MarketWatch

Would you like to get the MarketWatch newsletter? Sign up to receive the latest MarketWatch news and we’ll send it to your inbox as soon as it’s available.

 

Central Indiana home sales jump 17.6 percent in March

After last month’s pended sales declined, housing sales and prices are now rising

INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicate that the housing market is on the rise once again. March 2018 pended sales increased 17.6 percent compared to March 2017 while the average year-to-date sales price for the 15-county Central Indiana region increased 7.6 percent to $199,995.

Despite the increasingly lower number of available homes for purchase, every county saw an increase in pended sales as homes left the market faster. Pended sales went from 3,605 Central Indiana homes purchased in March 2017 to 4,240 in March 2018. Specifically:

  • Putnam County showed the most growth in homes sold with an unprecedented 100 percent increase in March 2018 compared to March 2017.
  • Eight of the 15 counties tracked experienced at least 30 percent more sales than this time last year.

On average, homes sold much faster and for more money in March, signaling that it’s still a seller’s market.

  • Of the 15 counties F.C. Tucker tracks, only Jennings County showed a decrease in average year-to-date home prices at 6.8 percent.  
  • Hamilton County continues its streak with the highest average home prices at $312,334. Shelby County experienced the highest price increase from March 2017 to March 2018 at 21.4 percent.
  • Homes sold 65 days on average, 12 days and 15.6 percent faster than January to March last year. Marion County’s homes were the fastest-selling in the market at 57 days.

Listings dropped significantly this month, reaching 28 percent fewer homes for sale. In March 2018, inventory stood at 4,346 homes, a decrease of 1,693 compared to 6,039 homes in March 2017.

  • Bartholomew County’s inventory dropped the most at 39.5 percent, representing 107 fewer listings compared to March 2017.
  • While no county experienced an increase in inventory, Boone County lost the fewest listings with a 9.8 percent decrease.

“It’s peak selling season, and buyers are facing more competition as listings continue to drop lower than we’ve seen in years,” said Jim Litten, CEO of F.C. Tucker Company. “Without much new construction to add to inventory, homes that are available sell for more money than usual and much faster.”

Of the pended home sales in the region last month, none were priced $2,000,000 or higher; 18 were priced $1,000,000 to $1,999,999; 180 were priced $500,000 to $999,999; 614 were priced $300,000 to $499,999; 880 were priced $200,000 to $299,999; 1,833 were priced $100,000 to $199,999; and 715 were priced at $99,999 or less.

PENDED SINGLE-FAMILY AND CONDOMINIUM SALES

ACTIVE LISTINGS – INVENTORY  

AVERAGE SALE PRICE

 

# # #

With approximately $3.7 billion in annual sales, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with more than 40 offices and more than 1,500 sales associates throughout Indiana and select markets in Kentucky. Less than one percent of all real estate firms have the longevity of F.C. Tucker. Founded in 1918, the company’s family of businesses includes a full range of real estate services—mortgages, title insurance, relocation services, a full line of insurance products, auctioning and homeowner warranty products. F.C. Tucker has earned a reputation for its exceptional service, experienced sales associates and “Golden Rule” commitment to its clients and employees.