Central Indiana home sales rise 6.2 percent in May

Central Indiana home sales rise 6.2 percent in May

F.C. Tucker reports continued growth in housing sales as prices increase another month

INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicated that the housing market is not slowing down. May 2017 pended sales climbed 6.2 percent compared to May 2016. Similarly, the average year-to-date home price for the 15-county Central Indiana region rose 6.6 percent to $192,206.

Homebuyers continue to purchase homes at a rapid rate as the number of houses for sale continued to decline, purchasing 3,398 homes in Central Indiana, an increase from 3,199 sold in May 2016. Many of the counties that F.C. Tucker tracks experienced an increase in sales. Specifically:

  • Shelby County showed significant growth in homes sold, a 29.5 percent increase in May 2017 compared to May 2016. Decatur County followed close behind with a 20 percent increase in sales.
  • Montgomery and Boone counties’ pended sales, in contrast, decreased by 38.1 percent and 23.1 percent, respectively, compared to May 2016.

In keeping with the previous month’s trends, homes sold more quickly and for more money in May, signaling a strong seller’s market.

  • Fourteen of the 15 counties that F.C. Tucker tracks showed an uptick in average year-to-date home prices.  
  • Hamilton County again ranked highest with average home prices at $297,681. Boone County’s average home prices, slightly lower than Hamilton County’s, came in at $285,244. 
  • Jennings County’s average home price dropped 5.9 percent, the only county in the region to dip in May.
  • Homes sold in 69 days on average January through May 2017, 11 days quicker than the same time period as last year. Johnson and Hendricks counties’ homes became the fastest-selling in the market at 63 days, while Hamilton and Marion counties came in a close second with homes selling in 66 days.

Listings dropped by 21 percent. In May 2017, inventory stood at 8,047 homes, a decrease of 2,137 from the same time in 2016.

  • Putnam and Shelby counties’ inventory dropped 31.7 percent and 30.4 percent respectively, representing 72 and 59 fewer listings compared to May 2016.
  • Conversely, Jennings County noted a slight uptick in listings last month; the additional one home on the market in May represented an increase of 2.1 percent.

“Although we’d like to see more homes for sale to balance out the market, buyers with their financing in order can still find plenty of opportunities to make a move,” said Jim Litten, CEO of F.C. Tucker Company. “And Indiana real estate consistently remains a good value.”

Of the pended home sales in the region last month, 11 were priced $1,000,000 to $1,999,999; 139 were priced $500,000 to $999,999; 426 were priced $300,000 to $499,999; 675 were priced $200,000 to $299,999; 1,447 were priced $100,000 to $199,999; and 700 were priced at $99,999 or less.

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