Market Watch Update – September 2015

Central Indiana home sales down in September, up year to date

Home prices continue to climb, up 4.9 percent on average this year

INDIANAPOLIS – F.C. Tucker Company reported September 2015 home sales were down 6.8 percent for the nine-county central Indiana region compared to September 2014, but up 7.9 percent year to date. Fewer homes were on the market last month compared to September 2014, showing a continuing trend toward a more balanced market. Average year-to-date home sale prices, meanwhile, climbed 4.9 percent to $185,536.

All nine central Indiana counties experienced varying declines in inventory. Morgan County experienced the biggest drop at 18.4 percent, or 101 fewer active listings when compared to September 2014. Shelby County reported the smallest change, with 1.6 percent fewer listings in September 2015 compared to the same time last year. On average, inventory in the nine-county area declined 9.2 percent compared to September 2014.

Tucker’s data indicates eight counties experienced slightly higher home sale prices than in September 2014. Year to date, Madison County led the way with an 11.7 percent uptick in prices. Hancock County’s average sale price increased 8.8 percent to $168,788, while Hendricks and Marion counties also saw gains above 7 percent. Boone County had the second highest average sale price of all nine counties at $271,190, and was the only county to experience a decrease of 3.6 percent in September 2015.

“Residential real estate sales and listings are still very active,” said Jim Litten, president of F.C. Tucker Company. “The region is 7.9 percent ahead of last year’s pended sales at this time, and that’s a sure sign we’ve ended the third quarter on a strong note. And, as average sale prices continue to rise, the incentive to list a home is still high.”

In September 2015, 2,276 homes pended, down from 2,442 in September 2014. Boone and Hamilton counties experienced the largest drop in pended home sales at 31.7 percent and 24.7 percent, respectively. Morgan County experienced the largest gain in pended home sales at 36.2 percent.

Of the pended home sales in the region last month, two were priced at $2,000,000 or higher; six were priced $1,000,000 to $1,999,999; 50 were priced $500,000 to $999,999; 224 were priced $300,000 to $499,999; 343 were priced $200,000 to $299,999; 1,020 were priced $100,000 to $199,999 and 631 were priced at $99,999 or less.

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