May 2016 – Central Indiana Market Watch
Average home prices steadily climb in central Indiana as inventory drops
New data from 13-county region reveals 1,600 fewer homes for sale compared to 2015
INDIANAPOLIS – Average home prices in central Indiana continue to climb, reaching $176,867 year to date – an uptick of 1.9 percent compared to 2015. According to the data compiled by F.C. Tucker, this is now the 52nd consecutive month of increasing sale prices in the region.
In April 2016, all but three counties in the 13-county region Tucker tracks experienced rising home sale prices. Brown, Shelby and Decatur counties led the way with 14.7, 12.7 and 12.3 percent increases, respectively. Homes sold in Boone and Hamilton counties had average sales prices above $270,000, while Morgan, Johnson, Hendricks, Hancock and Brown counties averaged between $150,000 and $203,000. Putnam County experienced the largest decline in the average sale price, approximately 18.1 percent, dropping to $112,749.
Along with rising sale prices, month-to-date pended home sales increased compared to last year. The 13-county data revealed a 2.1 percent increase month to date, which represented approximately 60 more homes sold compared to April 2015. Six of the 13 counties showed double-digit percentage increases in pended sales, and Brown County led the way with a 57.1 percent increase. Decatur County pended sales decreased 50 percent.
Year to date, the 13-county region has fallen 0.5 percent from last year’s pended sales figures. Brown County has maintained an overall 26 percent increase in pended sales. Decatur County experienced the largest decline, down 11 percent.
“The rate at which the average sale price is increasing is strong, but it’s also showing signs of tapering,” said Jim Litten, president and CEO of F.C. Tucker Company. “From 2013 to 2015, prices grew rapidly, but now, we’re beginning to level off like we did at the beginning of 2012.”
F.C. Tucker data also confirmed fewer homes are on the market compared to April 2015. As of April 30, 9,680 homes were available for sale in the 13-county region, a drop of approximately 1,600 homes or 14.2 percent. Brown, Decatur, Hancock and Johnson counties experienced declines of more than 20 percent totaling approximately 400 fewer homes available. Hamilton County reported the smallest inventory decline of 6.6 percent, while Boone County was the only county to see a slight gain over April 2015 at 0.7 percent.
Of the pended home sales in the region last month, six were priced $1,000,000 to $1,999,999; 93 were priced $500,000 to $999,999; 333 were priced $300,000 to $499,999; 524 were priced $200,000 to $299,999; 1,365 were priced $100,000 to $199,999; and 682 were priced at $99,999 or less.
PENDED SINGLE-FAMILY AND CONDOMINIUM SALES
|Month-to-month % Change||Year-to-date
ACTIVE LISTINGS – INVENTORY
AVERAGE SALES PRICE*
*Figures pulled May 18, 2016
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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.
- Most statistics were compiled by F.C. Tucker Company from a report drawn from Matrix statistics on May 13, 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 National Association of Realtors, pending sales typically are finalized within a month or two of signing.
- F.C. Tucker tracks the following counties: Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby
Home prices are on the rise in central Indy. If you are considering buying or selling a home, trust Indiana’s #1 Real Estate broker, F.C. Tucker to help you make a move.
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