Central Indiana home prices up more than 6 percent year to date
Inventory tightens by nearly 8 percent; eight counties show drop in available homes for sale
INDIANAPOLIS – With average home prices reaching $161,191 in March 2014, home sales prices are up 6.1 percent compared to March 2013.
Eight of the nine counties that F.C. Tucker tracks experienced slightly higher home sales prices in the first three months of 2014 compared to the same time period last year. Johnson and Boone counties led the way with 14 and 13 percent increases, respectively, in average home sales prices, while Hamilton, Hancock, Hendricks, Marion, Morgan and Shelby counties also reported gains. Madison County experienced a slight decrease of 7.8 percent.
In March 2014, pended home sales declined 19.3 percent year to date, with all nine counties experiencing a decrease. In March, Shelby County saw the largest year-to-date decrease in pended home sales which fell 30.7 percent compared to the first three months of 2013.
“Now that harsh winter conditions have finally lifted, we expect warmer weather will attract more potential buyers to open houses,” said Jim Litten, president of F.C. Tucker Company. “As we move into the second quarter, we believe home sales will increase and prices will remain strong.”
Despite the drop in pended sales, fewer homes are on the market compared to March 2013. Available homes for sale in the nine-county region dropped 7.7 percent in March 2014 with 9,961 homes on the market, 829 fewer than in March 2013. Eight Central Indiana counties experienced varying inventory declines with Hendricks County experiencing the greatest decrease in inventory at 19.1 percent, a decline of 192 homes. In Johnson County, inventory rose 14.2 percent to 874 from 765 homes in March 2013.
Of the pended home sales in the region last month, one was priced...