LAFAYETTE, Ind. (WLFI) - More homes are being sold at higher prices in Tippecanoe County according to the latest data.
"Our housing market continues to be on the increase," RE/MAX broker Brett Leuken said.
A 22-percent increase from last year according to the latest data. In February of 2012 114 homes were sold in Tippecanoe County and this February 139 homes were sold according to RE/MAX of Indiana.
Leuken said homes are selling quickly.
"We're currently seeing shorter marketing times and actually we're seeing more and more multiple offers come in upon property listings on our current inventory," Leuken said.
The current inventory is much less than normal. Leuken said he has not seen this low of inventory in almost five years.
"We still have a high demand with the buyer population in our local market, but unlike the previous years we're starting to see a housing shortage with the properties that are currently for sale," Leuken said.
He said there's not really an explanation for the low number of homes on the market, but it is increasing the average price of homes sold. According to RE/MAX of Indiana's data the average price of homes sold in February increased to about $140,000, 14 percent higher than the same month last year.
Good news for homeowners looking to sell in Tippecanoe County.
"If you do have your home on the market and it looks nice and it feels nice I would expect ample showing within your property and if you have it priced accordingly it should move within a reasonable amount of time," Leuken said.
In February of 2012 homes were on the market for an average of 112 days. This February homes only spent about 74 days on the market according to RE/MAX Indiana. An almost 34 percent decrease.
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