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2010-08-11 13:44:50

Home prices climb an average of 8.9 percent in Central Indiana

For Immediate Release

August 11, 2010

Contact:

Linda Jackson, APR

(317) 631-6400 (office)

(317) 439-2252 (cell)

Linda.Jackson@Borshoff.bi

Home prices climb an average of 8.9 percent in Central Indiana

Overall year-to-date pended home sales dip slightly

INDIANAPOLIS – The average sales price for homes in the nine-county Central Indiana region is up 8.9 percent year to date, because the mix of sales has changed, according to sales statistics compiled by F.C. Tucker Company. More homes at $300,000 and above have sold, reflecting the uptick in prices. At the same time, however, pended homes sales are down slightly at 2 percent lower for the year compared to 2009.

Central Indiana homes sold for an average price of $148,649 for the first seven months of the year, a healthy increase of $12,102 over the 2009 year-to-date sales price. Shelby County reported the biggest home price gain at 21.6 percent, while Marion County also posted double digit gains at 13.2 percent.

On a monthly basis, pended home sales were off -27.4 percent in July 2010 compared to July 2009, although Shelby County posted an increase with a 17.2 percent upsurge. Year-to-date pended sales figures are tracking more in line with 2009, with Boone, Hancock and Shelby counties all registering positive gains in pended home sales, while Hamilton, Johnson and Morgan counties’ pended sales are on par with pended sales from the same period in 2009.

More homes were listed on the market last month compared to July 2009, with 17,276 homes for sale, up 5.8 percent. Four counties experienced above average inventory increases. Hendricks County experienced the greatest increase in inventory at 14.2 percent, followed by Hamilton County at a 7.2 percent increase in listings.

“The overall market is still absorbing the sales rush precipitated by the Federal credits. The incredibly low mortgage rates are spurring some home owners to re-enter the real estate market, causing inventory to rise, while other homeowners are staying put and refinancing,” said Jim Litten, president of F.C. Tucker Company. “Home prices are stabilizing and even increasing, and the selection for buyers is growing.”

Quick Links:

Pended single-family and condominium home sales

Pended Home Sales over Time

Active Listings – Inventory

Average Sale Price

Average Sale Price over Time

Pended single-family and condominium home sales

County	July 2009	July 2010	Month-to-Month % Change	Year-to-date % Change
Boone	86	62	-27.9%	4.0%
Hamilton	496	369	-25.6%	-0.4%
Hancock	72	61	-15.3%	8.7%
Hendricks	198	134	-32.3%	-6.1%
Johnson	177	156	-11.9%	-0.1%
Madison	115	99	-13.9%	-10.9%
Marion	1,100	743	-32.5%	-3.3%
Morgan	78	49	-37.2%	0.0%
Shelby	29	34	17.2%	29.4%
TOTAL	2,351	1,707	-27.4%	-2.0%

Pended Home Sales over Time

Month	Pended Sales	Month-to-Month % Change	Year-to-date % Change
January 2010	1,445	-5.7%	-5.7%
February 2010	1,993	26.6%	7.5%
March 2010	2,509	10.6%	10.0%
April 2010	3,059	33.8%	18.5%
May 2010	1,545	-31.5%	9.3%
June 2010	1,681	-30.1%	2.5%
July 2010	1,707	-27.4%	-2.0%