CENTRAL INDIANA HOME SALES UP BY 3% YTD, INVENTORY TIGHTENS BY 16.5%
INDIANA – With 2,729 pended sales in July in central Indiana, overall year-to-date home sales are up 3 percent compared to this time period last year, according to statistics compiled by F.C. Tucker Company.
In the 14-county region Tucker tracks, approximately 10,000 homes were on the market last month, a 16.5 percent drop, or approximately 2,000 fewer homes for sale, compared to July 2015. Every county except Bartholomew saw declines in this category. Notably, Marion County’s inventory dropped more than 20 percent to approximately 4,171 active listings. The last time Marion County’s July inventory fell below 5,000 was in 2013.
Overall, year-to-date sales prices for the 14-county central Indiana area increased 1.3 percent to $186,696. Decatur County led the way with a 10.3 percent increase, but its average price of $129,991 was far from Boone County’s commanding average price of $290,019. Johnson County’s home prices climbed 8.8 percent, to $189,086, with more than 1,700 homes closed year to date. Similarly, Morgan County’s home prices ticked up 7.5 percent to an average price of $164,229, while also closing on nearly 10 percent more homes in 2016. Bartholomew and Putnam counties were the only counties to experience a slight drop in average sales prices.
“We’re seeing the effects of low inventory throughout central Indiana,” said Donna Kreps, president of residential real estate services at F.C. Tucker Company. “Low inventory affects affordability, which is a crucial part of the housing market. When more affordable homes proliferate throughout the market, then we’ll see more positive gains for everyone overall.”
On a monthly basis, July 2016 pended home sales fell 3.5 percent compared to July 2015, a decrease of 99 homes sold in the 14-county region. Six counties reported varying increases in sales compared to July 2015. Madison County saw a strong increase in pended home sales, beating July 2015’s total by more than 10 percent. Comparatively, Hamilton and Johnson counties experienced double-digit declines in the number of home sales, down 8.2 percent (representing 44 homes) and 9.8 percent (representing 25 homes), respectively. Boone, Hendricks and Marion counties were nearly level with last year’s totals.
Of the pended home sales in the region last month, one was priced more than $2,000,000; 10 were priced $1,000,000 to $1,999,999; 78 were priced $500,000 to $999,999; 309 were priced $300,000 to $499,999; 457 were priced $200,000 to $299,999; 1,224 were priced $100,000 to $199,999; and 650 were priced at $99,999 or less.
PENDED SINGLE-FAMILY AND CONDOMINIUM SALES
ACTIVE LISTINGS – INVENTORY
AVERAGE SALES PRICE
- All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on Aug. 15, 2016. Because of delayed processing through other agencies or boards, these numbers are subject to change.
- “Active Listings – Inventory” is a snapshot frozen in time at the end of the stated month. Active listings include “Active with Contingency Status” filings, which includes homes listed as Pending First Right of Refusal and/or Backup Pendings due to Contract, Financing, Inspection or Other.
- “Pending” means the sales contract has been signed, but the transaction has not closed. According to the NAR, pending sales typically are finalized within a month or two of signing.
- For this report, F.C. Tucker tracks the following counties: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby
With approximately $3.6 billion in annual sales, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with more than 40 offices and more than 1,500 sales associates throughout Indiana and select markets in Kentucky. Less than one percent of all real estate firms have the longevity of F.C. Tucker. Founded in 1918, the company’s family of businesses includes a full range of real estate services—mortgages, title insurance, relocation services, a full line of insurance products, auctioning and homeowner warranty products. F.C. Tucker has earned a reputation for its exceptional service, experienced sales associates and “Golden Rule” commitment to its clients and employees.