if you’d like that level of service when you buy or sell, then call me. Remember…
“I work harder to make good things happen!