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Central Indiana experiences sixth straight month of
increased home sales
Pended sales and home prices continue to climb; inventory remains low
INDIANAPOLIS
– The seller’s market continues in Central Indiana, as the number of homes available
for sale and mortgage rates remain low, according to F.C. Tucker Company’s data
for the 15-county region. October pended sales ticked up 4.4 percent compared
to October 2015, while the average year-to-date home price also gained ground
in October, increasing 2.9 percent for an average price of $187,867. The
majority of October active listings included homes less than $200,000, although
homes in the $200,000 to $300,000 range showed increased sales activity.
As autumn winds down, the
residential real estate market continued to show signs of life. October marked
the sixth straight month of increased home sales, a trend that experts don’t
expect to end soon. Twelve of the 15 counties that F.C. Tucker tracks showed an
improvement in sales. Specifically:
·
Madison,
Decatur and Shelby
counties displayed significant growth in the number of homes sold. Madison
County’s sales increased by 24.3 percent in October 2016 compared to October
2015; Decatur County’s sales increased 21.7 percent; and Shelby County saw a
20.5 percent increase. Counties with the greatest number of home sales overall
included Hamilton and Marion. Marion County sold 890 homes, on par with October
2015, while Hamilton County sold 441 homes, an increase of 46 homes compared to
the same time last year.
·
Brown and Hancock counties’ pended sales, on the
other hand, decreased close to 30 percent compared to October 2015.
Home prices inched up in
October, indicating a steady improvement for the year:
·
The average year-to-date price in the 15-county
region ticked up 2.9 percent, now at $187,867.
·
Boone County’s
average price remained the highest of all counties that F.C. Tucker monitors.
It rose more than $21,000, or 7.9 percent, to $292,808 in October. Hamilton County came in a close second,
with an average sales price of $285,825.
·
Only three counties showed a slight dip in
average home prices: Jennings,
Bartholomew and Putnam counties’ average home prices declined less than 2.3
percent compared to 2015.
·
Homes sold in 71 days on average. Johnson County homes sold in 64 days,
or 11 fewer days compared to 2015. Homes in Hamilton County sold the fastest in the region at an average of 63
days, but remained flat compared to last year.
The number of home listings
remains tight, with the average months of available inventory hovering at or
below four months. Listings have fallen 19.2 percent; 9,653 homes were on the
market in October, a decrease of 2,299 homes.
·
Marion
County’s inventory dropped by 1,253 homes compared to October 2015.
·
On the other hand, Jennings, Bartholomew and Montgomery counties were the only areas with
more inventory than this time last year.
