INDIANAPOLIS - Realtors in the Indianapolis area said a number of factors have contributed to one of the strongest home-selling markets in the past couple of years.
For 20 consecutive months, all of the key industry barometers have continued to show improvement, fueled largely by stable and record interest rates.
The market has also worked its way through a large inventory of foreclosed properties, which in turn, has driven up home values.
“Sellers are more apt to sell. I think the attitude out there and the perception of the market is better. It’s improving, and I think the sellers are happier now than they were. The buyers are excited about buying, and it’s a good mix. It’s a good balance,” said Rob West of F.C. Tucker Company.
Real estate industry leaders said Indianapolis is statistically one of the most affordable areas to live in the country,
Over the past 20 months in the metro area, home sales have increased by 17 percent.
Foreclosed and vacant properties have dropped by 18 percent.
Home values have increased by three percent, putting the average cost of a home in the area of $156,000.
With fewer homes on the market, the average time it takes to sell a home has decreased.
“When the inventory is down, the month’s supply is down by a couple of months in all price ranges. That’s a good thing for sellers, and that tells buyers to be serious and step up because the market is cooking,” West said.
Buying a home seems even more affordable with low interest rates and the cost of apartment living continuing to escalate.
As the industry continues to dig its way out of a large hole created by the recession, the real estate market is looking at continued growth, which is good for the economy.