Latest Market Report
Home prices open the year up nearly 9 percent
Inventory tightens by 8.3 percent; eight counties show drop in available homes for sale
INDIANAPOLIS – With home prices reaching $159,391 in January 2014, home sales prices are up 8.6 percent compared to January 2013.
Six of the nine counties that F.C. Tucker tracks experienced slightly higher home sales prices than in January 2013. Shelby and Hendricks counties led the way with 28.1 and 21 percent increases, respectively, in home sales prices, while Hamilton, Hancock, Johnson and Marion counties also reported gains. Madison County experienced a slight decrease of 11.5 percent. Morgan and Boone counties also experienced decreases of 6 and 1.5 percent, respectively.
In January 2014, pended home sales declined 31 percent with all nine counties experiencing a decrease. In January, Shelby County saw the largest decrease in pended home sales which fell 61 percent. Hendricks County experienced the smallest decrease at 8.5 percent.
“The record snowfall and cold temperatures certainly had an impact on home sales in January,” said Jim Litten, president of F.C. Tucker Company. “However, as soon as we get moderation in the weather, I’m confident sales will break loose.”
Despite the drop in pended sales, fewer homes are on the market compared to January 2013. Available homes for sale in the nine-county region dropped 8.3 percent in January 2014 with 9,320 homes on the market, 844 fewer than in January 2013. Eight Central Indiana counties experienced varying inventory declines with Hendricks County experiencing the greatest decrease in inventory at 19 percent, a decline of 172 homes. In Johnson County, inventory rose 7.9 percent to 792 from 734 in January 2013.
Of the pended home sales in the region last month, one was priced $2,000,000 or higher; two were priced $1,000,000...