Central Indiana home sales soar in February & Home Prices Increase - Market Watch Feb. 2020

Central Indiana home sales soar 19.7 percent in February,
even as home prices continue to increase.

​INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company showed Central Indiana home sales soaring in February 2020, as home prices continued to increase and inventory decreased. Pended home sales increased 19.7 percent, and the average home sale price for the 16-county central Indiana region in February was $227,891, an increase of 10 percent. The year-to-date average home sale price also increased by 7.7 percent, to $222,906. Home inventory decreased by 17.9 percent, compared to this time last year.
 
In February 2020, 3,379 central Indiana homes were purchased, up 19.7 percent from the 2,822 sold in February 2019. Specifically: 

• Jennings County showed the most growth in homes sold with a 118.2 percent increase in February 2020 compared to February 2019. 
• Jackson County pended sales, however, decreased with 15.7 percent fewer homes sold last month compared to February 2019.

Year-to-date home sale prices increased, and homes also left the market more quickly compared to this time last year.

• Brown County recorded the highest average year-to-date home sale price increase at 57.8 percent compared to February 2019.
• Hamilton County had the highest average year-to-date home price in the region at $348,200, with Boone County a close second with an average sale price of $348,149.
• Homes sold in 50 days on average, 5.7 percent faster than year-to-date 2019. Marion County homes left the market at 43 days on average, the fastest of the 16-county central Indiana area.

Inventory decreased 17.9 percent last month, with 4,195 homes listed in February 2020. That represents 914 fewer homes available for sale than in February 2019.

• Jackson County once again experienced the highest increase in inventory with 56.3 percent more listings than February 2019. 
• Decatur County inventories dropped the most at 36.1 percent compared to this time last year.

 
"Double-digit price increases and a nearly 20 percent increase in February pended sales mean one of the strongest first-quarter housing markets in recent history,” said Jim Litten, CEO of F.C. Tucker Company. "Available inventory continues to be low which means another competitive spring for buyers and sellers."  
 
Of the pended home sales in the region last month, 1 was priced $2,000,000 or higher; 23 were priced $1,000,000 to $1,999,999; 149 were priced $500,000 to $999,999; 598 were priced $300,000 to $499,999; 905 were priced $200,000 to $299,999; 1,283 were priced $100,000 to $199,999; and 420 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 5, 2020. 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

With more than $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

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