Year-to-date pended sales up 7.3 percent in central Indiana
Higher-priced homes led sales growth in May
INDIANAPOLIS – At the end of May 2016, nearly 1,000 more homes have sold in central Indiana than during the first five months last year, according to data provided by F. C. Tucker REALTORS®. This figure represents a 7.3 percent increase in pended sales in the 13-county region compared to May 2015. In a monthly comparison, approximately 3,059 homes pended in May 2016, which was a 3 percent increase over May 2015. Homes priced above $300,000 contributed to the majority of last month’s growth in pended sales.
Throughout the region, the majority of counties have seen growth in year-to-date pended sales. Five counties – Boone, Brown, Johnson, Montgomery and Morgan – recorded growth of more than 10 percent. Only two counties – Decatur and Shelby – showed lower year-to-date sales compared to 2015, down 12.3 and 2.2 percent, respectively.
Several counties not only saw rising home sales, but also noted significant increases in average home sales prices. Johnson County saw an 11 percent increase, with prices up $18,690 since this time last year. Hancock, Madison and Morgan counties also experienced more than 8 percent increases. Putnam and Hendricks counties tracked varying declines, at 11.4 and 0.8 percent, respectively. Overall, the 13-county region’s average sales price is up 1.7 percent to $180,202.
“May was a busy month for our sales associates, but the demand exists for more homes to be on the market,” said Jim Litten, CEO of F.C. Tucker Company. “Our data shows central Indiana has approximately 2.3 months of inventory. Typically, if inventory falls below four months, we know it’s a seller’s market.”
Of the pended home sales in the region last month, eight were priced $1,000,000 to $1,999,999; 96 were priced $500,000 to $999,999; 397 were priced $300,000 to $499,999; 511 were priced $200,000 to $299,999; 1,351 were priced $100,000 to $199,999; and 696 were priced at $99,999 or less.
By Mylinh Nguyen Baccam, talktotucker.com/mylinh.baccam