Central Indiana home sales up 3 percent year to date
Inventory tightens by 16.5 percent
INDIANAPOLIS – With 2,729 pended sales in July in central Indiana, overall year-to-date home sales are up 3 percent compared to this time period last year, according to statistics compiled by F.C. Tucker Company.
In the 14-county region Tucker tracks, approximately 10,000 homes were on the market last month, a 16.5 percent drop, or approximately 2,000 fewer homes for sale, compared to July 2015. Every county except Bartholomew saw declines in this category. Notably, Marion County’s inventory dropped more than 20 percent to approximately 4,171 active listings. The last time Marion County’s July inventory fell below 5,000 was in 2013.
Overall, year-to-date sales prices for the 14-county central Indiana area increased 1.3 percent to $186,696. Decatur County led the way with a 10.3 percent increase, but its average price of $129,991 was far from Boone County’s commanding average price of $290,019. Johnson County’s home prices climbed 8.8 percent, to $189,086, with more than 1,700 homes closed year to date. Similarly, Morgan County’s home prices ticked up 7.5 percent to an average price of $164,229, while also closing on nearly 10 percent more homes in 2016. Bartholomew and Putnam counties were the only counties to experience a slight drop in average sales prices.
“We’re seeing the effects of low inventory throughout central Indiana,” said Donna Kreps, president of residential real estate services at F.C. Tucker Company. “Low inventory affects affordability, which is a crucial part of the housing market. When more affordable homes proliferate throughout the market, then we’ll see more positive gains for everyone overall."
On a monthly basis, July 2016 pended home sales fell 3.5 percent compared to July 2015,...