Market Watch April 2015

Central Indiana home sales up nearly 9 percent year to date

Inventory tightens by 3.2 percent; Sale prices increase more than 5 percent year-to-date

INDIANAPOLIS – With 2,912 pended sales in April in Central Indiana, overall year-to-date home sales are up 8.9 percent compared to this time period last year, according to statistics compiled by F.C. Tucker Company.

On a monthly basis, April 2015 pended home sales rose 0.2 percent compared to April 2014, a modest increase of six homes sold in the nine counties that F.C. Tucker tracks. Four of the nine counties reported increased sales compared to April 2014. 

In April, Shelby County saw the largest increase in pended home sales which spiked 55.2 percent, raising the number of pended home sales to 45 from 29 in April 2014. Madison and Marion counties experienced increases of 44.4 and 4.9 percent over April 2014 respectively. Sales also rose in Hancock County, modestly rising 0.8 percent to 124 from 123 homes. Johnson County saw the biggest decline, decreasing 28.5 percent compared to April of last year. Morgan and Boone counties also experienced decreases – 11.4 and 9.3 percent. Hendricks and Hamilton counties saw smaller decreases in pended sales.

“We’re pleased the second quarter is off to a strong start compared to this time last year,” said Jim Litten, president of F.C. Tucker Company. “Inventory is tight and prices continue to rise – positive signs that our housing market is gaining momentum.”

Available homes for sale in the nine-county region decreased 3.2 percent in April 2015 with 10,570 homes on the market, 354 fewer than in April 2014. Eight Central Indiana counties experienced varying inventory declines with Madison and Morgan counties tightening 19.2 and 12.3 percent, respectively. Hancock, Shelby, Hendricks, Johnson, Boone and Hamilton also saw declines. Inventory in Marion County increased by 1.2 percent.

Overall, year-to-date sales prices for the nine-county Central Indiana area increased by 5.4 percent. Tucker’s data indicates that seven counties experienced slightly higher home sales prices than in April 2014. Year to date, Madison County led the way with a 14 percent uptick in prices. Hendricks and Johnson counties also saw increases of 8.1 and 7.1 percent, while Hamilton, Hancock, Marion and Morgan counties saw slightly smaller gains. Boone and Shelby counties experienced decreases of 1.9 and 1.4 percent respectively. The average year-to-date sales price for a home in the nine-county area was $174,609.

Of the pended home sales in the region last month, one was priced at $2,000,000 or more; nine were priced $1,000,000 to $1,999,999; 85 were priced $500,000 to $999,999; 340 were priced $300,000 to $499,999; 463 were priced $200,000 to 299,999; 1,308 were priced $100,000 to $199,999 and 706 were priced at $99,999 or less.

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