Home sales off to moderate start

One county shows increase over January '07 figures

Avon, Indiana real estate-  Home sales in Central Indiana are off to a moderate start with 1,962 homes sold in January, down 12.2 percent from the 2,235 homes pended in January 2007, according to pended sales statistics compiled by Chris Castetter of the F.C. Tucker Company.

Of the nine counties in the Indianapolis area, Madison County experienced the only increase over January 2007 with a 9.6 percent spike in home sales. Home sales in Shelby County dropped 35.4 percent compared to January 2007.

The average sales price for a home in January was $133,671, 4.9 percent less than the average sales price of $140,485 in January 2007. Homes spent an average of 197 days on the market.  Madison County's inventory also decreased 13.4 percent compared to January 2007. Inventory in Hamilton County was up 5.7 percent, the most significant increase in the nine-county region.     

Despite the slow start in 2008, home sales are likely to improve by mid-year as consumer confidence increases due to lower mortgage rates, less housing inventory and moves by the Federal government to stimulate the economy.   

"We are still experiencing a real estate market on the mend, but the situation should correct itself later in the year as more home buyers come off the sidelines. And they should."  With each passing month of moderate real estate sales activity, there is more and more pent-up demand from prospective home buyers waiting for the right moment. When that moment comes, the real estate market may well roar back to life. So buyers who have the financing are making their moves early."   http://www.sellmyavonhouse.com  http://www.chriscastetter.com