Central Indiana Home Prices Up Nearly 7 Percent Year-to-Date
Inventory rises by 1.7 percent; five counties show increase in available homes for sale.
INDIANAPOLIS – With average home prices reaching $176,835 in August 2014, home sales prices are up 6.7 percent compared to August 2013.
Eight of the nine counties that F.C. Tucker tracks experienced slightly higher home sales prices in the first eight months of 2014 compared to the same time period last year. Shelby and Boone counties led the way with 19.1 and 10.5 percent increases, respectively, in average home sales prices. In Shelby County, homes sold for an average of $118,256, while homes in Boone County averaged $283,140. Hamilton, Hancock, Hendricks, Johnson, Marion and Morgan counties also reported gains. Madison County experienced a decrease of 0.9 percent, declining to $84,569.
In August 2014, pended home sales declined 8.8 percent year to date, with nine counties experiencing a decrease. In August, Shelby County saw the largest year-to-date decrease in pended home sales which fell 17.7 percent compared to the first eight months of 2013. On a monthly basis, August 2014 pended home sales declined 9.5 percent over August 2013, a decrease of 250 homes sold.
“This year’s sales are healthy although they appear sluggish compared to last year, which was the fourth best year in Indianapolis real estate history,” said Jim Litten, president of F.C. Tucker Company. “Even as sales typically slow during autumn and winter months, we believe the Central Indiana housing market will remain strong on balance.”
As pended sales declined, the number of homes for sale increased. Available homes for sale in the nine-county region rose 1.7 percent in August 2014 with 12,169 homes on the market, 204 more than in August 2013. Five Central Indiana counties saw varying inventory increases with Hamilton County experiencing the greatest uptick at 6.3 percent to 2,098 from 1,973 homes in August 2013. Boone, Madison, Marion and Morgan counties also saw increases. In Shelby County, inventory fell 9.1 percent to 260 from 286 homes for sale, a decline of 26 homes. Hancock, Hendricks and Johnson counties also had fewer homes on the market.
Of the pended home sales in the region last month, four were priced $1,000,000 to $1,999,999; 65 were priced $500,000 to $999,999; 202 were priced $300,000 to $499,999; 352 were priced $200,000 to $299,999; 1,061 were priced $100,000 to $199,999; and 696 were priced at $99,999 or less.
Pended Single-family and Condominium Home Sales
Active Listings – Inventory
Average Sale Price
By Kali Cooper, talktotucker.com/kali.cooper