I am a person who always likes to look forward and always thinking about the future. However, in real estate, I think it is important to take a few minutes to reflect on what happened last year.
I looked at the Fishers and Carmel, Indiana markets. If you would like an analysis about your specific community or area, please contact me and I will be happy to do that for you.
In Fishers, 2,152 (+75 from 2015) homes closed in Fishers, IN with prices ranging from $72,000 to $2,165,000, making the average sold price $263,105 and the median (or mid-range) sales price $224,583 (+3.5% over 2015). The average days on market (DOM) were 59 with the median DOM at 39, which was almost the same as 2015. The average % of list price to sales price was 98.31% and the median a little higher at 98.64%. Thus, homes were selling for about 98-99% of the current list price.
Looking at Carmel there were, 1,853 (+4.5%) homes closed in 2016 with prices ranging from $57,774 to $2.3 million. The average list price was $392,014 with the median list price at $330,000 (+4.8%). The average sales price was $380,100 with the median sales price at $325,000 (+3.3%). DOM were 69 (average) and 46 (median) (vs. 73 and 50 in 2015). The list price to sales price % was almost the same with the average at 97.45% and the median at 97.84%.
Translation….homes are selling for more money and a little faster than they were in 2015.
As we look at 2017, all of the of the real estate “experts” I have read are predicting the 2017 market to be much of the same. While prices may level off because in many markets the prices have peaked, the demand is still there. Again, our markets also reflect this. The inventory in both Carmel and Fishers is very low. There are approximately 300 homes in each city available for sale. In our years of a buyer’s market, there would be 700-800 homes on the market in each city.
(**Statistics are taken directly from MIBOR REALTOR® ASSOCIATION. Information deemed reliable but not guaranteed)