Central Indiana average home sale prices continue to rise as inventory tapers off
Nine-county pended home sales are up 7 percent year to date
INDIANAPOLIS – F.C. Tucker Company reported average home sale prices in the nine-county central Indiana region rose 4.3 percent in October 2015 compared to October 2014, while active listings declined 7.6 percent in the same period. Home prices averaged $184,637 last month, which is more than $7,500 higher than the average price of homes in October 2014. Despite the 15.3 percent dip in pended home sales last month compared to October 2014, the region’s pended home sales are still up 7 percent year to date.
Eight counties saw higher home sale prices last month than in October 2014. Year to date, Madison County led the way with a 9.8 percent price uptick to $94,956. Hancock County’s average sale price increased 8.4 percent, while Hendricks County experienced a 7.1 percent gain. Hamilton County had the highest average sale price of all nine counties at $277,048. Boone County was the only county to show a slight decline in average sale price, at approximately 3.7 percent.
Boone County’s active listings last month were nearly level with those of October 2014, while the other eight counties noted varying declines in listings. Hancock County experienced the biggest drop last month at 14.2 percent, or 63 fewer active listings when compared to October 2014. Madison and Morgan Counties also experienced tightening inventory during the same period, with 10.4 and 13.4 percent fewer homes for sale, respectively. The overall year-to-date decline in active listings averaged 7.6 percent compared to the same period in 2014.
“Declines in the fourth quarter of the housing market should be expected, but there are several other factors impacting the overall picture of October,” said Jim Litten, president of F.C. Tucker Company. “According...