Central Indiana home sales up 16.2 percent year to date
Inventory tightens by 6.7 percent; eight counties experience drop in available homes for sale
INDIANAPOLIS – With 1,941 pended sales in October in Central Indiana, overall year-to-date home sales are up 16.2 percent compared to this time period last year, according to statistics compiled by F.C. Tucker Company.
On a monthly basis, October 2013 pended home sales fell 11 percent compared to October 2012, a decrease of 240 homes sold in the nine counties that F.C. Tucker tracks. Three counties reported increased sales compared to October 2012.
“Though a decrease in home sales is typical as we move deeper into the year, consumers may also be hesitant to jump in as they cautiously watch the potential for increasing interest rates,” said Jim Litten, president of F.C. Tucker Company. “Still, we expect prices to continue rising due to the smaller supply of homes across Central Indiana – a positive sign of market stabilization.”
In October, Madison County saw the largest increase in pended home sales which rose 9.3 percent, raising the number of pended home sales to 141 from 129 in October 2012. Johnson and Boone counties also experienced increases of 5.7 and 2.7 percent over October 2012, respectively. Morgan and Hamilton counties saw the biggest declines – 23.3 and 21.7 percent, respectively. Hancock, Hendricks, Marion and Shelby also experienced declines.
Available homes for sale in the nine-county region dropped 6.7 percent in October 2013 with 11,410 homes on the market, 822 fewer than in October 2012. Eight Central Indiana counties experienced varying inventory declines with Hamilton County experiencing the greatest decrease in inventory at 15.1 percent. Only Johnson County saw an increase in inventory, up 8.1 percent.
Overall, sales prices for the nine-county Central Indiana area...