Although it is too early to measure May homes sales in its entirety (some closings late in the month take a week to get posted), the results for April are encouraging. Tippecanoe County single family home sales in the first three months of the year did not compare favorably to the same months in 2009. I guess that should not come as a surprise. Retail sales over the holidays were muted and unemployment numbers continued to increase in the first quarter.
However, as I reported in earlier posts, we began to see a measurable increase in the number of showings scheduled for our listings in early March. More specifically, in most of the weeks since early March the number of showings scheduled were equal to or greater than the same week in 2008. The favorable showing activity culminated in 154 closed sale in April, compared to 147 in April, 2008.
I recognize this is a short trend, but it is another piece of evidence that we have found the bottom of the residential market in central Indiana and are beginning the slow path to climb out of the trough.
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