Central Indiana homes selling more quickly - 13 WTHR Indianapolis

There is a glimmer of hope that the long-awaited turnaround in the economy may be here.

The recession started about four years ago when the housing market collapsed. Now, there is evidence that homes in central Indiana are selling faster and for more money.

When the housing market collapsed, the market was flooded with homes as banks tried to clear back mortgages. Now, the number of homes that are for sale is down, which is driving up prices. The length of time listings spend on the market for sale is down.

When Jennifer Hanson and her husband bought their first house back in March, the real estate market was still bloated. 

"We were surprised in this area the number of houses we could find in our price range," said Hanson.

That was two months ago, and while they were packing and moving from their apartment, the housing market was starting to change.

The number of houses on the market for sale is dropping. In Hamilton County, it's down almost 8 percent from last year. It's down 9 percent in Boone County and down 16 percent in Johnson County. The central Indiana average is down more than 10 percent.

Fewer houses for sale means, for the first time in months, that home prices are starting to go up, a modest 2 percent across the area.

"The listings on the market that are in move-in-ready condition, the seller does not have to do a thing." says Nina Klemm, an agent with FC Tucker in Carmel.

Homes are selling quickly, and in some cases, offers are coming in hours after the sign goes up. It's one of the first positive signs from a battered real estate market in years.

Then there are pending sales, where buyer and seller have agreed on price, but are waiting for financing, surveys and inspections. Pended sales are up 13 percent over last year.