Home/Mortgages/Spring Home Buyers Raise Indiana Home Sales to Highest level Since 2008

May 9, 2012 (Shirley Allen)

Spring home buying fever hit the state of Indiana in March as monthly and yearly sales of existing single-family homes and condominiums surged during the month, reaching their highest level since 2008 according to the latest housing data from the Indiana Association of Realtors® (IAR).

An estimated total of 5,170 existing single-family homes and condos were sold in the Hoosier State in March. That was 45.6 percent higher than the 3,551 homes sold in February and 12.4 percent higher than the 4,559 homes sold in March 2011. It was the largest amount of homes sold in the month of March since 2008.

The median sales price for an existing home in Indiana increased by 7.8 percent in March to $111,000, up from $103,000 in February, and was 5.7 percent higher than the median price of $105,000 in March of last year.

Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®, stated, “With buyers starting to jump into the marketplace, this year’s traditional selling season is shaping up to be the best we’ve seen in years. But, as we’ve repeatedly said, more Hoosiers must be working and they must be confident in their prolonged employment for 2012 to continue this steady progress that has taken hold.”

Of the 92 counties that provide data for the monthly report, fifty-four of the counties reported gains in home sales over the previous year with Clay County (+109.1 percent) reporting the largest increase among counties with 20 sales or more while Lawrence County (-34.4 percent) posted the largest year-over-year decline in closed sales.

Marion County recorded the most sales for the month with an estimated 847 home sales, up from 739 in March 2011, while Hamilton County followed with an estimated 386 closed sales for the month, up from 339 a year ago.

Year-over-year, fifty-two counties posted an increase in their median prices led by Miami County (+239.3 percent) with Wabash County (-45.6 percent) posting the largest decline in prices (minimum 20 sales).

The total number of homes available for sale increased in March with 44,638 homes actively available. That’s up from 40,171 in February and but still down from 48,395 in March of 2011.

The state had an average 9.0 months supply of homes available for purchase, unchanged from in February but down from a 10.2 months supply a year earlier.

Tags: existing homes, condos, sales, median home prices, Indiana