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Home Sales Frozen In January, Realtors Say

Posted On February 26, 2014

By Mike Perleberg

real-estate-home-sale-key-07232012.jpg(Lawrenceburg, Ind.) – Dearborn County homes sales are off to a better start this year, but much of the rest of southeast Indiana cannot say the same.

For January, 33 detached single family homes, condominiums and townhomes were sold in Dearborn County, up 18 percent from the same month last year, according to the latest monthly report from the Indiana Association of Realtors. The median selling price in Dearborn County was up 9.4 percent to $125,700.

Sales were much slower in the rest of the region, as bad winter weather and frigid cold temperatures slowed interest for homebuyers. In Ripley County sales were slower, just 10 in January 2014 compared to 20 sold in January 2013. The median price of those 10 homes was down 64.4 percent to $30,050.

Ohio County witnesses two home sales in January, Switzerland County had one and Franklin County none.

“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.

“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.

MONTHLY COMPARISON – JANUARY 2013 VS JANUARY 2014

COUNTY CLOSED SALES 2013 CLOSED SALES 2014 % CHANGE MEDIAN PRICE 2013 MEDIAN PRICE 2014 % CHANGE
Dearborn 28 33 +17.9 $121,500 $125,700 +3.5%
Franklin 1 0 N/A $50,000 $0 N/A
Ohio 1 2 +100.0 $93,000 $132,750 +42.7%
Ripley 20 10 -50.0% $84,500 $30,050 -64.4%
Switzerland 6 1 -83.3% $57,750 $35,000 -39.4
Indiana 4,222 3,839 -9.1% $108,000 $110,500 +2.3%

  Data source: Indiana Association of Realtors