Declining inventories of existing homes available for sale is pushing up prices and giving fewer options to buyers.
Data released by the Indiana Association of Realtors shows closed sales of existing homes in the Greater Northwest Indiana area in May totaled 1,011, down 5.8 percent when compared to May 2018 when 1,073 sales were recorded. The numbers reflect the area represented by the Greater Northwest Indiana Association of Realtors which covers Jasper, Lake, LaPorte, Newton, Porter, Pulaski and Starke counties.
There were 866 closed sales in the greater Region area in April, which was down 6.6 percent when compared to April 2018 when 927 closed sales were reported.
“Low inventory means a quality home is going to sell quick,” said Brian Thompson, president of the Indiana Association of Realtors. “Buyers need to come to the home search ready to make an offer, which means knowing their budget and having their financing ready to go.”
The median sale price of homes in the greater Region area was $175,000 in May, up 4.2 percent from $168,000 in May 2018. Sellers on average received 96.7 percent of list price, a 0.5 percent increase from 96.2 percent in May 2018.
The average sale price of homes in the greater Region area in May was $203,253, up 3.9 percent from $195,635 when compared to May 2018.
Available homes for sale in May totaled 3,166, down 8 percent from 3,441 the same month last year.