January 24, 2013 // Franchising.com // INDIANAPOLIS, IND. - According to the latest housing data compiled by RE/MAX of Indiana, the Central Indiana real estate market experienced significant growth throughout 2012 compared to 2011. The area reported a 17.86 percent increase in homes sold at 26,115 units, and an increase in average sales price by 2.73 percent to $152,679 for the nine-county area.
Hamilton County was reported as having the most significant year-over-year increase in the number of homes sold, with 23.65 percent, followed by Hancock (23.10 percent), Madison (22.98 percent), Boone (20.19 percent), Johnson (19.23 percent), Hendricks (15.17 percent) and Marion (14.88 percent) counties.
“The recovery we experienced in 2012 can be attributed to continued low interest rates mixed with an increase in market activity for the entire nine-county area,” said Nathan Pfahler, managing broker of RE/MAX Metro. “The Central Indiana economy is on an upswing and we expect that success to continue this year as well, creating even greater opportunities for buyers and sellers in 2013.”
Consumers in Central Indiana who sold their homes in 2012 saw the average sales price for homes sold increase by 2.73 percent when compared to 2011 sales transactions. Morgan County saw the greatest year-over-year increase with 14.78 percent, followed by Madison (8.63 percent), Boone (5.53 percent) and Marion (3.81 percent) counties.
Further analysis of the area shows the average number of days on market decreased for 2012 compared to 2011. Homeowners in Madison County experienced an 18.90 percent decrease from 127 to 103 days on average for homes to sell. Boone County also saw a 12.07 percent decrease, while the area as a whole experienced a 5.08 percent decrease with 98 days on market.
“The 2013 situation is so unique that those of us who’ve worked in real estate for many years have never seen opportunities like this,” said RE/MAX Co-Founder and Chairman, Dave Liniger. “There’s no single factor driving this market; it’s been a combination of low prices, low inventory, improving consumer confidence and a huge pent-up demand. That was true throughout 2012 and will continue to be true in 2013.”
Liniger predicts distressed property numbers will continue to fall, higher priced homes will begin to sell and more homebuyers and sellers will come back to the market in 2013.
Source: Data acquired by Metropolitan Indianapolis Board of REALTORS®. Not all data may be represented.
RE/MAX of Indiana is Hoosiers’ real estate market leader with $2.7 billion in annual sales, over 75 offices and nearly 1,200 sales associates. Founded in 1987, RE/MAX of Indiana helps growing families and businesses through its expertise in residential and commercial real estate, as well as relocation and referral services. Having sold 1.5 million homes in Indiana over the last five years, “nobody sells more real estate than RE/MAX.”
Integra Enterprises Corporation is a privately held company headquartered in Toronto, Ontario, Canada. Integra is the largest sub-franchisor of Denver, Colorado based RE/MAX, LLC. Representing approximately 30 percent of RE/MAX worldwide with more than 27,000 agents, Integra operates RE/MAX regional headquarters in Massachusetts; Minnesota; Indiana; Toronto, Ontario, Canada; and Vienna, Austria. Integra’s proven operating model supports its membership with a highly accessible and responsive regional leadership team delivering proprietary business development, training, marketing, and event management services from each of its regional offices.
For more information about Integra Enterprises, read the Integra brochure, or to read more about RE/MAX of Indiana, visit www.remax-indiana.com and follow us on Twitter at @remaxofindiana.
Marketing & Public Relations Manager
RE/MAX of Indiana
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RE/MAX has been the leader in the northern Illinois real estate market since 1989 and is continually growing.