Ryan Hart

2008 Central Indiana real estate market outperforms other regions of U.S.

August statistics point to areas with improved sales, overall shrinking inventory of homes for sale

INDIANAPOLIS – The Midwest continues to outperform other regions of the country, such as the Northeast and West, beleaguered by real estate challenges. Pending home sales in the Midwest showed a gain of 2.8 percent in July compared to the prior year, according to the latest data from National Association of REALTORS®. The gain is a sharp contrast to other regions of the U.S., which are reporting declines between 7.5 percent and 10.6 percent.

The strongest central Indiana markets are Madison and Shelby counties, both of which reported strong sales in August compared to the same time last year, according to pended sales statistics compiled by F.C. Tucker Company. The number of homes sold in Hendricks County last month was nearly identical to August 2007.

Madison County showed a second month of increased sales, with 132 homes sold for a 10.9 percent increase over the same period last year.

The shrinking housing inventory in the nine-county area is helping sellers by increasing demand, while buyers are enticed by mortgage rates hovering below 6 percent. In August, 18,828 homes were on the market – a nearly 11 percent drop – from 21,127 homes available in August 2007. Madison and Marion counties’ inventory declined more than 15 percent.

The nine-county average sales price was $147,018, which is 5 percent lower compared to the same time last year. However, three counties, Boone, Madison and Shelby, all reported an increased average sales price, up to 5.2 percent higher.

“We are beginning to see more buyers in some areas of central Indiana and we’re hopeful more will follow,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “They are showing us what we’ve known all along – Indiana is a great place to live, and now is a great time to buy.”

Pended single-family and condominium home sales

Active Listings -Inventory

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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 8, 2008. 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.

2008 Several counties show improvement in sales price

Available inventory in the region continues to drop

INDIANAPOLIS – While overall pended home sales continued to fall in May, several counties in central Indiana reported strong activity with improved average sales prices and a drop in the number of homes on the market year-to-date, compared to the same time period last year, according to pended sales statistics compiled by F.C. Tucker Company.

Available inventory dropped 4.1 percent in May with 19,218 homes on the market, 817 fewer homes than in May 2007. Hamilton and Johnson counties, however, reported a slight increase in the number of homes available.

“We continue to be encouraged by the decline in inventory in central Indiana,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division.“As available inventory declines to more historic levels of five to six months’ supply, we’ll see pricing firm up even more.”

May pended home sales in the nine-county area were down 15.4 percent compared to May 2007 with 2,557 homes pending. Pended sales during the first five months of the year are down 12.6 percent compared to the same time period in 2007. So far this year, 11,474 pended home sales have been posted; 13,125 homes were pending during the first five months of 2007.

Shelby County continues to be the only county in the nine-county region to show an increase in pended sales, up 4.3 percent compared to May 2007. New jobs in the area have boosted this community’s results during the busiest home-buying season of the year.

Despite the slow pace of pended sales, five counties in central Indiana revealed an improved average sales price, and three counties showed a lower average number of days on the market for the first five months of 2008, compared to the same time period last year. Overall, the nine-county region showed a year-to-date decrease in the average sales price of homes and an increase in the number of days on the market.

Boone, Hamilton, Hendricks, Madison and Morgan counties all reported an increase in average sales price fort he first five months of this year, with Hendricks County posting the largest increase – 9.1 percent – since the beginning of the year. The average price of a Hendricks County home was $177,618. Hancock, Hendricks and Morgan homes were on the market for fewer days year-to-date compared to last year.

The average year-to-date sales price for a home in the nine-county area was $144,680, 3.3 percent less than what was reported in the first five months of 2007. However, the average sales price for a home in May 2008 vs. May 2007 has risen 2.8 percent, to $159,504.

The National Association of REALTORS® expected unprecedented home price declines in the first half of the year, and many markets can anticipate stabilizing price trends in the second half before rising more than 4 percent next year. “We believe central Indiana will be one of the first markets to emerge from the downward price trend,” Litten said.

Pended single-family and condominium home sales

Active Listings - Inventory

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Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on June 9, 2008.

2008 Inventory of homes on the market show decline

Sales continue at slower pace

INDIANAPOLIS– While home buying during the spring season is somewhat behind last April, the inventory of homes for sale in central Indiana continues to decline reflecting less new home building and continued “wait on the sidelines” home sellers, according to pended sales statistics compiled by F.C. Tucker Company.

April pended home sales in the nine-county area were down 14.1 percent compared to April 2007 with 2,520 homes sales pending. Pended sales during the first four months of the year are down a total of 11.7 percent compared to the same time period in 2007. Overall, 8,926 pended home sales have been posted; 10,110 homes were pending during the first four months of 2007.

The average year-to-date sales price for a home is $139,629, 5.4 percent less than what was reported in April 2007.

Available homes for sale inventory dropped 1.8 percent in April with 18,996 homes on the market, 354 fewer homes than in April 2007. Madison County experienced the greatest decrease in inventory at 9.3 percent.

“The continual drop in inventory is a good sign for the overall market,” said H.James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “It’s a strong signal that our local market is continuing the process of balancing out demand and supply.

“The decline in inventory, along with fewer new homes under construction and solid mortgage rates, will help in our recovery. Despite April figures, we are seeing a decent number of prospective buyers attending open houses and showing interest in the many homes on the market. These are indications that the central Indiana housing market is showing progress.”

Of the nine counties F.C. Tucker tracks, Shelby County was the only one to experience an increase in pended sales compared to April 2007. The rise in sales is due, in part, to the thriving employment and construction at Indiana Downs in Shelbyville and the Honda Plant in nearby Greensburg.

“This area of the state will certainly experience continuous growth in home sales over the next few years,” said Steve Allen, principal broker and owner, F.C.Tucker, Shelby & Decatur Counties.

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Pended single-family and condominium home sales

Active listings