Central Indiana home prices up nearly 7 percent year to date
Inventory rises by 3.9 percent; four counties show increase in available homes for sale
INDIANAPOLIS – With average home prices reaching $175,566 in July 2014, home sales prices are up 6.5 percent compared to July 2013.
Eight of the nine counties that F.C. Tucker tracks experienced slightly higher home sales prices in the first seven months of 2014 compared to the same time period last year. Shelby and Boone counties led the way with 18.4 and 11 percent increases, respectively, in average home sales prices. In Shelby County, homes sold for an average of $118,520, while homes in Boone County averaged $286,324. Hamilton, Hancock, Hendricks, Johnson, Marion and Morgan counties also reported gains. Madison County experienced a decrease of 4.7 percent, declining to $82,603.
In July 2014, pended home sales declined 10.7 percent year to date, with nine counties experiencing a decrease. In July, Shelby County saw the largest year-to-date decrease in pended home sales which fell 17.9 percent compared to the first seven months of 2013. On a monthly basis, July 2014 pended home sales declined 13.8 percent over July 2013, a decrease of 375 homes sold.
“Last year’s sales were historic – the fourth best year in Indianapolis real estate history – as the market continued its recovery from the economic downturn,” said Jim Litten, president of F.C. Tucker Company. “Though this year’s sales appear less dramatic, they are still solid and signal that progress will likely be more subtle moving forward.”
As pended sales declined, the number of homes for sale increased. Available homes for sale in the nine-county region rose 3.9 percent in July 2014 with 12,371 homes on the market, 459 more than in July 2013. Four Central Indiana counties saw varying inventory increases with Johnson County...