Kokomo Tribune; Kokomo, Indiana

Business

January 19, 2014

Business briefs, Jan. 19, 2014

Kokomo housing prices still rising

According to the latest housing data compiled by RE/MAX of Indiana, the average price for homes sold in Kokomo increased by 7.66 percent during the month of November compared to the same time last year. Local consumers saw prices rise from an average of $85,239 to $91,767.

“We’re seeing a rise in home prices as a result of continued consumer confidence in our growing local economy,” said Penny Irwin, broker/owner with RE/MAX Realty One. According to Irwin, Kokomo’s economy has a bright future ahead due to the growth in employment from Chrysler’s expansion in 2013, which added nearly 400 new jobs to the area.

Despite improvements in average sales price, homeowners in Kokomo experienced a moderate reduction in home sales with 68 homes sold, compared to the same time last year with 74 homes sold, representing an 8.11 percent decrease.

“The slight decrease in November sales is a result of the holidays approaching and winter just around the corner,” said Irwin. “In addition, the tornado we experienced in November played a significant role in reduced sales, as many of Kokomo’s real estate offices, banks and title companies were closed while trying to find temporary locations.”

Although the number of homes sold slipped in November, Irwin explained year-to-date numbers show home sales increasing in Kokomo throughout much of 2013, indicating signs of recovery. In fact, the number of homes sold year-to-date increased 7.60 percent for January through November 2013 compared to the same time in 2012.

Further analysis of the area shows the average number of days on market increased for November compared to the same time last year. The average length of time a home sat on the market rose 4.72 percent to 111 days, compared to 106 days in 2012.

Salin donates Burlington building

Family-owned and Indiana-based Salin Bank & Trust Company is donating its Burlington Indiana Banking Center Building to the Community Howard Regional Health Foundation, Inc., bank officials announced this past week.

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