The FC Tucker Indianapolis Real Estate Blog

Central Indiana home prices up 7 percent year to date

Central Indiana home prices up 7 percent year to date

Inventory rises by 0.4 percent; five counties show increase in available homes for sale

INDIANAPOLIS – With average home prices reaching $168,669 in May 2014, home sales prices are up 7 percent compared to May 2013.

Seven of the nine counties that F.C. Tucker tracks experienced slightly higher home sales prices in the first five months of 2014 compared to the same time period last year. Shelby and Boone counties led the way with 24.2 and 9.2 percent increases, respectively, in average home sales prices. In Shelby County, homes sold for an average of $119,943, while homes in Boone County averaged $276,054. Hamilton, Hancock, Hendricks, Johnson and Marion counties also reported gains. Madison and Morgan counties experienced a decrease of 7 and 2.8 percent respectively.

In May 2014, pended home sales declined 14 percent year to date, with nine counties experiencing a decrease. In May, Shelby County saw the largest year-to-date decrease in pended home sales which fell 27.7 percent compared to the first five months of 2013.  On a monthly basis, May 2014 pended home sales declined 14.6 percent over May 2013, a decrease of 459 homes sold.

“Though sales have been slow to grow this year, we’re still optimistic,” said Jim Litten, president of F.C. Tucker Company. “Affordability and low interest rates have been favorable for buyers looking to make smart purchases, so we hope to see more positive momentum in the coming months.”

As pended sales declined, the number of homes for sale increased. Available homes for sale in the nine-county region rose by a modest 0.4 percent in May 2014 with 11,414 homes on the market, 48 more than in May 2013. Five Central Indiana counties saw varying inventory increases with Johnson County experiencing the greatest uptick at 10.4 percent to 978 from 886 homes in May...