April 2016 – Central Indiana Market Watch

Year-to-date pended home sales grow in central Indiana

Madison, Marion and Shelby counties lead growth in March while inventory continues to decline


INDIANAPOLIS – Year-to-date pended home sales in the nine-county central Indiana region have inched ahead of last year’s total by approximately 1.6 percent. According to F.C. Tucker Company’s real estate data for the region, 111 more homes have sold in 2016 than this time last year, bringing the year-to-date total to 7,252. On a monthly basis, March 2016 pended home sales dipped by 2.5 percent, representing just 71 fewer homes sold compared to March 2015. Three counties – Madison, Marion and Shelby – showed gains, which contributed to last month’s total pended sales of 2,824.


Available inventory in the region continued to tighten. Last month, the number of homes for sale decreased 13.5 percent compared to March 2015, resulting in 1,334 fewer homes on the market. Hancock, Johnson and Marion counties’ listings declined more than 15 percent, while Boone County showed the only increase, with one more house for sale this month than in March 2015.


The average sales price of a home in central Indiana rose for the third month in a row in 2016 to $176,245. Each county showed growth, except Hendricks County, where home prices declined approximately 1.9 percent, or $3,500. Shelby County’s average sales price increased more than $16,700, or 14.6 percent. The second-largest gain was in Madison County, where home prices grew 13.4 percent, or $10,600. Of the nine counties that F.C. Tucker tracks, Madison County recorded the lowest average sale price at $89,901, while Hamilton County netted the highest average sale price at $272,524. Year to date, home prices are approximately 2.7 percent ahead of 2015.


“It is a prime time to be a seller,” said Jim Litten, CEO of F.C. Tucker Company. “Sellers do not have as much competition, as buyer options at all price levels – starter, trade-up and premium – are dropping, especially in the starter category. And, the pacing of sales continues to accelerate month over month.”


Of the pended home sales in the region last month, nine were priced $1,000,000 to $1,999,999; 76 were priced $500,000 to $999,999; 314 were priced $300,000 to $499,999; 439 were priced $200,000 to $299,999; 1,288 were priced $100,000 to $199,999 and 698 were priced at $99,999 or less.





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