Central Indiana home prices up more than 7 percent year-to-date
Inventory tightens by 12 percent; eight counties show drop in available homes for sale
INDIANAPOLIS – With home prices reaching $155,886 in February 2014, home sales prices are up 7.2 percent compared to February 2013.
Eight of the nine counties that F.C. Tucker tracks experienced slightly higher home sales prices in the first two months of 2014 compared to the same time period last year. Shelby and Hendricks counties led the way with 14.5 and 12.2 percent increases, respectively, in home sales prices, while Boone, Hamilton, Hancock, Johnson, Marion and Morgan counties also reported gains. Madison County experienced a slight decrease of 9 percent.
In February 2014, pended home sales declined 22.8 percent with eight counties experiencing a decrease. In February, Boone County saw the largest decrease in pended home sales which fell 39.5 percent. Only Hancock County experienced an increase at 3.3 percent.
“This prolonged weather has certainly affected the housing market, just as it has for other sectors,” said Jim Litten, president of F.C. Tucker Company. “But spring is around the corner, and with the improving weather will come a revival in home sales.”
Despite the drop in pended sales, fewer homes are on the market compared to February 2013. Available homes for sale in the nine-county region dropped 12 percent in February 2014 with 9,229 homes on the market, 1,260 fewer than in February 2013. Eight Central Indiana counties experienced varying inventory declines with Hendricks County experiencing the greatest decrease in inventory at 24.7 percent, a decline of 237 homes. In Johnson County, inventory rose 3.8 percent to 787 from 758 in February 2013.
Of the pended home sales in the region last month, one was priced $2,000,000 or higher; four were priced $1,000,000 to $1,999,999; 53 were...