Weather Prompts Drop in Statewide Home Sales

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The Indiana Association of Realtors is reporting a drop in January closed and pending home sales, compared to the same month in 2013. IAR President Kevin Eastridge says the harsh weather delayed closings and prevented showings throughout the state. February 26, 2014

News Release

(INDIANAPOLIS, IN) – The Indiana Real Estate Markets Report today released by the state's REALTORS shows that statewide, when comparing January 2014 to January 2013, the following occurred:

• The number of closed home sales decreased 9.1 percent to 3,839,

• The median sale price of those homes increased 2.3 percent to $110,500,

• The average sale price increased 4.8 percent to $135,618,

• The percent or original list price received increased 1.7 percent to 91.4 percent,

• The number of pending home sales decreased 19.8 percent to 4,122, and

• The number of new listings decreased 20.7 percent to 6,916.

"Last month we reported the fundamentals of most housing markets across the state strong. But local housing markets were no match for Mother Nature who gave us one of the snowiest, coldest Januarys on record, and delayed closings and prevented showings all over Indiana," said Kevin Eastridge, 2014 President of the Indiana Association of REALTORS and Owner/Principal Broker of the Evansville-based F.C. Tucker Emge REALTORS.

"Dangerous weather conditions didn't stop with January's end, so we expect year-over-year comparisons to lag for at least the next couple of months. The good news is that home values held their own and the pent-up demand could make the spring and summer very busy if and only if the inventory is present. Opportunity is knocking loudly on the doors of potential sellers," concluded Eastridge.

Anyone looking to buy, sell or invest should start with the sortable county tables of this report and then talk to a local REALTOR who can give the most insight into what's happening in a neighborhood, city or school district.

IAR represents approximately 15,000 REALTORS who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR is a registered mark that identifies a real estate professional who is a member of America's largest trade association, the National Association of REALTORS, and subscribes to its strict Code of Ethics.

Source: Indiana Association of Realtors