The FC Tucker Indianapolis Real Estate Blog

Central Indiana home prices up more than 8 percent year to date

Central Indiana home prices up more than 8 percent year to date

Inventory tightens by 1.4 percent; four counties show drop in available homes for sale

INDIANAPOLIS – With average home prices reaching $165,238 in April 2014, home sales prices are up 8.2 percent compared to April 2013.

Seven of the nine counties that F.C. Tucker tracks experienced slightly higher home sales prices in the first four months of 2014 compared to the same time period last year. Shelby and Hamilton counties led the way with 24 and 10.4 percent increases, respectively, in average home sales prices. In Shelby County, homes sold for an average of $112,294, while homes in Hamilton County averaged $260,670. Boone, Hancock, Hendricks, Johnson and Marion counties also reported gains. Madison and Morgan counties experienced a decrease of 7.5 and 2.0 percent respectively.

In April 2014, pended home sales declined 17.3 percent year to date, with all nine counties experiencing a decrease. In April, Shelby County saw the largest year-to-date decrease in pended home sales which fell 39.4 percent compared to the first four months of 2013.  On a monthly basis, April 2014 pended home sales declined 19.9 percent over April 2013, a decrease of 628 homes sold

“While we would have expected to see sales increase, given the low interest rates, you can’t directly compare last month’s pended home sales against April 2013. It’s an apples-to-oranges comparison because April 2013’s sales were the biggest we’ve seen,” said Jim Litten, president of F.C. Tucker Company. “Still, we’re encouraged that April 2014’s pended sales marked the fourth month-to-month improvement, an indication the market is moving in the right direction.”

Despite the drop in pended sales, fewer homes are on the market compared to April 2013. Available homes for sale in the nine-county...