INDIANAPOLIS — As the industry gears up for the spring home buying season, diminished supply levels led to a lull in contract and new listing activity in February, as found by the Indiana Real Estate Markets Report today released by the state’s REALTORS®.

Statewide year-over-year comparisons — February 2017 vs. February 2016 — show:

•   Closed home sales decreased 2.2 percent to 4,725
•   Pending home sales decreased 0.8 percent to 6,422
•   Median sales price of homes increased 6.0 percent to $132,500
•   Average sales price of homes increased 6.9 percent to $159,248
•   Percentage of original list price received increased 1.0 percent to 94.7 percent
•   Number of new listings decreased 3.4 percent to 7,960
•   Inventory of homes for sale decreased 16.6 percent to 26,978 units
•   Month’s supply of homes for sale decreased 22.9 percent to 3.7 months

“To anyone thinking about listing their home soon: now is a great time to make your move,” said Cheryl Stuckwish, the 2017 president of the Indiana Association of REALTORS®. “Buyer demand is overtaking supply and consumers are feeling confident in real estate as a good investment. Hopeful buyers should seriously consider locking in a rate and price sooner rather than later. When demand is high like this, it is likely going to get more expensive and competitive going forward.”

“Lower inventory in the real estate market continues to be a key factor in Kosciusko County’s market trend,” said Jan Orban, the 2017 Kosciusko Board of REALTORS® Vice President. “Inventory is down by 21 percent from last year at this time. With Buyer demand still high, this has created an uptick in median sales price. However, Buyers are still willing to wait for the right home rather than settle for something less than what they need or want.”