2009 was a challenging year but there were many bright spots in east central IN. The inventory of homes for sale is lower than it has been in years and interest rates remain in the low-5% range. The inventory of homes over $300,000 has been cut in half with just over a 12 month supply remaining. Pending contracts, a reflection of future sales, are up around 5% from the same period last year and "Days on Market" for sold properties has decreased slightly. I believe there's reason to be quite optimistic about the potential for 2010.
Blackford Co. remains a difficult market reflecting the general economic climate there and producing about 11.5% fewer units sold. Over 43% of the Bl. Co. properties sold in 2009 were repo's. The encouraging news is that a number of higher priced properties sold in the 4th quarter raising the county average sale price more than 12% and resulting in very little inventory at present in the above $100,000 range. Days on Market also decreased slightly.
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