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SEI 1Q Home Sales Slower, Prices Lower

Posted On April 24, 2014

By Mike Perleberg

home-for-sale.jpg(Lawrenceburg, Ind.) – Southeast Indiana area home sales were slower in the first quarter of 2014 than they were during the same time period a year ago.

The Indiana Association of Realtors released its monthly Real Estate Markets Report on Tuesday. It showed a statewide decrease of 11.2 percent in sales of detached single-family homes, condominiums, and townhomes to 13,060 – about 1,600 fewer than the first three months of 2014.

In the combined area of Dearborn, Franklin, Ohio, Ripley and Switzerland counties, quarterly sales were off about 12 percent from 172 last year to 151 this year.

Dearborn County has had the most home sales at 100, an increase of 11.1 percent from 90 sold last year. However, the median price fell 7.9 percent to $123,000.

Ripley County experienced a decline from 49 last year to 40 this year, down 18.4 percent. Those homes went at a median price of $70,250, down 19.5 percent.

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Switzerland County, which had 20 homes change hands in the first quarter of 2013, has had just three transactions so far this year, down 85 percent.

There is encouraging news in the report for home sellers. Statewide, the median price of a sale was $115,250 in the first quarter, up 4.8 percent from a year ago. Kevin Eastridge, 2014 President of the Indiana Association of Realtors, chalked up the statewide trend to home buyers willing to pay top dollar for the home they want in a market held back by low inventory.

“Opportunity’s knock is getting louder on the doors of potential sellers, who at this point will dictate the performance of local housing markets for the next couple of months so long as employment levels remain steady,” Eastridge said.

1st QUARTER HOME SALES 2013 VS 2014

COUNTY CLOSED SALES 2013 CLOSED SALES 2014 % CHANGE MEDIAN PRICE 2013 MEDIAN PRICE 2014 % CHANGE
Dearborn 90 100 +11.1 $133,490 $123,000 -7.9
Franklin 8 2 -75.0 $55,000 $49,500 -10.0
Ohio 5 6 +20.0 $85,000 $128,950 +51.7
Ripley 49 40 -18.4 $87,250 $70,250 -19.5
Switzerland 20 3 -85.0 $60,500 $40,100 -33.7
Indiana 14,700 13,060 -11.2 $110,000 $115,250 +4.8

  Data source: Indiana Association of Realtors

 

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