~~November was largely another encouraging month for residential real estate. As expected, the decrease in Pended Sales witnessed in October resulted in less robust Closed Sales for November, however prices are strong and consumer confidence remains high. With continued tight inventory, the market is moving fast with multiple offers and faster selling times.

New Listings in central Indiana were flat for the month of November, but increased 8.1 percent in the most recent quarter. Inventory is at an even 5 months, the lowest point in years. Pending Sales were down 2.8 percent in November and up slightly at 1.1 percent for the recent quarter. Closed Sales were down for the first time all year in the month of November, but up 5.4 percent for the quarter ending in November and up 18 percent for the last 12 months.

Prices got a lift. The Median Sales Price increased 4.8 percent to $132,000 in November and increased 5.4 percent for the quarter to $134,000. Average Sales Price rose 5.7 percent for the month and 5.1 percent for the quarter. The current Averages Sales Price in central Indiana is $168,342.

This moderate pace is likely to continue as we close out the year, a year that brought recovery and stabilization to the housing market across the nation and here at home.