INDIANAPOLIS, IN--(January 19, 2010)--The housing market came through the past year in rather better shape than might have been expected; home sales were down only 4 percent (969) from 2008. In the past year we experienced instability in financial markets and the subsequent sharp contraction in the economy, and some dynamics in the market remain: unemployment and buyer confidence.
The 4th quarter housing market in the Indianapolis area flourished with homes posting a dramatic rise. Home sales were up 15 percent from 4th quarter 2009 versus 4th quarter 2008. Buying activity in nine counties surrounding Indianapolis indicates that improved affordability is prompting many first-time buyers to get off the fence, out of their rentals, and into the market.
A look at county-by-county increases in 2009 home sales from October to December provides some of the details:
- Johnson UP 31% to 477
- Hamilton UP 28% to 1,131
- Shelby UP 27% to 109
- Hendricks UP 16% to 449
- Marion UP 15% to 2,811
- Hancock UP 14% to 229
- Morgan UP 11% to 186
Average Price of Homes Sold in the Indianapolis area December, 2009 vs. December, 2008:
- $142,010 December, 2009
- $128,479 December, 2008
Purchasers are clearly taking advantage of affordable prices and rock bottom interest rates. Those who missed the boat in years past have found that sitting on the sidelines could be a costly move. Prices are on the upswing and inventory levels are tightening, so the push toward homeownership is expected to continue throughout the spring of 2010. Adopted From http://www.insideindianabusiness.com
