Weather Blamed for Drop in Home Sales
March 25, 2014 – Mother Nature’s winter wrath may be slowly subsiding, but its effects and costs are still being measured across the state. The most recent evidence comes from Indiana’s real estate market.
The Indiana Real Estate Markets Report, released on Tuesday, indicates that when comparing February 2014 to February 2013, the number of closed home sales decreased 13.1%, and the number of new listings decreased 20%. There was some good news, as the median sale price of closed home sales increased 9.5% to $115,000.
“It is too bad we have to feel February’s cruel weather again in March when are able to finally report on the performance of local housing markets across the state,” said Kevin Eastridge, 2014 President of the Indiana Association of REALTORS® and Owner/Principal Broker of the Evansville-based F.C. Tucker Emge REALTORS®. “However, Mother Nature does not deserve all of the blame for lagging home sales. Low inventory is also a culprit. And both will likely result in the same type of report next month.
“The good news is that home values held their own with significant year-over-year gains. Pent-up demand could make spring and summer very busy if and only if inventory gets a boost. Opportunity is knocking loudly on the doors of potential sellers,” concluded Eastridge.