Central Indiana home sales increase 5 percent in March

Indianapolis Area April 2017 Real Estate Market StatisticsF.C. Tucker Company’s monthly real estate market stats indicated the housing market is still going strong. March 2017 pended sales were up 5 percent compared to March 2016. Similarly, the average year-to-date home price for the 15-county Central Indiana region rose 7 percent to $185,819.

Homebuyers remained steadfast as the number of houses for sale continued to decline, purchasing 3,177 homes in Central Indiana, an increase from 3,027 sold in March 2016. The majority of the counties that F.C. Tucker tracks experienced an increase in sales. Specifically:
•    Boone and Hendricks counties showed moderate growth in homes sold. Boone County’s sales increased by 15.1 percent in March 2017 compared to March 2016, and Hendricks County’s sales increased 12.8 percent.
•    Brown and Shelby counties’ pended sales, in contrast, decreased by 23.1 percent and 19.3 percent, respectively, compared to March 2016.

In keeping with the previous month’s trends, homes sold more quickly and for more money in March, signaling a strong seller’s market.
•    The average year-to-date price in the 15-county region increased 7 percent, now at $185,819.
•    Hamilton County took back the rank of highest average home price at $291,881. Boone County came in second at an average price of $282,434.
•    Two counties showed dips in average home prices for a second month in a row. Brown County’s average home price dropped 8.1 percent, while Shelby County’s average home price declined 7.1 percent.
•    Homes sold in 77 days on average in the first quarter of 2017, 11 days quicker than this time last year. Jennings County homes remained the fastest-selling in the market at 66 days. Hendricks County homes sold in 70 days on average, and Johnson County, similarly, saw homes sell in 71 days on average.

Listings dropped a significant 18.3 percent. In March 2017, inventory stood at 7,844 homes, a decrease of 1,756 from the same time in 2016.
•    Madison County’s inventory dropped 29.8 percent, representing 159 fewer listings compared to March 2016.
•    Conversely, Jennings County alone noted an uptick in listings last month; the additional 16 homes on the market in March represented an increase of 44.4 percent.

“Due to a lack of winter, the 2017 home-selling season started about two months earlier than usual, leading to a strong housing market for spring and a positive outlook for the entire year,” said Jim Litten, CEO of F.C. Tucker Company.

Of the pended home sales in the region last month, 12 were priced $1,000,000 to $1,999,999; 111 were priced $500,000 to $999,999; 400 were priced $300,000 to $499,999; 543 were priced $200,000 to $299,999; 1,406 were priced $100,000 to $199,999; and 705 were priced at $99,999 or less.

© Kammeyer Realty Group