February brings a slight 0.7 percent decrease in Central Indiana home sales
Sales prices continue to grow while pended sales decline for the first time in two years
INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicate that the housing market is taking a slight dip. February 2018 pended sales decreased 0.7 percent compared to February 2017 while the average year-to-date home price for the 15-county Central Indiana region increased 5.3 percent to $193,890.
As the number of homes for sale continues to dwindle, fewer buyers purchased homes for the first time in two years. Pended sales went from 2,497 Central Indiana homes purchased in February 2017 to 2,480 in February 2018, a small decrease of 17 homes. Specifically:
- Morgan County showed the most growth in homes sold with a 20 percent increase in February 2018 compared to February 2017, bouncing back after last month’s 27.9 percent decrease.
- Jennings County pended sales, in contrast, decreased a significant 40.9 percent compared to February 2017.
Despite fewer pended sales, on average homes sold much faster and for more money in February, signaling that it’s still a seller’s market.
- Of the 15 counties F.C. Tucker tracks, only Boone County showed a decrease in average year-to-date home prices at 5.1 percent.
- Hamilton County continues to rank highest in average home prices at $304,235. Madison County experienced the highest price increase from February 2017 to February 2018 at 19.2 percent.
- Homes sold only 47 days on average, a noteworthy 31 days and 39.7 percent faster than in January and February last year. Jennings County’s homes are the fastest-selling in the market at 56 days with Marion County close behind at only 57 days.
Listings continue to drop, hitting a decrease of 22.9 percent. In February 2018, inventory stood at 5,779 homes, a decrease of 1,721 compared to 7,500 homes in February 2017.
- Brown County’s inventory dropped the most at 35.8 percent, representing 48 fewer listings compared to February 2017.
- While no counties experienced an increase in inventory, Putnam County reduced the least at 7.3 percent.
“The continued decrease of listings hinted at an eventual decrease in pended sales in Central Indiana,” said Jim Litten, CEO of F.C. Tucker Company. “The National Association of REALTORS® reports pending home sales are decreasing around the country, but home sales should bounce back thanks to job and wage growth.”
Of the pended home sales in the region last month, one was priced $2,000,000 or higher; 17 were priced $1,000,000 to $1,999,999; 97 were priced $500,000 to $999,999; 314 were priced $300,000 to $499,999; 525 were priced $200,000 to $299,999; 1,047 were priced $100,000 to $199,999; and 479 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.