Central Indiana home sales, prices see a double-digit increase in September - Marketwatch Sept. 2020

Marketwatch Sept. 2020

Central Indiana home sales, prices see a double-digit increase in September
Unprecedented inventory shortage drives up housing prices

INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company showed double-digit home sales and price increases for September 2020 on the back of a significant inventory shortage:

• The average September home sale price for the 16-county central Indiana region was $263,215, an increase of 18.2 percent.
• The year-to-date average home sale price increased by 10.5 percent, to $248,896.
• Available housing inventory dropped 44.7 percent compared to September 2019.
• Pended home sales increased 19.1 percent.

In September 2020, 4,170 central Indiana homes were purchased, up 19.1 percent from the 3,500 sold in September 2019. Specifically:

• Jennings County showed the greatest increase in the number of homes sold with 57.9 percent growth, compared to September 2019.
• Decatur County pended sales, however, had the greatest decrease with 20 percent fewer homes sold in September 2020 compared to September 2019 – and the only county with a decrease in the number of homes sold this past month.

Year-to-date home sale prices continued to increase, despite a substantial inventory shortage.

• Brown County recorded the highest average year-to-date home sale price increase at 24 percent compared to September 2019.
• Boone County once again had the highest average year-to-date home sale price in the region at $365,530.
• Homes sold in 35 days on average, 7.9 percent faster than year-to-date 2019. Both Jackson County and Decatur County homes left the market 13 days faster than this time last year – the greatest decrease of the 16-county central Indiana area.

Every county saw home inventory decreases of 33 percent or higher. The 16-county area experienced a 44.7 percent decrease last month, with only 3,673 homes listed in September 2020. That represents 2,973 fewer homes available for sale than in September 2019.

• Bartholomew County once again had the lowest inventory decrease – 33.3 percent – compared to September 2019.
• Brown County inventory decreased the most significantly in central Indiana – 58.9 percent – compared to this time last year. Seven other central Indiana counties also experienced inventory decreases of 50 percent or higher.

“The increase in the number of homes sold is higher than it’s been since February, indicating that the central Indiana real estate market is alive and well,” said Jim Litten, CEO of F.C. Tucker Company. “However, the record-low housing inventory, together with rising sale prices, make it challenging for buyers to find a home that fits their family’s needs and budget.”
Of the pended home sales in the region last month, 4 were priced $2,000,000 or higher; 37 were priced $1,000,000 to $1,999,999; 240 were priced $500,000 to $999,999; 804 were priced $300,000 to $499,999; 1,199 were priced $200,000 to $299,999; 1,464 were priced $100,000 to $199,999; and 422 were priced at $99,999 or less.

PENDED SINGLE-FAMILY AND CONDOMINIUM SALES

ACTIVE LISTINGS – INVENTORY

AVERAGE SALE PRICE

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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.