Market Watch – September 2014

Central Indiana home sales up 1 percent in September

Inventory remains stable; six counties experience drop in available homes for sale

INDIANAPOLIS – More than 2,000 homes pended in September, with five Central Indiana counties reporting increased sales compared to the same time period last year, according to statistics compiled by F.C. Tucker Company. Overall, September 2014 pended home sales rose 1.1 percent to 2,203 over September 2013, an increase of 25 homes sold in the nine counties that F.C.Tucker tracks. Year-to-date, 22,527 homes pended, a decline of 1,562 homes compared to the same time period in 2013.

In September, Shelby County saw the largest increase in pended home sales which spiked 41.2 percent, raising the number of pended home sales to 48 from 34 in September 2013. Madison and Boone counties experienced increases of 18.2 percent and 6 percent, respectively, over September 2013. Pended home sales also rose in Marion and Morgan counties. The largest decrease in pended sales occurred in Johnson County, down 9 percent. Hamilton, Hancock and Hendricks counties also experienced decreases.

Available homes for sale in the nine-county region dropped 0.1 percent in September 2014 with 11,979 homes on the market, 16 fewer than in September 2013. Six Central Indiana counties experienced varying inventory declines with Shelby and Hendricks counties experiencing the greatest decrease in inventory at 15 percent and 7.3 percent. Boone, Hancock, Johnson and Madison counties also saw declines. Available homes for sale increased in Hamilton, Marion and Morgan counties. Hamilton County saw the largest increase at 4.5 percent.

“As we move into the final quarter of the year, sales appear healthy,” said Jim Litten, president of F.C. Tucker Company. “Though sales will likely slow as we settle into the colder months, we believe the Central Indiana housing market will continue to make subtle progress.”

Overall, sales prices for the nine-county Central Indiana area increased by 6.3 percent. Tucker‘s data indicates that eight counties experienced higher home sales prices than in September 2013. Year-to-date, Shelby County led the way with a 21.3 percent increase in home sales prices, while Boone, Hamilton, Hancock, Hendricks, Johnson, Marion and Morgan counties also reported gains. Madison County saw a modest decline at 0.9 percent. The average year-to-date sales price for a home in the nine-county area was $176,270.

Of the pended home sales in the region last month, one was priced more than $2,000,000; 12 were priced $1,000,000 to $1,999,999; 60 were priced $500,000 to $999,999; 200 were priced $300,000 to $499,999; 298 were priced $200,000 to $299,999; 999 were priced $100,000 to $199,999 and 633 were priced at $99,999 or less.

Quick Links
Pended Single Family and Condominium Sales
Active Listings – Inventory
Average Sales Price

Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on October 9, 2014. Pending means the sales contract has been signed, but the transaction has not closed. According to the NAR, pending sales typically are finalized within a month or two of signing.

With more than $2.2 billion in annual sales, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with 45 offices and more than 1,300 sales associates throughout Indiana and selectmarkets 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.

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