Home sales in Southwestern Indiana are progressing over recent years, according to a report released Thursday.
Rick Mileham, president of the Southwest Indiana Association of Realtors said it’s a sign of a improving economy.
“We’re in a good shape. Employment seems to be good. The economy in general is just getting better every day,” Mileham said.
The winners are those selling homes, especially in Gibson and Posey counties, where the average days on the market and average sale price number are at record levels.
In Posey County, the average sale price for homes was $136,514, an increase of 12.2 percent from 2014.
Homes for sale in Gibson and Posey are selling quicker than they have since 2005.
Mileham attributes those upticks to growing job markets in those counties.
“The anticipation of the fertilizer plant in Mount Vernon, additional jobs at SABIC, those type of things are generating some movement in price,” he said.
Overall, the number of sales is down in Gibson, Posey and Warrick counties, but Vanderburgh County shows a 2 percent increase from last year.
While the sellers are benefiting from higher than normal sale prices and shorter days on the market, buyers are starting to act because of low mortgage interest rates that are expected to rise.
“Over the last several months there’s been multiple offers on a home rather than one buyer on one seller,” he said.
The total number of home sales in the region still pales in comparison to 2005, when the region sold 4,421 homes — the most homes in 20 years.
But the numbers are a strong improvement from the market immediately following the Great Recession, he said.
“Absolutely, we’re doing better than five years ago,” he said.
In 2014 and 2013, the region sold 3,658 and 3,657 homes, respectively. Right now, there are 1,461 homes for sale.
But average sale prices are the highest they’ve ever been for the four-county area.
The Southwest Indiana Association of Realtorsw report was prepared by Appraisal Consultants, Inc., of Evansville.