The FC Tucker Indianapolis Real Estate Blog

Number of available homes in central Indiana continues to drop throughout second quarter of 2016

First summer month shows growth in pended sales

INDIANAPOLIS – During the first half of 2016, the number of available homes in central Indiana continued to shrink while home prices rise. According to statistics compiled by F.C. Tucker Company, inventory has dropped nearly 19 percent year to date, while prices have risen 2 percent compared to this time last year. Pended sales have also steadily grown, up 4.8 percent for the year.

At the end of June 2016, 10,094 houses were available for sale, an 18.9 percent decline from June 2015 when 12,452 were active. Seven counties saw inventory dip more than 20 percent, while Boone County had the smallest decline at 6.6 percent. Bartholomew County was the only county to report more houses coming to market, about 116 homes, or an increase of 47.9 percent.

Every county except Putnam reported increased average year-to-date sale prices, which helped drive the 14-county average to approximately $185,459. Notably, Brown, Decatur and Johnson counties have seen prices grow between 9 and 11 percent since last year. Homes in Boone and Hamilton counties remain the highest priced, above $280,000 on average; Bartholomew, Brown and Hendricks counties are seeing average prices approaching $200,000.

“During this time of low inventory, demand for available homes has picked up,” said Jim Litten, CEO of F.C. Tucker Company. “June has been an incredibly busy time for buyers eager to move and sellers taking advantage of rising prices.” 

Overall, year-to-date pended sales are on the upswing, as 872 more homes sold in the 14-county region compared to 2015. Month-to-date sales are only slightly up, as just 10 additional homes sold in June 2016 compared to June 2015.

Of the pended home sales in the region last month, 11 were priced $1,000,000 to $1,999,999; 99 were priced $500,000 to $999,999; 364 were priced $300,000 to $499,999; 521 were priced...