Central Indiana home sales rise 5 percent in April

F.C. Tucker Company’s monthly real estate market stats indicated the housing market is still going strong. April 2017 pended sales climbed 5 percent compared to April 2016. Similarly, the average year-to-date home price for the 15-county Central Indiana region rose 6.8 percent to $188,583.

Homebuyers remained steadfast as the number of houses for sale continued to decline, purchasing 3,302 homes in Central Indiana, an increase from 3,145 sold in April 2016. The majority of the counties that F.C. Tucker tracks experienced an increase in sales. Specifically:
•    Decatur County showed staggering growth in homes sold, a 125 percent increase in April 2017 compared to April 2016. Brown County came in second with a modest 36.4 percent increase in sales.
•    Putnam and Morgan counties’ pended sales, in contrast, decreased by 20 percent and 13.1 percent, respectively, compared to April 2016.

In keeping with the previous month’s trends, homes sold more quickly and for more money in April, signaling a strong seller’s market.
•    The average year-to-date price in the 15-county region increased 6.8 percent, now at $188,583.
•    Hamilton County again ranked highest with average home prices at $293,400. Boone County’s average home prices, slightly lower than Hamilton County’s, came in at $285,069.
•    Two counties showed slight dips in average home prices. Jennings County’s average home price dropped 3.5 percent, while Shelby County’s average home price declined 2.9 percent.
•    Homes sold in 74 days on average in April 2017, 10 days quicker than this time last year. Johnson County homes became the fastest-selling in the market at 66 days with Hendricks County coming in a close second at 67 days.

Listings dropped a significant 21.2 percent. In April 2017, inventory stood at 7,902 homes, a decrease of 2,127 from the same time in 2016.
•    Morgan and Montgomery counties’ inventory dropped 28.3 percent and 28.2 percent respectively, representing 104 and 51 fewer listings compared to April 2016.
•    Conversely, Jennings County alone noted an uptick in listings last month; the additional 12 homes on the market in April represented an increase of 32.4 percent.

“Going into this traditionally popular sales season, pent-up demand for homes demonstrates today’s housing market is not slowing down. Buyers with their financing in order, paired with sellers who price their homes appropriately, are finding success,” said Jim Litten, CEO of F.C. Tucker Company.

Of the pended home sales in the region last month, one was priced above $2,000,000; six were priced $1,000,000 to $1,999,999; 100 were priced $500,000 to $999,999; 397 were priced $300,000 to $499,999; 653 were priced $200,000 to $299,999; 1,446 were priced $100,000 to $199,999; and 699 were priced at $99,999 or less.

April Real Estate Market Conditions

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