August was busiest month of 2016 for central Indiana’s housing market
Monthly sales up 15 percent compared to August 2015
INDIANAPOLIS – According to statistics compiled by F.C. Tucker Company, August was the busiest month in 2016 for central Indiana’s real estate market so far. Compared to this time last year, pended sales grew more than 15 percent in August, and eight of the 14 counties Tucker tracks recorded double-digit percentage growth in sales. This growth helped raise overall year-to-date sales, which are now 6.3 percent ahead of this time last year.
Approximately 2,950 homes pended in August 2016. Boone, Johnson, Morgan and Putnam counties contributed to the activity, with pended sales in these counties rising more than 20 percent each. Additionally, Marion County home sales increased 18.5 percent last month compared to August 2015. Brown and Decatur were the only counties to show a nominal decline in pended sales.
As sales grew, available inventory continued to follow its pattern of decline. Compared to August 2015, 2,485 fewer homes were listed for sale, an overall decrease of 19.9 percent. Bartholomew County was the only county to note a positive change in listings, up 74 homes at the end of August 2016. Hamilton County experienced the least amount of declining inventory – down 9.7 percent, representing roughly 200 fewer homes available compared to this time last year.
Last month’s decline in inventory did not spur a significant hike in home prices. Year-to-date prices rose 1.6 percent in August to an average of $187,372. Boone and Hamilton counties remain well above that average at approximately $288,000 and $284,500, respectively. Boone, Brown, Hancock, Johnson and Morgan counties saw an approximate $9,000 to $12,000 jump in prices, while Putnam and Bartholomew Counties were the only regions where sales prices declined...