Indiana Spring Buyers Facing Even Higher Prices, Fewer Choices

As more Hoosiers enter the housing market in the weeks ahead, the strong sellers' market will continue in nearly every region in the state. The average sales price in Indiana was up 8 percent from this time last year to $170,778, which is the highest first quarter increase over the last five years. Buyers will be competing for even fewer homes with inventory down 13 percent statewide and 34 percent in the Indianapolis area compared to the same period of 2017, according to the Indiana Association of Realtors and the MIBOR Realtor Association. 

RE/MAX brokers who contributed to the report tell buyers and sellers to expect the following in the spring and summer months:

• New construction will continue to increase, but not enough to keep up with demand – putting continued pressure on the market for existing homes.
• Homes in most areas will likely sell in hours of being listed.
• Due to pricing and non-contingent offers, the market will be the most challenging for first-time buyers.

According to RE/MAX brokers, many sellers are receiving offers over asking price and some buyers are dropping inspection requirements to compete.

"Our RE/MAX real estate brokers and agents are seeing buyers go to new lengths to secure a home in this competitive market," said Fiona Petrie, vice president and managing director for RE/MAX INTEGRA US operations. "In this intense market where multiple offers are commonplace, it is essential for buyers to have an experienced agent who can negotiate a winning offer."

Petrie also added it's just as important for sellers to work with a seasoned agent who can provide necessary guidance through complex, multiple offer situations.

"The highest offer is not necessarily the strongest offer. This is where an experienced agent who becomes a trusted real estate advisor is paramount," said Petrie.

Click here to view the full 2018 Market Trends Report and also view the attached snapshot of key real estate markets across Indiana including new data and insights from RE/MAX brokers.

About RE/MAX INTEGRA, Midwest
RE/MAX INTEGRA, Midwest is the regional entity for RE/MAX franchises in Indiana, Minnesota and Wisconsin. Since its inception in 1985, the region has grown to more than 280 offices with approximately 4,100 sales associates, providing residential and commercial real estate, as well as relocation and referral services.

SOURCE RE/MAX INTEGRA, Midwest