Central Indiana experiences sixth straight month of increased home sales
Pended sales and home prices continue to climb; inventory remains low
INDIANAPOLIS – The seller’s market continues in Central Indiana, as the number of homes available for sale and mortgage rates remain low, according to F.C. Tucker Company’s data for the 15-county region. October pended sales ticked up 4.4 percent compared to October 2015, while the average year-to-date home price also gained ground in October, increasing 2.9 percent for an average price of $187,867. The majority of October active listings included homes less than $200,000, although homes in the $200,000 to $300,000 range showed increased sales activity.
As autumn winds down, the residential real estate market continued to show signs of life. October marked the sixth straight month of increased home sales, a trend that experts don’t expect to end soon. Twelve of the 15 counties that F.C. Tucker tracks showed an improvement in sales. Specifically:
- Madison, Decatur and Shelby counties displayed significant growth in the number of homes sold. Madison County’s sales increased by 24.3 percent in October 2016 compared to October 2015; Decatur County’s sales increased 21.7 percent; and Shelby County saw a 20.5 percent increase. Counties with the greatest number of home sales overall included Hamilton and Marion. Marion County sold 890 homes, on par with October 2015, while Hamilton County sold 441 homes, an increase of 46 homes compared to the same time last year.
- Brown and Hancock counties’ pended sales, on the other hand, decreased close to 30 percent compared to October 2015.
Home prices inched up in October, indicating a steady improvement for the year:
- The average year-to-date price in the 15-county region ticked...