Central Indiana Home Buyers Benefit from May Residential Real Estate Market Inventory Increase - Market Watch May 2022

6/14/2022

INDIANAPOLIS – May 2022 was a favorable month for central Indiana home buyers with all 16 central Indiana counties experiencing significant increases in available housing inventory. Monthly real estate statistics from F.C. Tucker Company revealed that May 2022 pended home sales decreased 2.2 percent compared to May 2021, while year-to-date home sale prices increased 13.4 percent. Central Indiana housing inventory increased 35.6 percent compared to this time last year.

The average May home sale price for the 16-county central Indiana region was $332,405 an increase of 14.4 percent compared to May 2021.
Pended home sales decreased, down 2.2 percent compared to this time last year.
Available housing inventory increased, up 35.6 percent compared to May 2021.

In May 2022, 4,210 central Indiana homes were purchased, down 2.2 percent from the 4,303 sold in May 2021. Specifically:

Shelby County showed the greatest increase in pended home sales with 33.3 percent growth compared to May 2021.
Brown County pended sales had the greatest decrease with 47.6 percent fewer homes sold in May 2022 compared to this time last year.

The year-to-date sale price of homes in central Indiana continued its upward climb:

Decatur County recorded the highest average year-to-date home sale price increase at 31.4 percent.
Boone County had the highest average home sale price in the region at $468,431.
Homes sold in 19 days on average, 20.8 percent faster than in 2021. Homes in Shelby County left the market 10 days, or 33.3 percent, faster than in 2021 - the greatest decrease of the 16-county central Indiana area.

Central Indiana experienced a 35.6 percent increase in overall available home inventory May 2022, with 677 more homes available for sale than in May 2021. All 16 counties saw an inventory increase in May 2022.

Boone County had the largest inventory increase – up 166.7 percent compared to May 2021.

“Although home prices continued to rise in May, we saw a substantial increase in housing inventory compared to this time last year,” said Jim Litten, CEO of F.C. Tucker. “As interest rates continue to creep during the summer months, I anticipate the housing inventory will become even more robust and we will start to see a return to a more balanced market.”

Of the pended home sales in the region last month, one (1) was priced $2,000,000 or higher; 61 were priced $1,000,000 to $1,999,999; 474 were priced $500,000 to $999,999; 1,314 were priced $300,000 to $499,999; 1,283 were priced $200,000 to $299,999; 895 were priced $100,000 to $199,999; and 182 were priced at $99,999 or less.

Editor’s Notes:

All statistics were compiled by F.C. Tucker Company from a report drawn from BLC® statistics on June 7, 2022. Because of delayed processing through other agencies or boards, these numbers are subject to change.
Effective April 7, 2019, data from MIBOR only reports on single family homes and excludes condo sales. F.C. Tucker will continue to include condo sales in this report.
“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.
“Active Listings – Inventory” is a snapshot frozen in time at the end of the stated month. Per MIBOR, effective April 1, 2018, “Active with Contingency” no longer is a status in the BLC® listing service in order to present a true picture in advertising and marketing. Those listings that were in the "Active with Contingency" status have been moved from the "Active" status to the "Pending" status.
For this report, F.C. Tucker tracks the following counties: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jackson, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby. The first report tracking Jackson County data was pulled August 7, 2019.

PENDED SINGLE-FAMILY AND CONDOMINIUM SALES

ACTIVE LISTINGS – INVENTORY

AVERAGE SALE PRICE

Founded in 1918, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with more than $5 billion in annual sales, more than 40 offices, and more than 1,500 sales associates throughout Indiana and select markets in Kentucky. F.C. Tucker’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. We have earned a reputation for our exceptional service, experienced sales associates and “Golden Rule” commitment to clients and employees. In 2021, F.C. Tucker formed a partnership with Pittsburgh-based Howard Hanna Real Estate Services, the nation’s largest independently owned real estate brokerage firm, furthering each company’s ability to provide best-in-class service and enhance the real estate experience for clients by providing best-in-class agents, products and services. For more information, visit talktotucker.com.