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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
 
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%
 
 
 
Active Listings – Inventory
 
County
July  2009
July
2010
% Change
Boone
624
642
2.9%
Hamilton
2,899
3,108

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