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July Brings Most Closed Sales Since 2006

by The Worrell Group

Mid-Summer results are in.  All Indianapolis area indicators are up.  First-time buyers are still making a huge impact and will most likely continue as interest rates are still very attractive.  As reported by the Indianapolis Business Journal Real Estate Weekly, the average rate for 30-year mortgages fell from 4.10 to 4.04 for the week ending Aug. 12. The rate for 15-year mortgages fell from 3.28 to 3.26 percent.  

Recent housing data released by MIBOR shows continued increases in pending sales, closed sales and pricing. Pending sales increased 10.6 percent in the monthly comparison of July 2015 to the same period last year. In the quarter ending in July, pending sales rose 9.3 percent. Closed sales increased by 14.1 percent in July and by 12.0 percent in the three-month review. The key indicator of new listings fell 5.0 percent in July after an increase the month before.

Sale prices also saw increases in both the one- and three-month reviews. The average sales price increased by 6.6 percent in July and 5.3 percent in the three-month review. Median sales price had an equal jump of 6.9 percent in July and, coincidentally a 6.9 percent increase for the three months ending in July.

 

Randy Worrell

RE/MAX Legends Group

 

 

 

Geist Waterfront Sales (January - June, 2015 value analysis)

by The Worrell Group

The numbers are in. Geist Reservoir waterfront home sales are up for the first half of 2015 as compared to 2014. While statistics can be broken down and explained any number of ways, the following numbers are extracted from Metropolitan Indianapolis Board of REALTORs on July 1st 2015 for the 6 months ending June 30 2015.

Below is a comparison between the “average” and “median” statistics. These sales show an increase of approximately 14% from the same period last year.  35 homes have closed so far this year compared to 26 last year.  These numbers are exciting because the higher end homes are selling at a faster pace.  The number of days on the market is a couple weeks longer but the probability of a successful sale is much greater. Targeted marketing and strategic pricing continue to be key factors in the number of days on market and final selling price.

Keep in mind these numbers are for “Geist waterfront homes and those with a deeded boat dock that might not be directly on the water”.  Formulating an accurate valuation of a specific home  takes a lot more number crunching and marketing analysis than I can go into in this blog.

As always, if you have any questions about your home or would like to see the numbers for another area, let me know.

 

Average

 

 

2014

2015

Sale Price

$      668,662

$      766,920

$ per sq ft.

186

191

Days on Market

95

117

 

 

Median

 

 

2014

2015

Sale Price

$      596,500

$      664,900

$ per sq ft.

179

174

Days on Market

76

59

 

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The Randy Worrell Team
RE/MAX Legends Group
5645 Castle Creek Pkwy N
Indianapolis IN 46250
Direct: 317-819-3330
Voicemail: 317-644-0086

Randy Worrell  -  RE/MAX Legends Group       317-819-3330  Direct       317-590-5709  Mobile