September 2013 MarketWatch
Central Indiana Home Sales Up 18.6 Percent Year-to-Date
Inventory tightens by 9.4 percent; seven counties show drop in available homes for sale
INDIANAPOLIS – With 2,415 pended sales in August in Central Indiana, overall year-to-date home sales are up 18.6 percent compared to this time period last year, according to statistics compiled by F.C. Tucker Company.
On a monthly basis, August 2013 pended home sales rose 3 percent over August 2012, an increase of 71 homes sold in the nine counties that F.C. Tucker tracks. Seven of the nine counties reported increased sales compared to August 2012.
“As we move further into the third quarter, we remain encouraged by the direction of the market,” said Jim Litten, president of F.C. Tucker Company. “Home sales and home prices continue to grow as the inventory shrinks– necessary factors for market stabilization.” In August, Shelby County saw the largest increase in pended home sales which spiked 75.7 percent, raising the number of pended home sales to 65 from 37 in August 2012. Hancock and Johnson counties also experienced increases of 22.4 and 13.6 percent, respectively, over August 2012. Boone County saw the biggest decline, decreasing 11 percent from August of last year. Hamilton County experienced a decrease as well, down 4.7 percent. Available homes for sale in the nine-county region dropped 9.4 percent in August 2013 with 11,965 homes on the market, 1,242 fewer than in August 2012. Seven Central Indiana counties experienced varying inventory declines with Hendricks County experiencing the greatest decrease in inventory at 18.1 percent. Johnson County’s inventory increased by 20 homes to 986, while Morgan County’s inventory remained unchanged from last year.
Overall, year-to-date sales prices for the nine-county Central Indiana area increased by 5.8 percent. Tucker’s data indicates that seven counties experienced slightly higher home sales prices than in August 2012. Year-to-date, Madison County led the way with a 9.3 percent increase in home sales prices, while Hamilton, Hancock, Hendricks, Marion, Morgan and Shelby counties also reported gains. Boone and Johnson counties experienced slight decreases of 0.3 percent and 0.4 percent, respectively. The average year-to-date sales price for a home in the nine-county area was $165,235.
Of the pended home sales in the region last month, three were priced more than $2,000,000; three were priced $1,000,000 to $1,999,999; 44 were priced $500,000 to $999,999; 208 were priced $300,000 to $499,999; 289 were priced $200,000 to 299,999; 1,003 were priced $100,000 to $199,999 and 865 were priced at $99,999 or less.
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Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on September 9, 2013. 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.