Central Indiana home sales decrease 1.3 percent in February - Market Watch - February 2019

Central Indiana home sales decrease 1.3 percent in February

F.C. Tucker reports 14.9 percent increase in inventory as prices continue to rise.

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INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicate a small decrease in homes sold, but higher sale prices and increased inventory. February 2019 pended sales decreased 1.3 percent compared to February 2018 while the average year-to-date sale price for the 15-county Central Indiana region increased 6.7 percent to $206,941.
 
While there continues to be a steady increase in sale prices, slightly fewer homes sold while inventory and time on the market increased. In February 2019, 2,771 central Indiana homes were purchased, down from 2,807 sold in February 2018. Specifically:

• Hancock County showed the most growth in homes sold with a significant 30.1 percent increase in February 2019 compared to February 2018.
• Shelby County pended sales, however, decreased the most at 29.1 percent compared to February 2018.

 
Homes spent more time on the market and most counties saw price increases.

• Of the 15 counties F.C. Tucker tracks, all but three showed an increase in average year-to-date home prices. Decatur County decreased the most with a 2.4 percent lower sale price compared to February 2018.
• Hamilton County maintains the highest average home price in the region at $332,432. Putnam County experienced the highest price increase at 22.2 percent compared to this time last year.
• Homes sold in 53 days on average in February 2019, six days and 12.8 percent slower than February 2018. Johnson and Marion County’s homes were the fastest-selling in the market at 46 days.

 
Inventory increased in about half of central Indiana counties, with 659 more homes listed than February 2018. In February 2019, inventory stood at 5,077 homes, an increase of 14.9 percent compared to the same month in 2018.

• Marion County experienced the highest increase in inventory, with a significant 34 percent more listings than February 2018.
• Jennings County’s inventory dropped the most at 22.5 percent compared to February 2018.

"Spring will heat up the housing market as more people list their homes after the winter season and sale prices continue to increase," said Jim Litten, CEO and owner of the F.C. Tucker Company. “However, we will likely see a decrease in inventory once again as home buying accelerates with the warmer weather.”
 
Of the pended home sales in the region last month, none were priced $2,000,000 or higher; 18 were priced $1,000,000 to $1,999,999; 123 were priced $500,000 to $999,999; 421 were priced $300,000 to $499,999; 670 were priced $200,000 to $299,999; 1,151 were priced $100,000 to $199,999; and 388 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 March 15, 2019. 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. 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.
• “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.

PENDED SINGLE-FAMILY AND CONDOMINIUM SALES

ACTIVE LISTINGS – INVENTORY

AVERAGE SALE PRICE

With approximately $4 billion in annual sales, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with more than 40 offices and more than 1,500 sales associates throughout Indiana and select markets in Kentucky. Less than one percent of all real estate firms have the longevity of F.C. Tucker. Founded in 1918, the company’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. F.C. Tucker has earned a reputation for its exceptional service, experienced sales associates and “Golden Rule” commitment to its clients and employees. For more information, visit talktotucker.com.