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October 2013 MarketWatch

marketwatch

Central Indiana home sales up 16.2 percent year to date

Inventory tightens by 6.7 percent; eight counties experience drop in available homes for sale

INDIANAPOLIS – With 1,941 pended sales in October in Central Indiana, overall year-to-date home sales are up 16.2 percent compared to this time period last year, according to statistics compiled by F.C. Tucker Company.

On a monthly basis, October 2013 pended home sales fell 11 percent compared to October 2012, a decrease of 240 homes sold in the nine counties that F.C. Tucker tracks. Three counties reported increased sales compared to October 2012.

“Though a decrease in home sales is typical as we move deeper into the year, consumers may also be hesitant to jump in as they cautiously watch the potential for increasing interest rates,” said Jim Litten, president of F.C. Tucker Company. “Still, we expect prices to continue rising due to the smaller supply of homes across Central Indiana – a positive sign of market stabilization.”

In October, Madison County saw the largest increase in pended home sales which rose 9.3 percent, raising the number of pended home sales to 141 from 129 in October 2012. Johnson and Boone counties also experienced increases of 5.7 and 2.7 percent over October 2012, respectively. Morgan and Hamilton counties saw the biggest declines – 23.3 and 21.7 percent, respectively. Hancock, Hendricks, Marion and Shelby also experienced declines.

Available homes for sale in the nine-county region dropped 6.7 percent in October 2013 with 11,410 homes on the market, 822 fewer than in October 2012. Eight Central Indiana counties experienced varying inventory declines with Hamilton County experiencing the greatest decrease in inventory at 15.1 percent. Only Johnson County saw an increase in inventory, up 8.1 percent.

Overall, sales prices for the nine-county Central Indiana area increased by 6.1 percent. Tucker’s data indicates that all nine counties experienced slightly higher home sales prices than in October 2012. Year-to-date, Hancock County led the way with an 9.2 percent increase in home sales prices, while Boone, Hamilton, Hendricks, Johnson, Madison, Marion, Morgan and Shelby counties also reported gains. The average year-to-date sales price for a home in the nine-county area was $165,510.

Of the pended home sales in the region last month, one was priced more than $2,000,000; four were priced $1,000,000 to $1,999,999; 52 were priced $500,000 to $999,999; 150 were priced $300,000 to $499,999; 289 were priced $200,000 to $299,999; 771 were priced $100,000 to $199,000; and 674 were priced $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 November 8, 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.

Exceeding $1 billion in annual home sales for 20 consecutive years, 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.

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