Central Indiana home sales catapult to 14.9 percent in October

 INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicated that the housing market continues to speed up. October 2017 pended sales climbed 14.9 percent compared to October 2016, the highest increase so far this year. Meanwhile, the average year-to-date home price for the 15-county Central Indiana region rose 6 percent to $199,193.
 
As the number of houses available for sale continued to decline, homebuyers purchased them rapidly; 2,690 homes were purchased in Central Indiana in October, an increase from 2,341 sold in October 2016. Many of the counties that F.C. Tucker tracks experienced an increase in sales. Specifically:

• Jennings County showed momentous growth in homes sold with a 58.8 percent increase in October 2017 compared to October 2016.
• Conversely, Shelby County pended sales decreased by 17 percent compared to October 2016.

 
In keeping with the previous month’s trends, homes sold more quickly and for more money in October, signaling that it’s still a strong seller’s market.

• All but one of the 15 counties that F.C. Tucker tracks showed an uptick in average year-to-date home prices.  
• Hamilton County ranked highest once again for average home prices at $301,936. Boone County’s average home prices continue to be just below Hamilton County’s, this month coming in at $299,472.
• Jennings County’s average home price experienced a 0.2 percent decrease; the only county in the region to dip in October. Decatur County’s average home price was nearly equal to October 2016.
• Homes sold in 60 days on average – and 11 days quicker – for the first 10 months of 2017 compared to the same time period last year. Johnson County’s homes continue to be the fastest-selling in the market at 54 days, but Hendricks, Hancock and Marion counties came in close behind with homes selling in 55, 56 and 57 days, respectively.

 
Listings dropped by 17 percent. In October 2017, inventory stood at 8,050 homes, a decrease of 1,651 compared to October 2016.

• While no county showed an uptick in active listings, Boone County experienced only a 2 percent drop compared to October 2016.
• Montgomery County’s inventory dropped 30.7 percent, representing 62 fewer listings compared to October 2016. Not far behind, Shelby County’s inventory dropped 29.1 percent, representing 52 fewer listings.

 
“October brought our highest sales period this year with a staggering 14.9 percent increase,” said Jim Litten, CEO of F.C. Tucker Company. “The housing market continues to offer sellers less competition and buyers a variety of price points for their new home across central Indiana.”
 
Of the pended home sales in the region last month, one was priced $2,000,000 or higher; 10 were priced $1,000,000 to $1,999,999; 89 were priced $500,000 to $999,999; 314 were priced $300,000 to $499,999; 494 were priced $200,000 to $299,999; 1,197 were priced $100,000 to $199,999; and 585 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 November 15, 2017. Because of delayed processing through other agencies or boards, these numbers are subject to change.
• “Active Listings – Inventory” is a snapshot frozen in time at the end of the stated month. Active listings include “Active with Contingency Status” filings, which includes homes listed as Pending First Right of Refusal and/or Backup Pendings due to Contract, Financing, Inspection or Other.
• “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.
• For this report, F.C. Tucker tracks the following counties: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby.