Market Watch – December 2014

Central Indiana home sales up 3 percent in December

Inventory tightens by 3.3 percent, while sales prices are up year-to-date over 2013

INDIANAPOLIS – Nearly 1,500 homes pended in December, with all but three Central Indiana counties reporting increased sales compared to the same time period last year, according to statistics compiled by F.C. Tucker Company. Overall, December 2014 pended home sales rose to 1,497 over December 2013, an increase of 43 homes sold in the nine counties that F.C. Tucker tracks. 

In December, Shelby County saw the largest increase in pended home sales which spiked 75 percent, raising the number of pended home sales to 35 from 20 in December 2013. Morgan and Hancock counties also experienced increases of 30.4 and 26.8 percent over December 2013, respectively. Madison, Hendricks and Marion counties also saw an uptick. Home sales declined in Hamilton, Johnson and Boone counties. The largest decrease was seen in Hamilton County where sales dipped 13.3 percent.

Year-to-date, sales in the nine-county region decreased 2.6 percent in 2014 with 28,762 homes sold compared to 29,529 homes in 2013.

Available homes for sale in the nine-county region dropped 3.3 percent in December 2014 with 9,274 homes on the market, 320 fewer than in December 2013. Seven Central Indiana counties experienced varying inventory declines with Johnson County experiencing the greatest decrease in inventory at 14.8 percent. Inventory also declined in Boone, Hancock, Hendricks, Madison, Marion and Shelby counties. Available homes for sale increased in Morgan and Hamilton counties, 2.7 and 1.8 percent respectively.

“Listing inventory continues to fall while home sales prices inch up – all positive indications that stabilization continues across Central Indiana,” said Jim Litten, president of F.C. Tucker Company. “We expect this positive movement to continue into the first half of 2015 as well.”

Overall, sales prices for the nine-county Central Indiana area increased by 5.9 percent. Tucker’s data indicates that all nine counties experienced slightly higher home sales prices than in December 2013. Year-to-date, Shelby and Boone counties led the way with 16.8 and 10.6 percent increases in home sales prices. The average year-to-date sales price for a home in the nine-county area was $176,750.

Of the pended home sales in the region last month, four were priced $1,000,000 to $1,999,999; 38 were priced $500,000 to $999,999; 127 were priced $300,000 to $499,999; 195 were priced $200,000 to $299,999; 622 were priced $100,000 to $199,999 and 511 were priced at $99,999 or less.

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